Have you financed your Hyundai car purchase through a car finance agreement as a UK motorist? If this applies to you, you could potentially claim compensation for mis-selling related to hidden commissions. It is essential to comprehend your entitlements and choices to secure the justice you are owed. Determine your eligibility now.

What Are Hyundai Car Finance Claims?

Hyundai car finance claims refer to legal action taken by consumers who believe they were mis-sold financial products when financing Hyundai cars. This mis-selling can occur when a finance provider fails to provide clear information in relation to the commission paid to the broker. The broker can also mislead customers concerning affordability and other vital parts of the loan agreement. 

According to the Hyundai Motor UK site, it experienced an 8.3% increase in sales in 2023 compared to the previous year, maintaining a positive sales trend that resulted in a 15.3% growth in 2022. In total, Hyundai Motor UK sold 87,100 vehicles last year, with the TUCSON leading the way as the top-selling Hyundai model and the second-best-selling hybrid in the UK.

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

Mis-selling of Hyundai car finance can happen in different ways, so it's important to know about these practices to determine if you've been affected. The main type of mis-selling that the expert legal panel at ClaimExperts.co.uk can help with involves undisclosed commission.

• Hidden Commission:  The Financial Conduct Authority (FCA) revealed in their latest report that commission was included in approximately 95% of car finance agreements. Shockingly, they discovered that about 40% of these agreements involved concealed "discretionary commission arrangements." This allowed lenders to permit brokers and car dealerships to raise the interest rate to boost their commission. As a result, numerous consumers may have paid more than necessary for their car finance repayments. In response, the FCA prohibited this form of "discretionary commission arrangement" in 2021.
  
  Other situations where Hyundai car finance may have been mis-sold include, but are not limited to:

• Inadequate Affordability Assessment: If the finance provider didn't properly evaluate your financial situation before approving the finance agreement, it could result in repayments that are difficult to afford and potential financial difficulties.

• Misrepresentation of Terms: It's possible that you have received incomplete or inaccurate details about the terms and conditions of the finance agreement. This might involve things like interest rates, repayment plans, or any extra charges.

• Pressure Selling Tactics: If you ever found yourself agreeing to a finance agreement under pressure, without fully grasping its terms or considering other options, it might be a sign of mis-selling. Sales representatives need to offer transparent and easy-to-understand information so that customers can confidently make their choices.

• Unsuitable Product Recommendations: The finance product that was suggested to you might not have been the best fit for your specific needs or situation. For instance, if you were offered a loan with a high interest rate even though you could have been eligible for a lower rate, it could be considered as mis-selling.

• Undisclosed Fees or Charges: It's crucial to carefully review the terms and conditions to ensure complete transparency, as undisclosed hidden fees or charges at the time of the agreement can lead to unexpected financial burdens for the consumer.

• Failure to Explain Risks: If you were not provided with sufficient information about the risks involved in the finance product, such as how it could affect your credit rating or result in the repossession of the vehicle, it might suggest that the product was sold to you improperly.

If you suspect that any of these scenarios relate to your Hyundai car finance contract, and you suspect that the commission was concealed from you, you might have a basis for a mis-selling complaint. 

Although you have the option to file a claim independently through the Financial Ombudsman at no cost, consulting with a legal professional or a claims management firm specialising in financial mis-selling incidents can assist you in evaluating your choices and following the right steps. ClaimExperts.co.uk and our panel of legal specialists are among the organisations that can support you with your Hyundai finance complaint.

Who Is Eligible For Hyundai Mis-sold PCP Compensation?

If you took out car finance from 2014 to 2021, you could qualify. This covers finance agreements for cars, vans, motorbikes, and more.

Our system at Claim.co.uk can check for credit agreements from 2014 to 2021, helping you locate any eligible car finance deals during that period.

Our eligibility tool is free to use and is specifically designed to analyse car finance agreements made between 2014 and 2021. The FCA found that 95% of the contracts they examined involved commissions, with 40% using the crucial Difference in Charges (DiC) model.

This means that if you signed a car finance agreement between 2014 and 2021, you may be able to reclaim significant amounts in interest payments. Discover your potential eligibility quickly and at no cost by utilising our tool.

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

Unfortunately, you cannot directly claim mis-sold car finance compensation from Hyundai. Instead, you should contact the bank or lender who financed your car purchase. If you suspect that the financing arrangement was misrepresented when you bought a vehicle through PCP or HP finance after 2007, you may have a case for mis-sold car financing.

If the salesperson did not disclose their commission or explain the terms of your contract and interest rates properly, or failed to assess your affordability, you could potentially file a claim for mis-sold car finance compensation.

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

The FCA has yet to release a specific guideline on compensation, but it is anticipated that a framework similar to the PPI payouts will be established. The Financial Ombudsman has made decisions in favour of consumers in notable cases involving discretionary commissions, such as those against Black Horse and Barclays Partner Finance. 

In these instances, customers were refunded the difference between the interest rate they were charged and the lowest available rate at the time. For instance, a customer who financed a £7,619 car through Black Horse at a 5.5% interest rate, despite a lower rate of 2.49% being available, was reimbursed the £1,147 commission discrepancy, plus interest. 

According to FCA data, consumers have been overpaying by an average of £1,100 in interest on a typical £10,000 four-year car finance deal due to the presence of discretionary commission models, indicating that larger loans could lead to even more significant reimbursements.

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

ClaimExperts.co.uk is dedicated to helping people with mis-sold car finance claims, providing a full-service approach to assist you throughout the process.

Working with law firms across the country, our team ensures that your claim is handled by the most suitable legal expert for your situation.

Moreover, we provide free access to our informative guides to help you grasp the details of your potential claim and determine your eligibility.

Our online eligibility checker allows you to quickly assess the legitimacy of your mis-sold car finance claim, providing instant initial advice at no cost.

Find out if you qualify to make a claim today.

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.