If you have used car finance to buy your Mazda in the UK, there is a chance that you may be eligible for compensation due to undisclosed commissions. It is crucial to understand your rights and explore your options to ensure that you receive the justice you deserve.

Do not delay. Act now to determine if you qualify.

What Are Mazda Car Finance Claims?

If you think you have been treated unfairly while buying financial products for your Mazda, there is a solution available to you. You can choose to start a car finance claim to deal with this problem. These claims usually arise when the finance provider does not reveal the commission they paid to the broker. Moreover, the broker might have given you incorrect information about affordability and other important aspects of the loan agreement.

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

In order to determine if you have been affected, it is crucial to understand the various methods used in the improper selling of Mazda car finance. The legal experts at ClaimExperts.co.uk have extensive expertise and experience in dealing with undisclosed commission, which plays a crucial role in cases of mis-selling.

• Hidden Commission: The most recent findings from the Financial Conduct Authority (FCA) reveal that commission played a role in almost 95% of car finance agreements. 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. To tackle this issue, the FCA prohibited this type of commission arrangement starting in 2021.

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

• Inadequate Affordability Assessment:
  Financial institutions must conduct a comprehensive assessment of your financial situation before completing the agreement to avoid repayment challenges and mitigate possible financial issues.

• Misrepresentation of Terms:
  Information about the terms and conditions of the financial agreement may not be entirely accurate or thorough, including interest rates, repayment schedules, or extra fees.

• Pressure Selling Tactics:
  If you agreed to a financial agreement without fully understanding the specifics or exploring other options, it could indicate mis-selling. Sales professionals must provide clear, easily comprehensible information to enable customers to confidently make well-informed decisions.

• Unsuitable Product Recommendations:
  If you were offered a loan with a higher interest rate despite being eligible for a lower one, it could be considered mis-selling.

• Undisclosed Fees or Charges:
  Conducting a thorough review of the terms and conditions ensures transparency and helps avoid unforeseen financial hurdles caused by hidden fees or charges.

• Failure to Explain Risks:
  It is essential to understand the risks linked to a financial product, including its potential impact on your credit score or the likelihood of vehicle repossession. Inadequate disclosure of these risks may suggest inappropriate selling.

If you have doubts regarding the correlation between these circumstances and your Mazda car finance agreement, and if you suspect that the commission was not properly disclosed, you may be justified in filing a complaint for mis-selling.

ClaimExperts.co.uk has a panel of legal experts who are ready to help you with any issues you may have regarding Mazda finance.

Who Is Eligible for Mazda Mis-sold PCP Compensation?

Check if you qualify for car financing agreements from 2014 to 2021 through our platform on ClaimExperts.co.uk. We specialise in finding the best offers during that timeframe.

Find out if you are eligible to receive interest payments on your auto loan with our free eligibility tool. The FCA highlights that many agreements included commissions, with a large number using the DiC model.

Try out our tool to see if you can reclaim interest payments from a car financing contract between 2014 and 2021. Get quick results by giving it a go.

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

If you suspect you have been a victim of mis-sold car finance, it is important to know that Mazda does not handle compensation claims directly. We suggest reaching out to the bank or lender that provided your car financing.

If the salesperson failed to reveal their commission, explain the contract terms and interest rates clearly, or assess your financial situation, you might have the right to seek compensation for being sold car finance that was unsuitable for you.

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

The FCA has not released a comprehensive compensation guideline yet, but discussions are ongoing about potentially implementing a system similar to PPI payouts.

Cases involving discretionary commissions, such as those against Black Horse and Barclays Partner Finance, have received backing from the Financial Ombudsman in support of consumers. In these cases, customers were refunded for the difference between the interest rate they originally paid and the lower rate that was available.

For example, if a customer financed a £7,619 vehicle through Black Horse at a 5.5% interest rate, despite a lower 2.49% rate being an option, they were reimbursed £1,147 in commission along with the interest.

According to the FCA, consumers may pay an additional £1,100 in interest on a £10,000 car finance agreement over four years due to the discretionary commission setup. For larger loans, potential refunds could be even more substantial.

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

At ClaimExperts.co.uk, our main goal is to help you with your mis-sold car finance claims. Our panel is dedicated to providing a comprehensive service and ensuring that you have the necessary support throughout the process.

Take advantage of our collection of informative guides, which are completely free. These resources are designed to help you understand the complexities associated with your potential claim. Use our online eligibility checker for a quick assessment of the validity of your mis-sold car finance claim. You will also receive immediate initial advice at no cost.

Start today to find out 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.