Car finance industry sets aside billions for motorist claims

Published On Nov 11, 2024, 5:49 PM

A recent Court of Appeal ruling has significant implications for the car finance industry in the UK. Motorists like Marcus Johnson, who were not informed about high commissions added to their car finance agreements, could claim compensation that totals billions of pounds. The ruling reinforces that such undisclosed commissions are unlawful, paving the way for potentially thousands of customers to pursue claims against finance companies and dealerships. This could lead to a financial reckoning for many companies involved in these practices, as they set aside funds to handle the anticipated claims.