Car Finance Claims
Undisclosed Commission
Car Finance
Claims
The Financial Conduct Authority estimates that commission was paid by lenders to car dealerships for 99% of car finance agreements that were set up from 2007, onwards*.
If a commission payment was made to the car dealership for setting up your car finance agreement the lender should have:
- informed you how the commission was to be calculated; and
- informed you of the total amount of commission; and
- obtained your fully informed consent for the commission payment.
It is our experience that most lenders did not disclose the above information to consumers.
In some instances, lenders used discretionary commission models which allowed the car dealership to change the interest rate payable for the finance to earn more commission. This practice resulted in millions of consumers, like you, being overcharged so the car dealership and the lender could line their own pockets
How do I know if I have a claim?
If either of the points below apply to you, you may have a claim:
The dealership did not give you information about any commission that they were getting from the lender for setting up your finance
You were informed a commission may be paid to the dealership but were not told exactly how much this would be, nor how the commission payment would impact the cost of your car finance
How can I claim?
Click the button below to start your claim today and see if you could claim back £1,000s
