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Drivers urged to check car finance deals before 2021 after commission probe
Investigation reveals dealers could raise interest rates to boost commissions, potentially overcharging millions of UK drivers who financed cars before 2021, experts say.
- A major investigation, highlighted by consumer law specialists at Locksley LawExperts, has prompted experts to warn that millions of drivers may have paid more than they should have when financing vehicles between 2007 and 2021.
- Under the old system, dealerships showed customers monthly payment figures rather than underlying interest rates, allowing dealers to increase rates to earn higher profits from lenders before the rules changed.
- Many drivers change cars regularly and may have held several finance agreements, creating challenges because a major difficulty for drivers is that they no longer have paperwork from older finance deals.
- Consumer experts say it may still be possible to check whether an agreement could qualify, even without original documents, and the finance agreement itself may still be eligible to review even if the car has been sold.
- Time is running out to find out if drivers are entitled to compensation, as the regulatory process is ongoing and has already prompted many drivers to review their past deals.
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19 Articles
19 Articles
The Scotsman+9 Reposted by 9 other sources
Drivers urged to check car finance deals before 2021 after commission probe
A major investigation into car finance commission arrangements has prompted experts to warn that millions of drivers may have paid more than they should
·Scotland, United Kingdom
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Total News Sources19
Leaning Left1Leaning Right0Center13Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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