Car finance mis-selling compensation?

[gbb]

Anyone claimed themselves?
Im loathed to join the seemingly rabid obsession because were all already paying for the payouts im sure...but so in effect, you might as well claim then by that logic.?
All.my cars in the last 10 years were bought with (usually) three-year finances packages .
Any experiences anyone ?

 

[annedonnelly]

No, I've never bought on finance, but I'm sure there was something on the radio news this morning about an official compensation scheme being brought in and a clampdown on the dodgy claim companies. Might be worth finding out about that before you start any claim.

 

[tom73]

Official FCA scheme details are due out around 6.30 this afternoon.
BBC have a live feed running at the moment
https://www.bbc.co.uk/news/live/czx94evl5lrt

 

[Beebo]

I don’t understand the issue.
If you were happy pay the monthly premiums, why worry about hidden fees? How did you think the dealer was getting paid?

 

[Big T]

I’ve tried but the lender (Black Horse Finance) say they have no record of my loan agreement. I bought a car on finance around 2010, and I’m pretty sure we were not given the most competitive interest rate, we even remarked on it at the time. After all this time, I no longer have the car and no longer have any paperwork relating to the car loan.

All of the cars I’ve bought since then have been cash purchases, so no loan involved.

 

[DCLane]

When I was much younger I was warned never to buy depreciated assets on finance, so have never bought a car on finance. Some have been really cheap (free x 2/£20/£50/etc.) but none on finance.

 

[presta]

Tesco mis-sold me a cream cake instead of a nice healthy carrot, can I claim compensation?

 

[N0bodyOfTheGoat]

Just in time to cover the next tank refill at the petrol station.

 

[HLaB]

I last bought a car on finance in 2008, Ive moved a couple of times since but my email and bank are the same so if they contact me it'll be a bonus but I'm not relying on it.

 

[biggs682]

I don’t understand the issue.
If you were happy pay the monthly premiums, why worry about hidden fees? How did you think the dealer was getting paid?

Agree

 

[gbb]

I don’t understand the issue.
If you were happy pay the monthly premiums, why worry about hidden fees? How did you think the dealer was getting paid?

In essence I agree but...it seems it was a rigged system that as a buyer, you were not aware of, hence the compensation scheme. A bit like the VW emissions scandal

If it was all above board, the scheme simply wouldn't be happening, let's face it, without the financial.penalties, companies would just carry on doing what they liked.
The irony is not.lost on me that as customers...we.will end up.picking up the bill for their.mis selling.
It's no more than a passing interest at the moment as its in the news so much.