A LAWYER has revealed the four questions you must ask before buying a car on finance in the wake of the mis-selling scandal.The Financial Conduct Authority is investigating the unfair use of commission payments that meant motorists unknowingly overpaid interest on their loans.in a trio of cases that dealerships could not legally receive commission from finance providers unless they had customers' "fully informed consent" when the deal was agreed.
These brokers earn money in the form of commission - a percentage of the interest payments on the loan.The FCA estimates that around 40% of car deals may have been affected before 2021.Second, you must have bought the vehicle through a mechanism like Personal Contract Purchase or Hire Purchase , which make up the majority of finance deals and mean you own the vehicle at the end of the agreement.
"This guy or girl is there to sell you something and, clearly now, there to sell you a number of products without you realising."But in the vast majority of cases, people ar going to push back.