Did you use car finance to buy your Honda as a UK driver? If your answer is yes, there's a chance that you could be eligible for compensation due to undisclosed commissions. Understanding your rights and exploring your options are vital factors in obtaining the justice you rightfully deserve.

Discover if you qualify today.

What Are Honda Car Finance Claims?

If you believe that you have been treated unfairly during the purchase of financial products for your Honda car, there is a way for you to take action. You can make a car finance claim to address this issue. Such claims typically occur when the finance provider fails to disclose the commission paid to the broker. Furthermore, the broker may have provided misleading information regarding affordability and other crucial aspects of the loan agreement.

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

It's important to be aware of the different methods of mis-selling Honda car finance to determine if you've been affected. ClaimExperts.co.uk's legal advisors specialise in dealing with undisclosed commissions, which is a crucial aspect of mis-selling cases.

• Hidden Commission: According to the most recent report by the Financial Conduct Authority (FCA), the commission was present in almost 95% of car finance agreements. Worryingly, around 40% of these agreements contained undisclosed "discretionary commission arrangements," which gave lenders the ability to increase interest rates and earn additional commission through brokers and car dealerships.
  
  As a result, numerous consumers may have unknowingly paid more than necessary for their car finance repayments. To address this issue, the FCA has taken the step of prohibiting this form of "discretionary commission arrangement" starting in 2021.
  
  In addition, there are many other scenarios where Honda car financing may have been inaccurately presented, including, but not limited to:
  
  
• Inadequate Affordability Assessment: If the finance provider didn't properly evaluate your financial situation before approving the finance agreement, you could encounter difficulties in affording the repayments and potentially face financial troubles.
  
  
• Misrepresentation of Terms: There's a possibility that the information you've received about the terms and conditions of the finance agreement might not be entirely accurate or complete. This could include aspects such as interest rates, payment plans, or any extra fees.
  
  
• Pressure Selling Tactics: Have you ever found yourself in a situation where you agreed to a finance agreement without fully grasping its terms or exploring other alternatives? This could be a sign of potential mis-selling. It's important for sales representatives to offer clear and easily understandable information, empowering customers to make confident decisions.
• Unsuitable Product Recommendations: The finance product that was recommended to you may not have been the most suitable option for your particular needs or situation. For instance, if you were provided with a loan offer that had a high interest rate even though you could have qualified for a lower rate, it could be considered as mis-selling.

• Undisclosed Fees or Charges: To ensure transparency, it's extremely important to go through the terms and conditions with care. Consumers may face unexpected financial difficulties if there are any hidden fees or charges that aren't disclosed upfront.

• Failure to Explain Risks: Having all the necessary information about the risks tied to a finance product is of utmost importance. This includes comprehending how it could affect your credit rating or the possibility of your vehicle being repossessed. If you feel like you were not adequately informed about these risks, it may suggest that the product was improperly sold to you.

If you're uncertain about whether any of these scenarios are relevant to your Honda car finance agreement, and if you suspect that the commission was hidden from you, it's worth exploring the possibility that you may have legitimate grounds to file a mis-selling complaint.

Filing a claim with the Financial Ombudsman on your own doesn't come with any costs. Nevertheless, seeking advice from a legal expert or a firm specialising in financial mis-selling incidents can be helpful in assessing your options and taking the necessary actions. ClaimExperts.co.uk, with our panel of legal specialists, are is here to offer support for your Honda finance complaint.

Who Is Eligible For Honda Mis-sold PCP Compensation?

Explore whether you qualify for car finance agreements made between 2014 and 2021 by using our system at ClaimExperts.co.uk. We specialise in helping you find suitable deals during that specific time frame.

Determine your eligibility for interest payments on your car finance agreement from 2014 to 2021 through our free eligibility tool. The FCA highlights that most contracts involved commissions, and a significant number followed the DiC model. Curious to see if you can reclaim interest payments from a car finance agreement between 2014 and 2021. 

Use our tool to check your eligibility for free and in no time.

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

If you believe you have been a victim of mis-sold car finance, please note that Honda does not directly handle compensation claims. It is recommended to contact the bank or lender who provided the financing for your car purchase. They will be able to provide you with the necessary guidance and assess if you have a potential case for mis-sold car financing.

If the salesperson fails to reveal their commission, properly explain the contract terms and interest rates, or doesn't consider your affordability, you might be entitled to seek compensation for mis-sold car finance.

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

The FCA has not yet issued a specific guideline on compensation, but there are predictions of a framework similar to the PPI payouts being introduced. Noteworthy cases involving discretionary commissions, like those against Black Horse and Barclays Partner Finance, have seen the Financial Ombudsman standing by consumers.

In these cases, customers were given a refund equivalent to the difference between the interest rate they paid and the more cost-effective rate that was on offer. For instance, if a customer financed a £7,619 car through Black Horse at 5.5% interest, despite a lower 2.49% rate being available, they were refunded the £1,147 commission difference, in addition to interest.

According to FCA data, consumers are reportedly dishing out an extra £1,100 in interest on a £10,000 four-year car finance agreement because of discretionary commission models. This could imply that for larger loans, the potential refunds might be even more significant.

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

At ClaimExperts.co.uk, we are fully dedicated to supporting you with your mis-sold car finance claims. Our team provides a comprehensive service to ensure that you receive the necessary assistance at every step of the way. Through our collaboration with law firms across the country, we guarantee that your claim is handled by the most suitable legal expert for your specific situation. 

Access our informative guides for free to gain a better understanding of the complexities surrounding your potential claim and to verify your eligibility. Utilise our online eligibility checker to quickly assess the validity of your mis-sold car finance claim and receive immediate initial advice without any cost.

Find out today if you qualify to make 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.