It is possible that if you have utilised car finance to purchase your Fiat in the UK, you could potentially qualify for compensation as a result of undisclosed commissions. Understanding your rights and exploring your options is essential in ensuring that you obtain the appropriate justice you are entitled to. 

Act today to assess your eligibility.

What Are Fiat Car Finance Claims?

If you believe that you have received unfair treatment during the process of purchasing financial products for your Fiat, there is a viable solution for you. You have the option to commence a car finance claim in order to address this issue. Such claims typically arise when the finance provider fails to disclose the commission paid to the broker. Additionally, the broker may have provided you with inaccurate information regarding affordability and other crucial elements of the loan agreement.

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

To ascertain whether you have been impacted, it is imperative to comprehend the different techniques employed in the improper sale of Fiat car finance. The legal professionals at ClaimExperts.co.uk possess vast knowledge and experience in handling undisclosed commissions, a pivotal factor in instances of mis-selling.

• Hidden Commission: The most recent findings from the Financial Conduct Authority (FCA) reveal that the commission played a role in almost 95% of car finance agreements. What's intriguing is that approximately 40% of these agreements involved undisclosed "discretionary commission arrangements," allowing lenders to increase interest rates and earn extra commission through brokers and car dealerships. As a result, numerous consumers may have unknowingly paid more than necessary for their car finance repayments. In order to tackle this issue, the FCA has decided to prohibit this particular type of commission arrangement starting from 2021.
  
  Furthermore, there are several other cases in which the information regarding Fiat car financing may have been misrepresented.
  
  
• Inadequate Affordability Assessment: It is crucial for the financial provider to thoroughly evaluate your financial condition prior to finalising the agreement. This will ensure that you do not encounter any difficulties in repaying the funds and prevent any potential financial complications in the future.
  
  
• Misrepresentation of Terms: The details you have received concerning the terms and conditions of the financial agreement may not be entirely precise or comprehensive. This could apply to aspects such as interest rates, repayment schedules, or any additional charges.
  
  
• Pressure Selling Tactics: It is possible that you have found yourself in a scenario where you consented to a financial arrangement without completely grasping the details or considering alternative choices. This might suggest a potential instance of mis-selling. Therefore, it is essential for sales professionals to offer straightforward and easy-to-understand information that empowers clients to confidently make informed choices.
  
  
• Unsuitable Product Recommendations: The financial product suggested to you might not have been the most appropriate for your particular requirements or circumstances. For example, if you were provided with a loan that had a high interest rate even though you were eligible for a lower one, it could be seen as mis-selling.
  
  
• Undisclosed Fees or Charges: Conducting a thorough analysis of the terms and conditions is of utmost importance in order to guarantee transparency. This will enable you to avoid any unexpected financial obstacles that may arise due to undisclosed fees or charges.
  
  
• Failure to Explain Risks: Understanding the risks associated with a financial product is crucial. Knowing how it may affect your credit score or the possibility of repossession of your vehicle is important. If you feel that you were not properly informed about these risks, it could suggest that the product was not sold to you in a suitable way.

If you are unsure about the connection between these situations and your Fiat car finance contract, and if you believe that the commission was not disclosed to you, you may have legitimate reasons to lodge a complaint for mis-selling. 

Filing a complaint with the Financial Ombudsman does not incur any charges. However, you can also consult with a legal advisor or a company that focuses on financial mis-selling cases.

ClaimExperts.co.uk has a dedicated panel of legal experts who are prepared to assist you with your grievance regarding Fiat finance.

Who Is Eligible For Fiat Mis-sold PCP Compensation?

Explore your eligibility for car financing contracts from 2014 to 2021 using our system on ClaimExperts.co.uk. Our expertise lies in identifying the most advantageous deals within that specific time period. 

Assess your eligibility for interest payments on your car loan agreement through our complimentary eligibility tool. The Financial Conduct Authority (FCA) highlights that numerous contracts incorporated commissions, with a significant portion following the DiC model. 

Test our free tool to determine if you qualify for reclaiming interest payments from a vehicle financing contract dated between 2014 and 2021. 

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

If you believe you have fallen victim to mis-sold car finance, please be aware that Fiat does not manage compensation claims themselves. We recommend contacting the bank or lender responsible for your car financing. They can assist you in determining if you have grounds for a mis-sold car finance claim.

Should the salesperson fail to disclose their commission, adequately clarify the contract terms and interest rates, or assess your financial circumstances, you may be entitled to seek compensation for being sold car finance that was unsuitable for your needs.

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

The FCA has not yet published a detailed compensation guideline, but there are discussions about potentially introducing a system akin to the PPI payouts. Notable cases involving discretionary commissions, such as those against Black Horse and Barclays Partner Finance, have garnered support from the Financial Ombudsman in favour of consumers. 

In these instances, clients were reimbursed for the discrepancy between the interest rate they initially paid and the lower rate that was available. For instance, if a client financed a £7,619 vehicle through Black Horse at a 5.5% interest rate, despite a lower 2.49% rate being an option, they received a reimbursement of £1,147 in commission along with the interest.

Based on the details shared by the FCA, it appears that consumers could be paying an extra £1,100 in interest on a £10,000 car finance agreement over a four-year term due to the discretionary commission structure. Furthermore, for larger loans, the potential refunds may be even more significant.

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

Our main objective at ClaimExperts.co.uk is to assist you in resolving your mis-sold car finance claims. Our dedicated legal panel is committed to providing a comprehensive service, ensuring that you receive the necessary support throughout the entire process. Rest assured that your claim will be handled by a skilled legal professional who is specifically matched to your unique circumstances, thanks to our partnership with law firms nationwide.

Explore our collection of informative guides, which are offered free of charge. These resources are designed to help you understand the complexities associated with your potential claim. Don't forget to use our online eligibility checker for a quick assessment of the validity of your mis-sold car finance claim. 

Start today to determine if you qualify 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.