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Car finance market in chaos after shock court ruling: Lenders pause vehicle loans following Court of...

  • 📰 DailyMailUK
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It comes after three complainants won their Court of Appeal battle, saying they were mis-sold motor finance.

Has your car deal been affected? Email:The car finance market is in chaos after a shock court ruling left banks and lenders scrambling to save it from collapse.

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. Read More Court backs customers over lenders in multi-billion pound motor finance row They join the likes of Close Brothers, one of the defendants in the Court of Appeal case, who have frozen lending as they prepare to challenge the decision in the Supreme court.

The industry newspaper said that showrooms have been unable to deliver cars as car finance companies were forced to stop paying out on deals already written up.

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Car finance market in chaos after shock court ruling: Lenders pause vehicle loans following Court of...It comes after three complainants won their Court of Appeal battle, saying they were mis-sold motor finance.
Source: DailyMailUK - 🏆 7. / 90 Read more »