If you have utilised car finance to purchase your Lexus in the UK, there is a possibility that you could receive compensation for undisclosed commissions. It is vital to be informed about your rights and to explore your options to ensure that you receive the justice you are entitled to.

Determine today if you are eligible.

What Are Lexus Car Finance Claims?

If you believe you have been treated unjustly during the purchase of financial products for your Lexus, rest assured that there is a remedy available. You have the option to file a car finance claim 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 vital aspects of the loan agreement.

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

It is essential to understand the diverse techniques used to improperly sell Lexus car finance to ascertain if you have been impacted. The legal specialists at ClaimExperts.co.uk are highly experienced in addressing undisclosed commissions, a critical aspect in cases of mis-selling.

• Hidden Commission: The most recent findings from the Financial Conduct Authority (FCA) revealed that commission was present in almost 95% of car finance agreements. Approximately 40% of these agreements contained undisclosed "discretionary commission arrangements," allowing lenders to increase interest rates and receive extra commission through brokers and car dealerships. This could have resulted in numerous consumers paying more than necessary for their car finance repayments. The FCA prohibited this type of commission arrangement starting in 2021.

In addition to undisclosed commissions, other cases of mis-selling Lexus car finance may include:

• Inadequate Affordability Assessment: Finance providers must thoroughly evaluate your financial condition prior to finalising the agreement to ensure repayments are affordable and to prevent future financial complications.
  
  
• Misrepresentation of Terms: The information provided about the terms and conditions of the financial agreement may not be precise or comprehensive, involving factors like interest rates, repayment schedules, or additional charges.
  
  
• Pressure Selling Tactics: If you agreed to a financial deal without fully understanding the details or considering alternatives, it could indicate potential mis-selling. Sales professionals must provide transparent and straightforward information to empower customers to make confident decisions.
  
  
• Unsuitable Product Recommendations: If you were offered a high-interest loan despite being eligible for a lower rate, it could be deemed as mis-selling.
  
  
• Undisclosed Fees or Charges: Hidden fees or charges not disclosed in the agreement may cause unexpected financial obstacles. Reviewing terms and conditions thoroughly is essential.
  
  
• Failure to Explain Risks: Understanding the risks associated with a financial product is crucial, including its potential effects on your credit score or the possibility of vehicle repossession. If these risks were not sufficiently explained, it could suggest inappropriate selling.

If these circumstances relate to your Lexus car finance agreement, and you believe that the commission was not disclosed, you may have a legitimate basis for lodging a complaint about mis-selling.

At ClaimExperts.co.uk, our panel of legal experts is prepared to assist you with your complaint regarding Lexus finance.

Who Is Eligible for Lexus Mis-sold PCP Compensation?

Determine your eligibility for car finance agreements between 2014 and 2021 by utilising our system on ClaimExperts.co.uk. Our expertise lies in locating the most advantageous deals within that specific timeframe.

Find out if you meet the criteria for interest payments on your car loan agreement from 2014 to 2021 through our complimentary eligibility tool. The FCA highlights that numerous contracts incorporated commissions, with a significant portion adhering to the DiC model.

Feel free to use our complimentary tool to determine your eligibility for reclaiming interest payments from a vehicle financing contract spanning from 2014 to 2021. Obtain the outcome immediately by giving it a try.

Can You Claim Against Lexus for Mis-selling Car Finance?

If you believe you have fallen victim to mis-sold car finance, it is crucial to understand that Lexus does not manage compensation claims directly. We recommend contacting the bank or lender responsible for financing your car acquisition. They will assist you in determining whether you have grounds for a mis-sold car finance claim.

If the salesperson failed to disclose their commission, adequately clarify the contract terms and interest rates, or assess your financial capacity, you may be eligible to seek compensation for being sold car finance that did not suit your needs.

How Much Could My Lexus Mis-sold Car Finance Claim Be Worth?

The FCA has not yet published an extensive compensation guideline, but there is speculation regarding a system resembling PPI payouts.

The Financial Ombudsman has supported consumers in notable cases involving discretionary commissions, including those against Black Horse and Barclays Partner Finance. Clients received a reimbursement equal to the variance between the interest rate they originally paid and the more economical rate that was available.

For example, if a client financed a £7,619 vehicle through Black Horse at a 5.5% interest rate, even though a lower 2.49% rate was an option, they were given back the £1,147 difference in commission, along with the interest.

Based on FCA data, consumers typically pay an extra £1,100 in interest on a £10,000 car finance agreement over a four-year period due to the discretionary commission model. For larger loans, the potential refunds could be even more significant.

How Can ClaimExperts.co.uk Help with My Lexus Car Finance Claim?

At ClaimExperts.co.uk, our primary goal is to assist you in resolving your mis-sold car finance claims. Our panel is committed to delivering a thorough service, guaranteeing that you receive the necessary support throughout the process.

You can be confident that your claim will be managed by a skilled legal professional specifically matched to your unique circumstances, thanks to our partnership with law firms across the country.

Discover our selection of informative guides provided free of charge. These resources are intended to help you comprehend the complexities associated with your potential claim. Use our online eligibility checker for a quick assessment of your mis-sold car finance claim. You will also receive immediate initial advice at zero cost.

Begin today to ascertain 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 is 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.