Have you used car finance to buy your Mercedes as a UK driver? If the answer is yes, there is a possibility that you could seek compensation for mis-selling that involves undisclosed commissions. Being aware of your rights and exploring your options are key factors in obtaining the justice you rightfully deserve.

Find out if you qualify today.

What Are Mercedes Car Finance Claims?

If you suspect that you were treated unfairly when buying financial products for your Mercedes car, you can take action by making a car finance claim. These claims usually arise when the finance provider fails to disclose the commission paid to the broker. In addition, the broker may have given misleading information about affordability and other important aspects of the loan agreement.

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

Understanding the various methods of mis-selling Mercedes car finance is important to assess if you have been impacted. ClaimExperts.co.uk's expert legal advisors are experienced in dealing with undisclosed commissions, a key focus in mis-selling cases.

• Hidden Commission:
  The Financial Conduct Authority (FCA) disclosed in their latest report that the commission was included in almost 95% of car finance agreements. Alarmingly, they found that approximately 40% of these agreements featured hidden "discretionary commission arrangements," which permitted lenders to increase interest rates and earn more commission through brokers and car dealerships. Consequently, numerous consumers may have unknowingly overpaid for their car finance repayments. To address this issue, the FCA banned this form of "discretionary commission arrangement" starting from 2021.

Other scenarios of mis-selling Mercedes car finance may include:

• Inadequate Affordability Assessment:
  If the finance provider did not assess your financial situation properly before approving the finance agreement, you might have trouble affording the repayments and face potential financial troubles.

• Misrepresentation of Terms:
  The information you have been provided regarding the terms and conditions of the finance agreement may not be entirely accurate or complete. This could involve aspects such as interest rates, payment plans, or any extra fees.

• Pressure Selling Tactics:
  Have you ever found yourself agreeing to a finance agreement without fully understanding its terms or exploring other options? This could be a red flag for mis-selling. Sales representatives need to provide clear and easily understandable information, empowering customers to make decisions confidently.

• Unsuitable Product Recommendations:
  The finance product that was suggested to you might not have been the most suitable option for your particular needs or situation. For example, 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:
  Carefully going through the terms and conditions is extremely important to maintain transparency. Any hidden fees or charges that are not revealed upfront can create unexpected financial difficulties for the consumer.

• Failure to Explain Risks:
  Having all the necessary information about the risks tied to a finance product is essential. This includes understanding how it could impact 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 indicate that the product was improperly sold to you.

If you have any doubts about whether any of these scenarios apply to your Mercedes car finance contract, and if you suspect that the commission was hidden from you, it is worth exploring the possibility that you may have legitimate grounds to file a mis-selling complaint.

ClaimExperts.co.uk, along with our panel of legal specialists, are available to provide support for your Mercedes finance complaint.

Who Is Eligible for Mercedes Mis-sold PCP Compensation?

Discover if you meet the requirements for car finance agreements made between 2014 and 2021 by using our system at ClaimExperts.co.uk. We specialise in helping you locate any suitable deals during that specific timeframe.

See if you qualify to get back interest payments on your car finance agreement from 2014 to 2021 through our free eligibility tool. According to the FCA, a majority of contracts had commissions, with a significant number using the DiC model.

Wondering if you are eligible to reclaim interest payments from a car finance agreement dated between 2014 and 2021? Find out quickly and at no cost using our tool.

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

Mercedes does not directly handle claims for mis-sold car finance compensation. Instead, it is advised to contact the bank or lender who provided the financing for your car purchase.

If the salesperson failed to disclose their commission, adequately explain the contract terms and interest rates, or neglected to assess your affordability, you may be eligible to file a claim for compensation related to mis-sold car finance.

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

A specific guideline on compensation has not been released by the FCA yet, but it is predicted that a framework akin to the PPI payouts will be introduced.

Notable cases involving discretionary commissions, such as those against Black Horse and Barclays Partner Finance, have seen the Financial Ombudsman supporting consumers. In these instances, customers were refunded the difference between the interest rate they paid and the more affordable rate that was available at the time.

For example, if a customer financed a £7,619 car through Black Horse at a 5.5% interest rate, even though a lower rate of 2.49% was an option, they received a refund of the £1,147 commission difference, in addition to interest.

Consumers are reportedly paying an extra £1,100 in interest on a £10,000 four-year car finance agreement due to discretionary commission models, as per FCA data. This could mean that for larger loans, the potential refunds might be even more significant.

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

Our panel at ClaimExperts.co.uk is dedicated to supporting you with mis-sold car finance claims. We provide a comprehensive service to ensure you have the help you need every step of the way. By collaborating with law firms nationwide, we ensure that your claim is handled by the most suitable legal expert for your situation.

Access our informative guides for free to help you understand the complexities of your potential claim and 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 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 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.