Have you utilised car finance to buy your Audi as a UK driver? If you have, there's a chance that you may be entitled to compensation for mis-selling that involved concealed commissions. It's crucial to understand your rights and consider your options in order to obtain the justice you rightfully deserve. 

Find out today if you meet the requirements.

What Are Audi Car Finance Claims?

Were you possibly misled into purchasing financial products when financing your Audi? You have the right to submit a car finance claim if you believe so. Such claims typically stem from a lack of transparency from the finance provider regarding the broker's commission. Furthermore, the broker may have provided inaccurate information about affordability and other key terms of the loan agreement.

How Could My Audi Car Finance Have Been Mis-Sold?

There are several ways in which Audi car finance can be mis-sold, so it's crucial to be aware of these methods to determine if you have been affected. The main issue of mis-selling that the expert legal advisors at Claim.co.uk specialise in is undisclosed commission.

• Hidden Commission: The Financial Conduct Authority (FCA) has recently released a report revealing that the commission was included in nearly 95% of car finance agreements. Shockingly, they also uncovered that approximately 40% of these agreements involved concealed "discretionary commission arrangements." This allowed lenders to hike up the interest rate and earn extra commission through brokers and car dealerships. As a result, countless consumers may have unknowingly paid higher amounts for their car finance repayments. To combat this problem, the FCA has taken the step of prohibiting this form of "discretionary commission arrangement" starting in 2021.

Moreover, there are various other situations where Audi car loans might have been inaccurately offered, including, but not limited to:

• Inadequate Affordability Assessment: Should the finance provider neglect to thoroughly review your financial circumstances before approving the finance agreement, you may encounter challenges in meeting the repayments and potential financial issues.

• Misrepresentation of Terms: There's a chance that the information you've received about the terms and conditions of the finance agreement might not be complete or accurate. This could relate to things like interest rates, payment plans, or any additional charges.

• Pressure Selling Tactics: Have you ever found yourself saying yes to a finance agreement without fully grasping its terms or considering other choices? This might suggest mis-selling. It's absolutely vital for sales representatives to offer transparent and easily understandable information, empowering customers to make confident decisions.

• Unsuitable Product Recommendations: The finance option that was proposed to you may not have been the most suitable for your individual requirements or circumstances. For instance, if you were presented with a loan carrying a high interest rate when you could have been eligible for a lower one, it might be deemed as mis-selling.

• Undisclosed Fees or Charges: Giving due attention to reviewing the terms and conditions is extremely important to ensure complete transparency. This is because any undisclosed fees or charges at the time of the agreement can unexpectedly burden the consumer financially.

• Failure to Explain Risks: The lack of sufficient information about the risks involved with the finance product you obtained is concerning. It's important to understand how it could affect your credit rating or the potential for your vehicle to be repossessed. This suggests that the product may not have been sold to you properly.

If you suspect that any of these situations pertain to your Audi car finance contract, and you suspect that the commission was not disclosed to you, you could potentially have a basis for a mis-selling complaint.

While you do have the choice to independently submit a claim to the Financial Ombudsman for free, it may be beneficial to consult with a legal professional or a claims management company that focuses on financial mis-selling incidents. Claim.co.uk, along with our team of legal experts, is available to assist you with your Audi finance complaint.

Who Is Eligible For Audi Mis-sold PCP Compensation?

Want to know if you qualify for car finance agreements made between 2014 and 2021? Look no further than our system at Claim.co.uk. 

We specialise in helping individuals like you find any eligible deals during that specific time period. Our free eligibility tool is tailored to analyse car finance agreements from 2014 to 2021. 

According to the FCA, a majority of contracts involved commissions, with a significant percentage utilising the DiC model. If you had a car finance agreement between 2014 and 2021, you may be entitled to reclaim substantial interest payments. 

Discover your potential eligibility quickly and without any cost by using our tool.

Can You Claim Against Audi For Mis-selling Car Finance? 

Claiming mis-sold car finance compensation directly from Audi is not an option. You should reach out to the bank or lender that financed your car purchase instead. If you think the financing arrangement was misrepresented when you bought a vehicle through PCP or HP finance after 2007, you could potentially have a case for mis-sold car financing.

In case the salesperson didn't disclose their commission or adequately explain the terms of your contract and interest rates, or if they neglected to assess your affordability, you could potentially file a claim for compensation regarding mis-sold car finance.

How Much Could My Audi  Mis-Sold Car Finance Claim Be Worth?

Although the FCA has not yet issued a specific guideline on compensation, industry experts anticipate the introduction of a framework similar to the PPI payouts. Noteworthy cases involving discretionary commissions, such as those against Black Horse and Barclays Partner Finance, have seen the Financial Ombudsman siding with consumers.

Customers in these scenarios received a refund for the disparity between the interest rate they were charged and the most cost-effective rate accessible at the moment. To illustrate, if a customer financed a £7,619 car through Black Horse at a 5.5% interest rate, despite a lower rate of 2.49% being available, they were reimbursed the £1,147 difference in commission, plus interest.

The FCA data shows that customers are overpaying by an average of £1,100 in interest on a standard £10,000 four-year car finance contract, all thanks to discretionary commission models. It's possible that with larger loans, the refunds could be even greater.

How Can ClaimExperts.co.uk Help With My Audi Car Finance Claim?

Need assistance with your mis-sold car finance claims? Look no further than our legal panel

Our team is here to lend a helping hand throughout the entire process. We work with law firms all over the country to ensure that your claim is handled by the most suitable legal professional for your unique circumstances. 

Plus, we provide free access to our informative guides, which will help you understand the ins and outs of your potential claim and confirm your eligibility. With our user-friendly online eligibility checker, you can quickly determine the validity of your mis-sold car finance claim and receive instant initial advice without any charges. 

Don't wait any longer - find out today if you are eligible to pursue a claim.

The Small Print

This claim is regulated by the FCA. You do not need to use a claims management company to make a car finance claim. You have the right to complain directly to the lender and use the Financial Ombudsman Service to seek redress for free.

Many legal claims, including this one, are offered on a No-Win, No-Fee basis to consumers. This means that if your claim is unsuccessful, you will not be responsible for any costs to the solicitor.

It's important to note that there may be a cancellation fee if you cancel your claim with a panel member after the cooling-off period which is 14 days. 

The No Win, No Fee Success Fee charged by the solicitor is based on which expert panel member we refer you to. The maximum the legal panel will charge as a success fee is 36% inc. VAT.