Car finance - the next PPI scandal...

[northernladuk]

The car finance market is in chaos after a shock court ruling left banks and lenders scrambling to save it from collapse.

Lloyds Banking Group has now scrapped their commission payments to dealers, after a Court of Appeal judgement ruled car salesmen must inform their customers about bonuses, commissions and fees they get from lenders.

It comes after three complainants won their Court of Appeal battle, saying they were mis-sold motor finance. They ruled that 'a broker could not lawfully receive a commission from a lender without obtaining the customer's fully informed consent to the payment', CityAM reports.

https://www.dailymail.co.uk/news/art...mmissions.html

PPI was about policies sold to them they couldn't claim on so paying for nothing so a fairly clear case of getting your money back. This one appears to be about commissions being hidden but not sure if that means there is a basis for a claim by the customer. Can they claim the amount of commission back from someone as it wasn't legally applied?

Is this another biggie that's gonna run for years?

[eek]

Is this another biggie that's gonna run for years?

Yes

Edit to add - basically all interest charge will need to be repaid...

[WTFH]

This one appears to be about commissions being hidden but not sure if that means there is a basis for a claim by the customer. Can they claim the amount of commission back from someone as it wasn't legally applied?

It appears so:
https://www.moneysavingexpert.com/re...m-car-finance/

[northernladuk]

It appears so:
https://www.moneysavingexpert.com/re...m-car-finance/

I can hear all the PPI claim firms pulling the dust covers off the desks and firing up the autodiallers already.

[Chris Bryce]

I can hear all the PPI claim firms pulling the dust covers off the desks and firing up the autodiallers already.

My Twitter feed is already thoroughly polluted by such.

[BolshieBastard]

Absolute bollocks decision by the court. Would be baffling if the SC doesnt overturn it. Who knew salesmen and women, in any form of selling, got commission?

It's like this diesel nonesense of people suing because their car gave a lower emission reading 'on test' so they ended paying less VED in the UK than if the car had given a higher co2 reading 'off' test.

[Rhetorical question]Are any of these owners paying the additional VED they should have?[/Rhetorical question] N, but they think they're 'entitled' to compo all the same!

[eek]

Absolute bollocks decision by the court. Would be baffling if the SC doesnt overturn it. Who knew salesmen and women, in any form of selling, got commission?

It's like this diesel nonesense of people suing because their car gave a lower emission reading 'on test' so they ended paying less VED in the UK than if the car had given a higher co2 reading 'off' test.

[Rhetorical question]Are any of these owners paying the additional VED they should have?[/Rhetorical question] N, but they think they're 'entitled' to compo all the same!

It's just a variation of Wood v Commercial First Business Ltd and Othersfrom 2021...