Have you been mis-sold car finance?

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Have you purchased a new or used car, van or commercial vehicle on finance prior to 2021? If the answer is yes, then you could be the victim of mis-sold car finance.

The Financial Conduct Authority (FCA) has discovered widespread evidence of mis-selling on all types of UK car finance agreements. If you have been misled by a dealer, broker or salesperson then you could be entitled to a claim for compensation

Mis-selling occurs when the person buying the car has not been presented with all the necessary information to decide whether the contract represented value for money or was financially viable.An example of how you could possibly have been misled was if the lender or the salesperson only discussed with you the deposit and monthly payments.

Alarming trends amongst car buyers of widespread car finance mis-selling

The Bank of England and the FCA have raised their concerns at the record-breaking amount of money used to finance car sales in recent years, the FCA has been clear that car dealers and motor finance brokers have fallen short of the required regulatory standards and believe hidden commission has been paid on 95% of UK car finance agreements.

Can I claim for mis-sold car finance?

The answer is yes you can and Paul Crowley & Co solicitors are here to help you reclaim the money that is rightfully yours. If you used a credit facility to purchase a new or used vehicle before 2021, it is highly likely you have been misled and mis-sold vehicle finance. The agreements can still be in place or have ended and multiple claims can be made within the time frame above for different cars, vans and trucks.

How do I know if I have been mis-sold car finance?

When purchasing a car on finance, the lender or the car dealership has an obligation to make the necessary financial background checks to ensure the purchaser can afford the loan. If this did not happen, then the buyer has been mis-sold car finance.

If either the salesperson or credit broker, prior to the buyer signing the car finance agreement fails to disclose any commission, fee or other remuneration, which could adversely affect the car buyer’s purchasing decision, then on the grounds of non-disclosure, an act of car finance mis-selling has been committed.

The law states the liability of proof is with the lender or the vehicle dealership to show they acted legally in all aspects of the process.

How do I know if I am eligible to make a claim?

You are eligible to claim if the salesperson:

• Did not inform you they would receive a commission
• Did not adequately explain the financial contract
• Did not conduct adequate affordability checks or persuaded you to take out an unaffordable agreement
• Did not inform you of other finance options available
• You were not given complete transparency of interest rate charges

You cannot be in arrears of three months or more, have been made bankrupt or entered an individual voluntary arrangement (IVA).

What are the car finance options?

There are three finance options you could choose from, any of which were used to finance the mis-selling of a car, van or truck; Hire Purchase (HP), Personal Car Loan (PCL) or Personal Contract Purchase (PCP).

What evidence do I need to make a claim for mis-sold car finance?

Loan documents, financial agreements, bank statements, and any correspondence from the lender.

100% No Win, No Fee, compensation

At Paul Crowley & Co solicitors we offer NO WIN, NO FEE representation against mis-sold car finance claims.

We are on your side, you will be speaking directly to an expert in this field, who will answer any questions you may have.

With nothing to lose and everything to gain, why wait? Our claims experts are waiting to take your call.

If you would like to make an appointment with one of our compensation claims experts, please call 0151 264 7363 or visit www.paulcrowley.co.uk

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