Many people in the UK are mis sold a car by a dealer and it always starts with a salesman/saleswoman.
These salespeople are usually very persuasive and can get you to sign up for things that you might not be entirely sure of.
The misselling doesn’t stop there, however.
There are many other ways in which car finance misselling occurs.
In this blog post, we will discuss the different types of misselling and how they relate to cars – from finance to hidden commission and everything in between!
There are many other ways in which mis selling occurs.
One very common mis-selling is financing mis-selling.
This mis-selling can be defined as the act of persuading someone to take out a loan for more money than they can afford or to take on a car with monthly payments that will be difficult to make.
Warranty mis-selling is another common way customers have beenmis-sold a car.
This mis-selling happens when someone buys an extended warranty for their car, but the car dealer oversells it so much that it becomes too expensive or has clauses which make it difficult to use.
There are many mis-selling stories out there, but one that made national news is the mis selling of car warranties by a company called Car Care Plan Ltd (CCP).
The mis-selling of car warranties by CCP is just one example, but there are many others out there.
Hidden car commission mis-selling is when car dealers take a commission from the finance company.
This mis-selling usually occurs because dealers take out a loan from a finance company and want to make sure that they get a high-interest rate in return.
The hidden car mis-selling is often difficult for customers to see, but it’s becoming more evident due to changes in regulation.
As of January 25th, 2021, the FCA (Financial conduct authority) put a stop to salespeople earning high commissions when they were selling cars on finance.
The FCA found that the salespeople at the car dealerships were allowed to dictate the rate of interest, the higher the interest rate the more the salesperson earned in commission.
If you feel mis sold a car by your dealer, don’t be afraid to go back and speak with them about it.
If it was an error caused by themselves then they will not mind helping you get the problem resolved.
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One of the most common mis-selling cases is when a salesman is pushy.
A salesman who mis-sells often by being too pushy or persuasive with customers.
They use this tactic in order to persuade customers to buy things that they don’t need or won’t be able to afford in the long run.
Here are 6 signs of a pushy salesman to look out for:
1. They’re too eager to help
2. They don’t listen to what you want
3. They pressure you into buying something
4. You feel like they’re trying to sell you something that’s not in your budget or needs
5. The salesperson is pushy and won’t take no for an answer
6. It feels like the salesperson is judging you for not wanting their product, even if it doesn’t suit your needs
In some cases, mis selling includes hidden upfront fees that the customer wasn’t aware of when they bought their new car from a dealer or salesman.
The fee can be in the form of a processing fee, product fee or in some cases sales commissions.
One example of mis selling that includes upfront fees is car dealership’s hidden admin charges.
In this case the dealer will charge a fee for processing documents, but this isn’t mandated by law so they do not have to inform you about it when you buy your new car from them.
The mis-selling in this instance doesn’t come from misinforming the customer but simply hiding a fee that they are not obligated to inform you about.
Car mis-selling happens all the time for many different reasons.
Many mis sold cars stories start with car dealers who take advantage of their customer’s lack of knowledge about how to get mis sold cars resolved properly.
They are very persuasive people, which makes it easy for them to convince people to take out a car finance agreement.
The other reason mis selling happens so often is because of the high-pressure sales tactics employed by many car dealerships and salesman in order to get a sale.
In fact, mis selling used cars for profit is actually one of the most common complaints from people across all industries.
If you mis sold a car by your dealer, don’t panic – there are ways of resolving mis selling issues.
The first thing to do is go back and speak with them about the mis selling problems that occurred.
If they were not aware then most likely they will be happy to help resolve mis selling cases for people who have been mis sold a car.
We are mis sold car finance experts who know how to get mis sold cars on finance resolved quickly and effectively, so please contact us if you need advice on mis selling issues or if you were mis-sold a car by your dealer – we will help!
You can also make a complaint for free to the FCA or the motor finance ombudsman service.
Car mis selling is a quick way of making money if your a car salesman, and it’s something that many car salesmen use to mis sold cars for their own gain.
However, the amount they make varies depending on how much commission they get from selling cars.
quite often with car finance a salesman could earn 10% on the total value of credit sold, or their commission model could be hitting monthly targets.
For example, they may receive £4000+ in commission if they sold 20 cars that month on finance, it really does depend on the dealership and how they work the commission models.
Yes, many car finance owners in the UK are making these types of claims.
We have helped many people get mis sold cars claims resolved and we can help you too!
Contact us today to see how much your mis sold a car claim could be worth.
mis-sold a car by a dealer is easy to spot, especially if you know what mis selling looks like.
When mis-selling cars often the salesman will try and convince their customer that they need extra help with something in order to make more money from them – this could be extended warranties or services packages.
To check if you have been mis sold car finance or check to see if hidden commissions were not involved in your finance agreement you can contact us here at mis sold car finance LTD.
Or you can check your finance agreement yourself to see what has been included or what hasn’t been included and if you are not happy about anything you can raise your concerns to the FCA or motor ombudsman service for free.
These things might seem good, but they are mis sold cars deals that you don’t need.
If mis selling happens it’s important that you know your rights and what to do in order mis sold a car by a salesman without spending too much money or time on the mis-selling problems.
Mis selling is so common in car sales because selling more cars can lead to the salesperson making more money from the finance deal.
For many people mis-selling comes down to lack of information, and for some it’s a mistake because the salesman mis sold car finance without knowing what they were doing.
To avoid missold cars by your dealer, take these 6 tips into consideration:
1. Check the mileage of the car and compare it to the advertised miles
2. Check for any scratches or dents on the bodywork of your new car
3. Ask about a warranty – if there is one, check to see what it covers
4. Make sure that you have been offered a test drive in your chosen model before buying
5. Check with friends and family members who may have bought from this dealership before – do they recommend them?
Mis Sold Car Finance – Over 5 Million people in the UK have been Mis Sold Car Finance deals, you may be one of them!!