Car buyers from 2007 to 2021 may qualify for compensation due to alleged overcharging on car financing.

Money-saving expert Martin Lewis warns that people who bought vehicles between April 2007 and January 2021 may be owed compensation due to potentially being overcharged on car financing. This follows a Financial Conduct Authority (FCA) investigation into "discretionary commission arrangements" (DCAs), where dealers raised interest rates to earn more commission without informing customers. A recent Court of Appeal ruling states that car dealers must have fully informed consent to receive commissions from finance firms. The FCA will update on the issue in May 2025, but consumers can use MoneySavingExpert's online tool to check if they qualify for compensation and file a complaint.

November 10, 2024
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