CAR finance insiders have revealed that "ridiculous" rip-offs were encouraged by major firms for years.The insiders, who have since blown the whistle to assist in recovering compensation for victims, allege that unscrupulous and even
They alleged that during the sales process, customers were encouraged to apply at multiple lenders, using a higher rate each time.Inside chef James Martin's motors collection worth £5m including classic Ferrari 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.