A recent National Association of Commercial Finance Brokers (NACFB)/ FCA investigation has discovered that hundreds of thousands of motorists may have been mis-sold finance packages when purchasing a vehicle. It is estimated that this could be costing consumers up to £300m a year.
The investigation found evidence in widespread mis-selling on all types of vehicles, including both new and used cars and vans under all vehicle financing options such as personal contract hire (PCP) and hire purchase (HP).
Many car dealerships have been found to be mis-selling vehicle finance agreements by inflating the interest rate they charged to you the customer, to increase the amount of commission they take.
They were able to do this by not being transparent in how interest rates for loans are calculated or if they received a commission on the financial deals they arranged. The additional amounts they made were paid by you as part of your loan agreement.
Find Out If You Can Claim
Complete our simple online form to find out if you can claim compensation for a mis-sold finance agreementSTART YOUR CLAIM
How Do I Find Out If I Have Been Mis-sold a Car Finance Loan?
We are encouraging anyone who may have purchased a vehicle through finance over the last ten years to contact us.
We will be able to check your loan details to see if you’ve been mis-sold and let you know how much you may be able to claim.
You May Be Entitled To Claim Compensation If The Answer Is No To Any One Of The Following
It’s the responsibility of the company you purchased your vehicle from to show that they did all of the following adequately. If they can’t prove they did, you’ll be able to claim compensation.
- Did the salesperson adequately explain the finance deal they sold to you?
- Did the salesperson present to you all of the finance options available, including explaining all of the differences in each type of product?
- Did the salesperson present to you, with complete transparency the interest rates charged for all loan options and how they may differ?
- Did the salesperson offer the best interest rate available to you?
- Did the salesperson talk you into a financial package that was unaffordable?
- Did the salesperson make it clear who was financially responsible for the repairs to the vehicle?
How Much Will I Be Able To Claim?
It is estimated that the average amount of compensation for a mis-sold vehicle compensation claim is around £1,100.
However, the actual amount will be dependent on several factors.
- The size of the loan. The larger the loan, the more you'll be able to claim.
- How long ago you signed up to the loan. The longer the loan period, the more you'll be able to claim.
- What interest rate you were quoted, and how much difference there is between the rate quoted and the rate you should have been quoted.
How Do I Start My Claim?
Just complete our short form, providing the details of your loan agreements.
You can claim for any loan you were sold to purchase a vehicle in the last ten years, so you can upload as many agreements as you like.
We will then contact the lenders on your behalf and negotiate the amount of compensation you’ll be able to claim.
Our services are offered on a No Win No Fee basis, meaning you’ll at no financial risk to claim.
As this is a new area of law, we expect the process to take a number of months.
Why Choose Bott and Co?
- Almost 300 Years Of Combined Legal Experience
- 100% Independent - We Act For Your Best Interests
- We Are The UK's Leading Consumer Law Firm
- We Have A Proven Track Record Of Success
Why Should I Use Bott and Co For My Claim?
With over 20 years of successfully helping people reclaim what is rightfully yours, Bott and Co are the leading consumer law firm in the UK.
We specialise in these “David Vs. Goliath” legal battles, with a proven track record of success, most notably shaping the law for airline passenger rights to claim for compensation when airlines are at fault for flights that have been delayed or cancelled.
We have unmatched experience and expertise in these types of legal disputes.
We expect the motor industry will be unlikely to pay compensation unless legal action is taken. There’s no-one better equipped to fight for you when that happens than Bott and Co.
Find Out If You Can Claim
Complete our simple online form to find out if you can claim compensation for a mis-sold finance agreement.START YOUR CLAIM