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The final findings in the motor finance report by the Financial Conduct Authority (FCA) in March 2019 established that dealerships and vehicle finance firms and companies have largely misinformed their customers in communicating commission structures which has often resulted in customers unknowingly paying more than they should have to finance their vehicle.

The mis-selling of vehicle finance has been found on all vehicle types including new and used cars, motorcycles and motor homes/caravans, under all vehicle finance options such as Personal Contract Purchase (PCP), Hire Purchase (HP), Personal Contract Hire (PCH).

Individuals who have purchased a vehicle on PCP, HP or PCH finance within the last ten years may be eligible for a claim.

The FCA have discovered widespread evidence of mis-selling on all types of vehicle financing options. The FCA found that over 560,000 consumers were paying more than 50% more on their car finance than they should have been.

It is estimated by the FCA that commission models which allow broker discretion over the interest rate could be costing customers £300m more annually when compared against a baseline of Flat Fee models.

The FCA were not satisfied that all lenders were complying with FCA rules on assessing creditworthiness, including affordability. Some lenders seemed focused unduly on credit risk (to the lender) rather than affordability (for the borrower), and there were gaps in the information provided by lenders at the request of the FCA.