Representing thousands of clients, we have successfully won over 90% of mis-sold car finance claims that have gone to trial since January 2022, with the average compensation payout being approximately £1,600.
The amount of compensation or refund you may be able to claim for a mis-sold car finance agreement will depend on the size and length of the car finance loan agreement, as it will be directly related to the amount you borrowed, and for how long.
The amount of compensation or refund you may receive will depend on the size and length of the car finance loan agreement you were sold.
Find Your Car Finance Agreements For Free
Just add a few details and we can validate any car finance agreement you may have had going all the way back to 2007.
We'll then tell you if you can claim and how much you might receive.
START INSTANT CLAIM CHECKThe exact amount of compensation you may be able to claim for a mis-sold car finance agreement will be dependent on the following factors:
- The size of the car finance loan – generally, the larger the loan, the more you’ll be owed and able to claim back
- The length of your car finance agreement – you’ll be owed more if you’ve been paying the loan for longer
- The interest rate you paid and the difference between the rate quoted and the rate you should have paid
- The amount you may be able to reclaim may also be affected by the amount of deposit you put down on the vehicle.
Currently, the Financial Ombudsman Service awards an additional 8% interest on the overpayment amount.
Below are some examples of mis-sold car finance agreements with differing amounts and terms, but with the same rates of interest.
Mis-sold Car Finance Claim Amount Based On £10,000 Loan Agreement
| Size of Loan | Length of agreement | Interest rate you paid | Interest rate you should have paid | Amount of compensation you could be owed |
|---|---|---|---|---|
| £10,000 | 3 Years | 6% | 2.5% | £1,134.00 |
| £10,000 | 3 Years | 6% | 2.5% | 1,890.00 |
Mis-sold Car Finance Claim Amount Based On £20,000 Loan Agreement
| Size of Loan | Length of agreement | Interest rate you paid | Interest rate you should have paid | Amount of compensation you could be owed |
|---|---|---|---|---|
| £10,000 | 3 Years | 6% | 2.5% | £2,268.00 |
| £10,000 | 3 Years | 6% | 2.5% | £3,780.00 |
Bott and Co represent hundreds of thousands of clients for mis-sold car finance claims, and the amounts that may be due range from £500 up to £10,000 and more in some cases.
Check Your Mis-Sold Car Finance Claim Amount
Our calculator below estimates the amount of compensation you may be eligible to claim for a mis-sold car finance agreement.
dd the amount of your loan, the length of your agreement, and the interest rate you paid. Then, compare this against a rate you may have been offered if you weren’t mis-sold.
Mis-sold Car Finance Claims Calculator
You may have overpaid:
£ 0.00
in interest over 5 years
Please note that this calculator only provides a rudimentary calculation of how much extra interest has been paid on a Hire Purchase agreement.
The calculation will be different for PCP agreements and does not factor in the actual length of the agreement or any compensatory interest which may be awarded.
The calculation is illustrative, and under no circumstances should it be used or relied upon in the pursuit of a claim. If in doubt, please speak to us directly about your individual claim.
Claim For Mis-sold Car Finance With Bott and Co
How Much Can I Claim For A Mis-sold Car Finance Agreement?
The level of compensation you may be able to claim for a mis-sold car finance agreement is based on several factors, including:
- The value of the car. In most cases, the higher the cost of the car, the larger the car finance loan may be
- The amount of deposit you put down when entering into the car finance agreement. If your deposit was reasonably small, the loan agreement may have been higher
- The amount you agreed to borrow — generally, the larger the loan, the more you may be able to reclaim
- The duration of your car finance agreement — If your agreement is spread out over a longer period, you may be owed more
- The interest rate you paid and the difference between this rate and the rate you should have been offered.
However, determining the appropriate interest rate can be challenging, as you may not know what rate should have been offered to you.
Why Choose Bott and Co?
-
A History of Success
Successful in over 90% of Mis-sold car finance claims
-
£1,600
Average compensation amount awarded
-
On Your Side
We are the only firm taking lenders to court and winning
-
Fully Regulated
We are members of the Solicitors Regulation Authority. Your claim is in safe hands
What Types Of Car Finance Mis-selling Can I Make A Claim For?
From the thousands of mis-sold car finance claims clients we have represented, the most common types of car finance mis-selling are:
- Hidden Discretionary Commission Arrangements
- Inflating Interest Rates To Enhance Commission
- Not Carrying Out Affordability Checks
- Not Explaining All Financing Options To The Customer
How Far Back Can I Claim For Mis-sold Car Finance?
You have up to six years from the date you signed the car finance agreement to make a claim, or 3 years from when you become aware that you had cause to complain.
From the FCA investigation, the majority of car finance mis-selling took place between 2007 and April 2021, when discretionary commissions arrangements were banned.
In their report, the FCA said that commission was paid on up to 95% of UK Car finance agreements, and it is estimated that as much as 40% of these agreements may have been mis-sold.
Which Lenders Can I Make A PCP Claim Against?
We have mis-sold car finance claims in progress against a large number of lenders, including:
Frequently Asked Questions On Compensation Payouts For Mis-sold Car Finance
Can I Claim For Mis-sold Car Finance If The Agreement Is Still Active?
Yes, you can make a mis-sold car finance claim even if the finance agreement is still active. This does not change your rights to reclaim compensation if you were mis-sold.
Can I Claim For Mis-sold Car Finance If The Agreement Has Ended?
Yes, you can make a mis-sold car finance claim even if the finance agreement has ended. This does not change your rights to reclaim compensation if you were mis-sold. And don’t worry if you can’t remember the name of your lender, our mis-sold car finance calculator can find all car finance agreements in your name going back to 2007.
Can I Claim For Mis-sold Car Finance If I Bought A Used Car With Finance?
Yes, you can also claim for mis-sold car finance for used cars. You can claim if you entered into a finance agreement to purchase your vehicle, and we can prove you were mis-sold.
Will I Get Blacklisted By Lenders If I Make a Mis-sold Car Finance Claim?
No, lenders cannot blacklist you or treat you any worse as a result of making a complaint.
Can I Make a Mis-sold Car Finance Claim For More Than One Vehicle?
Yes, you can claim each separate agreement you entered where you think you may have been mis-sold.
Can I Make a Mis-sold Car Finance Claim If The Lender Has Gone Out Of Business?
If the lender has gone bust, you can no longer claim against them. However, you may still be able to claim from the dealer or broker who arranged the finance for you. Our specialist lawyers can advise you further on this.
I Can’t Find Any Of My Paperwork For My Car Finance Agreements. Can I Still Claim?
You can still make a claim. In fact, almost all of our clients come to us without any previous paperwork. Just add your details to our mis-sold car finance claim checker and we’ll validate all your agreements for you.
Find Your Car Finance Agreements For Free
Just add a few details and we can validate any car finance agreement you may have had going all the way back to 2007.
We'll then tell you if you can claim and how much you might receive.
START INSTANT CLAIM CHECK