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Can I Claim?
BACKGROUND
A recent Financial Conduct Authority (FCA) investigation discovered widespread evidence of additional hidden commissions being applied on all types of vehicle financing options. It found that over 560,000 consumers were paying more than 50% more on their car finance than they should be.
WHAT TYPE OF VEHICLE?
The FCA investigation found hidden commissions on all motor vehicle types, including new and used cars, vans, motorcycles and motor homes/caravans, under all vehicle financing options such as personal contract hire (PCP), hire purchase (HP), contract hire or a car loan. The most popular of these has been shown to be PCP agreements which involve lower monthly payments followed by a final lump sum or ‘balloon’ payment. As PCPs are essentially interest-only loans, interest charges can be more expensive than anticipated.
HOW HAVE I BEEN OVERCHARGED?
On many occasions, the fact that a commission was being paid was not communicated. This was found to be happening at even the largest Dealerships including Audi, BMW, Mercedes and Land Rover (Black Horse) to name a few. It is a requirement that any commission payment should be made clear to the purchaser as it could have an impact on their decision to proceed or negotiate further. All of this has meant that customers are now able to bring forward a claim for financial compensation.
HOW DO I BRING A CLAIM?
Speak to Elara Legal by filling out your contact details below. We will request a copy of your information held by the vehicle finance company and have a financial report commissioned by a forensic expert to assess how much you may be entitled to claim.
WHAT WILL IT COST ME?
Elara Legal will conduct your Motor Finance Claim on a no-win, no-fee basis. This means, if you lose, you will pay nothing and if you win we will charge a success fee which is deducted from your compensation, we will then seek to recover our legal costs from the vehicle finance company.
