Have you been mis-sold car finance?

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Have you purchased a car on finance within the last six years? If the answer is yes, then chances are you could be the victim of mis-sold car finance which has been evident within the motor industry since 2014.

If you have been misled by a dealer or broker and mis-sold car finance then you could be entitled to a claim for compensation.

Car buyers should be concerned

The Bank of England and the FCA have vocalised their concerns at the record breaking amount of money used to finance car sales in the last year.

The Financial Conduct Authority (FCA) have been clear in that car dealers and motor finance brokers have fallen short of the required regulatory standards.

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

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

If either the sales person or credit broker, prior to the car 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.

What are the car finance options?

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

Car buyers are being deliberately misled by the salesperson or broker

PCPs have proved popular with car buyers and financiers in recent years. According to the National Association of Commercial Finance Brokers (NACFB), many buyers who purchased a car using a PCP finance deal could have had the wool pulled over their eyes and been deliberately misled by the car salesperson or the credit broker.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA said: “We have seen evidence that customers are losing out due to the way in which some lenders are rewarding those who sell motor finance.”

The complex nature of PCPs is being exploited by the motor industry, whereby the car dealership estimates what the value of the car will be worth in 3-4 years time and misleads the car buyer into believing there will be equity or profit in the vehicle at the end of the contract, with the option to purchase the car outright at a preferable rate with a final “balloon payment”.

While many drivers are convinced they are getting a better deal than a traditional HP agreement, lenders are deliberately failing to tell the buyer that the interest on a PCP is not paid down in full for as long as the deal lasts. As a result, there is little or no equity at the end of the contract and buying the car outright an expensive option.

Can I claim for mis-sold car finance?

The answer is yes you can, Paul Crowley & Co Solicitors are here to help claim back the money that is rightfully yours.

Areas of mis-sold car finance that you can claim against

• Finding it difficult to afford your monthly payments
• Your car dealership did not properly outline the charges on interest
• You were not given a full range of options to choose from despite suitability and affordability
• You felt pressured to buy due to the hard-sell tactics of the salesman
• You were not informed of excess mileage charges
• Your final payment is much more than you expected

100% No Win, No Fee compensation

At Paul Crowley & Co Solicitors we offer No Win, No Fee representation against mis-sold car finance claims.

Our claims experts are on your side. You will be speaking directly to a mis-sold car finance specialist, who will discuss your No Win, No Fee compensation claim and 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/litigation/mis-sold-car-finance/

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