Did You Purchase a Car on Finance before January 2021? You Could be Owed Thousands in Compensation.

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With 9 out of 10 UK consumers paying for new or used cars on finance, it's estimated hundreds of thousands have been mis-sold finance packages that they paid over the odds for. If you took out car finance before 28 Jan 2021, you could be eligible for thousands of pounds in compensation.







What is the finance claim?

The Financial Conduct Authority (FCA) is investigating high commissions charged on car and van finance before 28 January 2021. This investigation comes amid concerns from consumers alleging their vehicle finance contract was more expensive because their dealer stood to earn a hefty commission by charging a higher interest rate.  

Your lender and car dealer (acting as a credit broker) may have had what's known as a 'discretionary commission arrangement' in place. This means the higher the interest rate you were charged, the more commission the car dealer would get.

The team at Slater and Gordon are vehicle claims experts and we are working hard to ensure those consumers that have been unlawfully affected by this mis-selling, receive the compensation they deserve. 

Can I make a car finance claim?

The FCA says you may be affected by the issue if:

  • ​You bought a car under a finance scheme (such as hire purchase or personal contract purchase) before 28 January 2021
  • ​There was a discretionary commission arrangement between the dealership and your lender
  • ​You were not aware of the commission being made by the dealership
  • ​You were not made aware of the additional costs you could incur through your finance agreement such as charges for damages

If you have been affected by the above or feel you were pressurised into taking out car finance with your dealership, you may be eligible for compensation. 

Did You Purchase a Car on Finance Before January 2021? Find out if you qualify to claim.

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Which finance companies are affected?

Some of the lenders that are being investigated include:

  • ​Black Horse
  • ​Lloyds Banking Group
  • ​Santander
  • ​Close Brothers
  • ​Royal Bank of Canada
  • ​Barclays Finance

If you took finance out with the above, or any other provider, to purchase a car before January 2021, you could be eligible to receive compensation. 

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Why choose Slater and Gordon for your car finance claim?

If you’re looking to make a car finance claim for compensation, our experts are here to help. Slater and Gordon was the chosen law firm representing the majority of claimants in the recent £193 million VW settlement in England and Wales. You can be rest assured that your claim is in safe hands with our collective action specialists.

At Slater and Gordon, we know that banks and financial institutions are not above the law. By joining our car finance group action, you’ll have the chance to hold these large corporations accountable for their actions. Check to see if you are eligible to make a claim here.

Did You Purchase a Car on Finance Before January 2021? Find out if you qualify to claim.

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Frequently Asked Questions

Am I eligible to make a car finance claim?

Only people who took out finance on a vehicle between 2010 and 2021 are able to make a claim. To find out if your vehicle may have been affected, enter your registration number above.

Are all types of vehicle financing eligible to make a claim?

You should be eligible if:

   •    your car finance was a personal contract purchase (PCP) (which is a bit like a loan to help you buy the car); or
   •    a hire purchase agreement (which is where you pay off the value of the car in monthly instalments).

You probably won’t be eligible if you were just leasing a vehicle.

How do I sign up to make a car finance claim?

All we need you to do to be included within our claim is fill out the information shown at the top of this page. We’ll do the rest for you. 

Is it likely we’ll win?

We believe that there is a high likelihood many people will be paid out for this claim, otherwise we would not choose to pursue the claim.

How much compensation will I get?

The amount of compensation you receive will depend on several factors including the amount of finance taken out and the interest rates charged. However, Slater and Gordon will work tirelessly to ensure you get the compensation you deserve. 

Am I affected by the car finance scandal?

If you took finance out to purchase a car between 2010 and 2021, you may be eligible to make a claim. 

Is it hard to register a claim?

No – Slater and Gordon are experts, so we do the hard work for you. Simply fill out your information in the forms above and we’ll contact you if you need to do anything else. 

Can I claim for multiple finance agreements?

Yes, you can register as many finance agreements as you took out from 2010 to 2021. 

How long will the claim take?

The length of time it takes to finalise a claim can vary. However, we’ll work hard to ensure you get the compensation you deserve and will keep you updated throughout the process. 

How much will I be charged?

We operate on a no win-no fee basis which means there is nothing for you to pay if you aren’t successful in the claim. If you are successful, we’ll take a pre-agreed percentage as our fee. 

Why choose Slater and Gordon?

Slater and Gordon’s specialist collective actions team are experts in this field. We recently helped more than 70,000 claimants in England and Wales to secure a settlement payment of £193 million winning more compensation than any other law firm in the UK.  

News

UK car finance: ‘millions of drivers could get payout’ as watchdog investigates
Car finance misconduct probe could lead to compensation payouts

   Sky News
Watchdog to investigate compensation over car loans

   BBC

Enquiries

To contact Slater & Gordon UK please use the details below

carfinanceclaims@slatergordon.co.uk
0330 107 6472

Did You Purchase a Car on Finance Before January 2021? Find out if you qualify to claim.

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Slater and Gordon UK Limited is a company registered in England and Wales with registration number 07931918, VAT 125 446 327 and registered office First Floor, Lee House, 90 Great Bridgewater Street, Manchester M1 5JW. We are an approved Alternative Business Structure authorised and regulated by the Solicitors Regulation Authority (SRA number: 591058) and authorised and regulated by the Financial Conduct Authority for insurance mediation activity (FCA number: 579176)