Did You Buy a Car on Finance Between 2007 and 2021? You Could Be Owed Thousands in Compensation 🚗💷
The recent FCA report has revealed shocking details about the car finance industry. Nearly 31.7 million finance agreements since 2007 included undisclosed commissions, impacting 99% of all agreements. This isn’t just a scandal—it’s potentially the biggest financial redress event since PPI, and it could see millions of UK drivers owed significant compensation. If you’ve ever taken out a car finance deal, this could affect YOU.
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🔍 What You Need to Know About Car Finance Claims
How Did This Happen?
When you financed your car using PCP (Personal Contract Purchase) or Hire Purchase (HP), the dealer likely earned a commission. The Court of Appeal has ruled that many of these commissions were hidden or inadequately disclosed, leaving customers unknowingly paying higher interest rates.
How Much Compensation Could You Receive?
Payouts vary depending on the size of your loan and commission amount. For example:
Average payouts are between £1,000 and £3,000, though some cases exceed this.
Use our car finance claims calculator to estimate your compensation.
Who’s Affected?
If you financed a car between 2007 and 2021, there’s a strong chance your agreement included undisclosed commissions. This applies to PCP, HP, and even fixed commission deals.
What About Santander and Other Lenders?
Santander admitted paying £295 million in commissions without full disclosure. They initially claimed only £478 in commission for one customer but later admitted to £2,964—a £2,500 discrepancy. This is why professional representation matters.
What Did the FCA Report Say?
The FCA reviewed 31 million agreements, finding that 99% included commissions. Their findings estimate that billions in compensation could be owed, and this could soon eclipse the £50 billion PPI scandal.
How Do Car Finance Claims Work?
Filing a claim involves gathering your agreement details, lodging a formal complaint, and escalating it to the Financial Ombudsman Service (FOS) if needed. Law firms and claims management companies can assist by filing Data Subject Access Requests (DSARs) to recover agreements for you.
Why Is Legal Representation Recommended?
The Santander example shows how lenders underreport commission payments. Without legal expertise, many consumers could accept low offers or miss out on claims altogether. Sentinel Legal ensures every case is thoroughly investigated for maximum compensation.
📈 The Size of the Market
The motor finance industry is worth £41 billion annually, with millions of agreements issued every year. Analysts predict that the total redress could reach £23 billion, making this a seismic event for the financial sector.
Comparisons to PPI:
PPI claims cost banks £50 billion in payouts. Motor finance mis-selling is already being dubbed the next PPI but could eclipse it in scale and impact.
💡 FAQs: Common Questions Answered
How far back can car finance claims go?
Claims can go back to 2007, covering nearly 15 years of mis-selling.
How much will I get from my car finance claim?
Compensation depends on the size of your loan and commission. Typical payouts range from £1,000 to £3,000.
How long do car finance claims take to process?
It depends on the route:
Non-litigated claims via the lender or FOS can take 6-12 months.
Litigated claims may move faster if lenders settle early.
Are car finance claims legitimate?
Absolutely. The FCA, Financial Ombudsman, and the Court of Appeal have confirmed the legal basis for these claims.
When will car finance claims be paid?
With an estimated 99% of agreements affected, the process could take time. However, claims lodged now are already progressing, and early action is key.
⚖️ What Can You Do Next?
Check Your Eligibility:
If you financed a car, you may be owed thousands. Even if you’ve sold the car, you could still claim.
Professional Help Makes a Difference:
Filing a claim alone can be daunting. With Sentinel Legal, you’ll have experts handling the process from start to finish, ensuring no stone is left unturned. We’ve already identified hidden commissions amounting to thousands for clients.
File Your Complaint Today:
Don’t let lenders delay your justice. Whether you choose professional representation or go it alone, now is the time to act.
🎥 Watch This Video to Learn More
In this episode, Sam Ward, Director of Sentinel Legal, breaks down the scandal, what it means for UK drivers, and how to make your claim. Subscribe to stay informed as we uncover the hidden practices of lenders and fight for your rights.
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