Understanding Mis-selling of Car Finance and How to Claim Compensation

Car finance mis-selling occurs when consumers are sold car finance products or services that are not suitable for their needs or circumstances. This can include being sold a car finance product with a high interest rate, being sold additional insurance products that are not needed, or not being fully informed about the terms and conditions of the car finance product.

If you believe you have been a victim of car finance mis-selling, it’s important to gather evidence of the mis-selling such as any documentation or correspondence with the lender or dealership. You can then make a complaint to the lender or dealership and request a refund or compensation. If the complaint is not resolved to your satisfaction, you can escalate the complaint to the Financial Ombudsman Service.

It’s also important to note that the deadline for car finance mis-selling claims may vary depending on the type of product and when it was purchased. It’s important to check the specific deadline for your claim and act accordingly.

Consumers should be aware of their rights and be vigilant when purchasing car finance products to avoid mis-selling. In case they suspect they are a victim of mis-selling, they should take action and claim for compensation.