Dealers and lenders may mis-sell a transaction in a variety of ways. When making a deal, lenders must clearly explain the terms of the agreement to you so that you are aware of what you’re getting into. The deal should be tailored to your specific requirements and operate with your financial limits in mind. The following are examples of how a deal
1) Extra costs are deceptive.
2) Extra fees are incorrect.
3) Information about the vehicle’s owner or other alternatives that would have saved money for the borrower was hidden.
How has Audi Car finance been Mis-sold
The Financial Conduct Authority (FCA) recently conducted an investigation into the mis-selling of vehicle financing options.
The investigation discovered that, unknown to customers, lenders systematically incentivized brokers and car dealers to charge their customers higher interest rates so they could receive higher commissions themselves.
As a result, customers were paying higher interest rates than they should have been, without knowing it.
The FCA’s investigation has led to a crackdown on this practice, and car dealers and brokers are now being held accountable for the way they treat their customers.
In light of this, it is more important than ever for consumers to be aware of the potential for mis-selling when they are looking to finance a vehicle.
By doing their research and asking questions, consumers can make sure that they are getting the best deal possible on their vehicle financing.
Audi Hidden Commissions
A new report from the Financial Conduct Authority has found that many car dealerships are concealing the existence of commissions offered by their finance brokers.
This potentially leads to a conflict of interest, as salespeople may be tempted to adjust interest rates in order to earn more commission from the deal.
The report has called for greater transparency in the car finance industry, so that consumers can be sure they are getting the best possible deal.
With the cost of cars rising all the time, it is more important than ever that people are able to make informed choices about their finances.
Only with a clear understanding of all the costs involved can they be sure they are getting value for money.
People who have been mis-sold their car finance agreement can potentially claim thousands in Audi compensation if they believe they have fallen victim to any of the above issues.
Claims can be brought forward on the basis of being misled about the terms of the finance agreement, being unable to afford the repayments, or being pressurised into taking out the finance agreement.
When you bring forward a claim, you can ensure that the finance agreement is ended, whilst also receiving compensation intended to put you back in the place you were financially had you not been mis-sold the finance agreement.
This can equate to thousands of pounds.
If you believe that you have been mis-sold your Audi car finance agreement, it is important to act quickly in order to maximize your chances of receiving Audi compensation.