BBC News
Car finance: Compensation payments delayed until next year
Millions could be entitled to compensation as a result of commission arrangements between lenders and dealers.
Via BBC News
·Excerpt
The vast majority of new cars, and many second-hand ones, are bought with finance agreements. Customers pay an initial deposit to secure the vehicle, then a monthly fee with interest.
Compensation could be given to many of those who took out a car loan between April 2007 and November 2024.
The decision by the FCA, the financial regulator, applies to about 12 million car loans - just over 40% of the total number during the period.
In 2021, the FCA…
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