Can I Claim Car Finance Compensation?
Like all loans, your car finance was mis-sold if the loan was unaffordable or the lender did not perform proper affordable ability checks. In relation to the hidden commission, your car finance deal may have been mis-sold if:
The car salesperson did not fully explain they would receive a commission on the sale of the car
The lender/bank did not fully explain the commission
The salesperson skipped through the car finance agreement Terms & Conditions
The customer felt pressured into the finance deal and was not given a range of options including explaining all of the differences in each type of product
The payments were unaffordable or no finance credit checks were carried out
The salesperson did not make it clear who was financially responsible for the repairs to the vehicle?
The salesperson did not offer the best interest rate available to you?
The salesperson did not present to you, with complete transparency, the interest rates charged for all loan options and how they may differ?
Don’t worry if you can’t find the agreement or remember who the lender or dealership was. You just need the name of the company you made the payments to. You should be able to find this information on your old bank statements.
If you think you have a claim, you need to act quickly as there are statutory deadlines, known as limitation periods, that apply to mis-selling claims. If your car finance product was taken out over six years ago, you can still claim if you only became aware of the potential mis-sale within the last 3 years.