Mis-sold Car Finance (PCP/HPI)
Have you ever bought a car on finance? If the answer is yes, it’s very likely the finance was mis-sold and that you are entitled to compensation.
An investigation by the Financial Conduct Authority (the ‘FCA’) has found that, unbeknown to innocent customers, many car retailers deceitfully received secret commission from lenders which was often linked to the interest rate customers were charged. Given that car retailers can set the interest rate, this created an incentive for them to sell more expensive credit – acting against their customers’ best interests. This so called ‘discretionary commission’ has now been banned by the FCA, however the British public have been naively paying these secret commissions within their car finance deals for years.
