With average compensation estimated at around £700 per agreement, if you took out GoClaim or HP finance between 2007 and November 2024, you could be owed hundreds or even thousands of pounds in compensation
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Reclaim Hidden Car Finance Commissions
Between 2007 and 2024, many car finance agreements included higher commissions paid to the lender without you knowing.
With our quick and easy online checker, you can find out in minutes whether hidden charges were added to your past or current car finance agreement and take the first step toward reclaiming the money you may be owed.
How many Car Finance Agreements have you had?
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How You Overpaid, Without Knowing?
Greedily inflated interest rates
Lenders and brokers deliberately pushed up your interest rate so they could pocket a bigger commission. The higher the rate, the more they made at your expense!
Unfairly hidden sales commission
The commission paid to dealers or brokers was often buried in the finance agreement, never disclosed to you. You weren't just paying for the car you were unknowingly paying them extra!
Bunged commission from one person to the next
Instead of offering a standard deal, lenders tailored commission levels based on what monthly budget you preferred. If you had more disposable income, you were charged more just because they could!
Understanding Mis-Sold Car Finance
In recent years, the Financial Conduct Authority (FCA) has published findings outlining concerns about how certain car finance agreements were arranged and sold to consumers in the United Kingdom.
According to the FCA’s review, in some cases car retailers and motor finance brokers received commission payments linked to the interest rate charged to customers. This structure may have created an incentive for higher interest rates to be applied than might otherwise have been offered.
You could recover more than you realise
The way your PCP or HP agreement was structured may have affected how much you paid. In some cases, customers paid more than necessary. If you’ve renewed your car finance every few years, you may have more than one agreement worth reviewing.
If your finance agreement was not arranged fairly or transparently, you may have paid more than you should have and could be owed years worth of compensation!
Think one of these applies to you? Start your free check today
- Failing to disclose how commission was earned or calculated
- Failing to clarify vehicle ownership during the agreement and the steps required to take ownership
- Not clearly explaining alternative finance options, or steering you toward a specific product such as a PCP agreement
- Providing unclear or potentially misleading information about the terms of a PCP agreement
- Not properly assessing whether the finance agreement was affordable for you
- Presenting information in a way that could be interpreted as regulated advice without appropriate authorisation
- Failing to clearly explain how interest was applied, particularly within a PCP agreement
- Not clearly explaining how any final (balloon) payment was calculated
- Applying undue pressure to enter into a PCP agreement
- Misrepresenting responsibility for servicing, maintenance, or repairs under the agreement
- Not clearly disclosing excess mileage charges or how they are calculated
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Understanding Car Finance Claims
The Financial Conduct Authority (FCA) recently investigated car finance and found that many consumers were sold agreements that were not fair or transparent. This affected a range of finance types, including Personal Contract Purchase (PCP), Hire Purchase (HP), and other car loans.
The FCA identified that over 560,000 people were paying significantly more sometimes more than 50% extra on their car payments than they should have.
PCP agreements, which are the most popular type of car finance, involve lower monthly payments followed by a larger final balloon payment. While these deals can make monthly costs more manageable, they often work like paying mostly interest, meaning the overall cost can be higher than expected.
If you used car finance to buy your vehicle, you can check to see whether you may be eligible to reclaim any overpayments.
The Importance of Pursuing a Claim
A Personal Contract Purchase (PCP) claim or Hire Purchase (HP) claim, focuses on financial products tied to car financing. We will explain the reasons why pursuing a claim can be a vital step for consumers who have been victims of mis-selling.
Understanding a PCP Claim
Personal Contract Purchase (PCP) is one of the popular financing options for purchasing cars. It usually involves paying a deposit followed by a series of monthly payments over an agreed-upon period. At the end of the contract, consumers have the choice to either return the car, make a final payment (often referred to as a "balloon payment") to own the car outright or exchange the car for a new one.
Consumer Rights
Just like other mis-sold financial products, purchasing with certain car financing products, like PCP or HP may mean that you were not fully informed about your rights and options. Reclaiming the overpayments is about asserting your rights as a consumer and ensuring you're not burdened with a financial obligation you didn't knowingly undertake.
Reasons to Pursue a Car Finance Claim
PCP car finance contracts can involve mis-selling. Immoral sales tactics, inadequate explanations, or outright misinformation, can leave consumers burdened with unnecessary expenses. If you feel that your car finance agreement was not adequately explained or that you were pressured into purchasing it, pursuing a claim is a means of rectifying this injustice.
Starting a Car Finance Claim can lead to a potential refund of overpayments
This can provide substantial financial relief, particularly for individuals who have been overpaying on their monthly premiums unknowingly or under false pretences.
Holding Financial Institutions Accountable
Starting a PCP claim or HP claim isn't just about personal gain; it's also about holding financial institutions accountable for their practices. By pursuing a claim, you're contributing to a fairer, more transparent financial industry.