Car finance - is this the next PPI?: Motoring Motoring Discussion forum

Motoring Discussion > Car finance - is this the next PPI?	Miscellaneous
Thread Author: Rudedog	Replies: 2

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Thu 8 Feb 24 12:56

Car finance - is this the next PPI? - Rudedog

Martin Lewis recons it is and could cost the finance companies billions.

www.moneysavingexpert.com/reclaim/reclaim-car-finance/

All of my cars were bought using savings and a bank loan so doesn't apply to me I think.

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Thu 8 Feb 24 13:51

Car finance - is this the next PPI? - Zero

In about 40% of car finance deals, there were hidden 'discretionary commission arrangements'. This is where lenders allowed brokers & car dealers to up the interest to increase their commission – so you overpaid, without knowing.

But you DID know, the principal sum, + the total sum payable, and the interest rate were all clearly spelled out in the front page summary of the finance4 agreement. As were the words "you can get it cheaper elsewhere"

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Thu 8 Feb 24 21:35

Car finance - is this the next PPI? - zippy

I know I am biased, but this pee's me right off.

Zero is absolutely right.

What's more, the FCA approved the way these worked at the time and are now saying that they're wrong!

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