The finance guru's website has warned that car buyers who took out finance between 2007 and 2021 may be able to make a claim for 'mis-sold' car finance - this includes cars, vans, campervans and motorbikes Get the latest money news from the Daily Record with our weekly newsletter We have more newsletters Get the latest money news from the Daily Record with our weekly newsletter We have more newsletters Martin Lewis' MoneySavingExpert (MSE) has issued a fresh warning about 'mis-sold' car finance, suggesting that vehicle owners could be owed more than £1,000. This primarily concerns anyone who purchased a car, van, campervan or motorbike between April 2007 and January 28, 2021. The alert follows the Financial Conduct Authority's (FCA) decision to launch an investigation into car financing earlier this year, assessing whether customers have been overcharged on interest for loans.
Despite the next update not being due until May 2025, vehicle owners can still lodge a complaint claim today - but they need to act swiftly. "Our car finance reclaiming guide takes you through it step-by-step, but in a nutshell, you may be able to claim £1,000s back due to HIDDEN Discretionary Commission Arrangements (DCAs) on your policy," MSE wrote. "These DCAs are where finance firms let car dealers pump up interest rates, without customers being told, and then bunged 'em extra commission if they did.
This likely meant many OVERPAID WITHOUT KNOWING and may be due a predicted average £1,100 back." .