What Are Mis-Sold Motor Vehicle Finance Claims?
A recent investigation by the Financial Conduct Authority (FCA) uncovered widespread evidence of mis-selling across various types of motor vehicle finance agreements in the UK.
Mis-selling happens when a car buyer is not provided with all the necessary information to make an informed decision about whether the finance agreement offers good value or is financially suitable for them.
If you were misled, given poor advice, or not fully informed about key details such as commissions, interest rates, or other charges included in your motor vehicle finance agreement, you may be eligible to make a claim. At PCP Refund Claim, we specialise in helping individuals like you recover compensation for mis-sold motor vehicle finance agreements. Let us guide you through the process and ensure you get the justice you deserve.
Claim Compensation for Mis-Sold Motor Vehicle Finance Agreements
You may be entitled to claim for mis-sold PCP (Personal Contract Purchase) or HP (Hire Purchase) motor vehicle finance agreements. Whether your vehicle was new or used, if it was purchased through a finance agreement, you could have a valid claim.
The Financial Conduct Authority (FCA) has revealed that commission was included in 95% of UK motor vehicle finance deals, with estimates suggesting that up to 40% of these agreements may have been mis-sold. This means millions of drivers could have been unfairly charged or misled when arranging their motor vehicle finance.
If you suspect you were not given all the facts, misled, or charged excessive fees, you could be owed compensation. At PCP Refund Claim, we’re here to help you uncover the truth and fight for what you’re owed. Let us take the stress out of the process and ensure you get the justice you deserve.
Who Can Claim Compensation for Mis-Sold Motor Vehicle Finance?
You may be eligible to claim compensation for mis-sold motor vehicle finance if the salesperson or lender failed to:
Provide you with all available finance options.
Clearly explain the terms of your agreement, including interest rates and fees.
Conduct proper affordability checks to ensure the agreement was suitable for your financial situation.
Disclose whether they received a commission for arranging your finance
Under UK law, the responsibility lies with the lender or dealership to prove they acted fairly and legally throughout the process. If they cannot demonstrate this, you could be entitled to reclaim money paid under a mis-sold motor vehicle finance agreement.
You Can Claim for the Following:
PCP (Personal Contract Purchase) agreements.
HP (Hire Purchase) agreements.
All vehicle types, including cars, vans, trucks, and motorcycles.
New or used vehicles purchased through finance.
Active agreements where you are still making payments.
Ended agreements where the vehicle has been fully paid off.
Multiple vehicles financed under separate agreements.
Repossessed vehicles, even if the car was taken back by the lender.
If any of these situations apply to you, you could be owed compensation. At PCP Refund Claim, we’re here to help you navigate the claims process and secure the refund you deserve. Don’t let mis-sold motor vehicle finance go unchallenged – let us fight for your rights.
How Can I Tell If My Motor Vehicle Finance Was Mis-Sold?
If you purchased a motor vehicle through a PCP (Personal Contract Purchase) or HP (Hire Purchase) finance agreement between April 2007 and January 2021, you may be eligible to claim compensation if the agreement was mis-sold.
Your motor vehicle finance could have been mis-sold if:
- The salesperson failed to disclose that they would receive a commission from the lender for arranging your finance.
- They did not explain all the available finance options or clearly outline the differences and responsibilities associated with each type of agreement.
- They were not fully transparent about the interest rates for all finance options or how these rates might vary.
- They did not offer you the most competitive interest rate available at the time.
- They did not clearly explain the terms and conditions of the finance contract, leaving you unsure about your obligations.
- They skipped or inadequately conducted affordability checks, potentially leading you into an agreement you couldn’t comfortably afford.
- They used high-pressure sales tactics or rushed you into signing without giving you sufficient time to consider the agreement.
Under UK regulations, it is the responsibility of the lender or dealership to prove that they acted fairly and transparently throughout the process. If they cannot demonstrate this, you may be entitled to claim compensation for mis-sold motor vehicle finance.
For more detailed information on whether you have a valid claim, message us at info@pcprefundclaim.co.uk. Our team is here to help you understand your rights and guide you through the claims process. Don’t let mis-sold car finance go unchallenged – take the first step toward reclaiming what you’re owed today.
Recover Hidden Commissions and Over Payments
- Have you purchased a motor vehicle on finance in the last 10 years?
- Was the finance deal explained properly to you?
- Did you have a range of finance options offered?
If not, you could be one of the millions of UK PCP Holders who are due compensation.
