If you financed a Renault in the UK, there’s a possibility that you could be eligible for compensation due to hidden commissions, which is considered a form of mis-selling. Knowing your rights and exploring your options are essential steps to securing the justice you deserve.

Take action today to check if you qualify.

What Are Renault Car Finance Claims?

Were you treated unfairly when purchasing a financial product for your Renault? If so, you have the option to address this by filing a car finance claim. These claims often arise when finance companies fail to disclose commissions paid to brokers. Additionally, brokers may provide misleading or incomplete information about affordability or other key terms of the loan agreement.

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

Understanding how mis-selling occurs can help determine if you’ve been affected. At ClaimExperts.co.uk, our legal panel specialises in addressing cases involving undisclosed commissions—a critical issue in many car finance mis-selling situations.

• Hidden Commission:
  The Financial Conduct Authority (FCA) found that commission was included in 95% of car finance agreements, with 40% using hidden "discretionary commission arrangements." These arrangements allowed brokers and dealerships to inflate interest rates to earn higher commissions, leaving many consumers unknowingly overpaying. To combat this issue, the FCA banned discretionary commission arrangements in 2021.

Other instances of mis-selling Renault car finance may include:

• Inadequate Affordability Assessment:
  If the lender didn’t properly assess your financial situation before approving the agreement, you may have struggled with unaffordable repayments.

• Misrepresentation of Terms:
  Misleading or incomplete details about interest rates, repayment schedules, or fees could indicate mis-selling.

• Pressure Selling Tactics:
  If you felt pressured into agreeing to a finance deal without fully understanding the terms or considering alternatives, this could be a sign of mis-selling. Sales representatives must provide transparent, accurate information to help customers make informed decisions.

• Unsuitable Product Recommendations:
  Being sold a high-interest loan despite qualifying for a lower rate, or being offered a product unsuitable for your financial circumstances, could be grounds for a claim.

• Undisclosed Fees or Charges:
  Hidden fees or charges not clearly explained in the agreement may have caused unexpected financial difficulties.

• Failure to Explain Risks:
  If the risks associated with the agreement—such as potential impacts on your credit score or vehicle repossession—were not adequately communicated, this may indicate inappropriate selling.

If you believe any of these issues apply to your Renault car finance agreement and suspect the commission was undisclosed, you could have a valid basis for filing a complaint.

Who Is Eligible for Renault Mis-sold PCP Compensation?

Have you financed a Renault vehicle between 2014 and 2021? You could qualify for compensation.

Use the ClaimExperts.co.uk system to check for eligible credit agreements within this timeframe. Our free eligibility tool makes it simple to identify agreements that might entitle you to reclaim overpaid interest.

The FCA’s findings revealed that most contracts during this period included commissions, with many following the Difference in Charges (DiC) model. If you financed a vehicle during this time, you could potentially recover thousands in interest payments.

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

Renault does not directly handle compensation claims for mis-sold car finance. Instead, you’ll need to contact the bank or lender that financed your purchase.

If the salesperson failed to disclose commissions, explain contract terms and interest rates, or assess your affordability, you may have grounds for a mis-selling claim.

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

The FCA hasn’t issued specific compensation guidelines yet, but a structure similar to PPI payouts is anticipated.

For example, in one case, a customer financed a £7,619 vehicle through Black Horse at a 5.5% interest rate, despite a lower available rate of 2.49%. The Financial Ombudsman ordered the customer to be refunded £1,147—the difference in commission—plus interest.

FCA data also shows that discretionary commission schemes resulted in consumers paying an additional £1,100 in interest on a £10,000 car finance agreement over four years. For larger loans, potential refunds could be even more significant.

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

At ClaimExperts.co.uk, we are committed to helping individuals affected by mis-sold car finance agreements. Our panel of legal experts offers comprehensive support to ensure your claim is handled effectively.

We work with law firms nationwide to match your case with the most suitable legal professional. Additionally, we provide free access to detailed guides to help you understand your claim and assess your eligibility.

Use our free online eligibility checker to quickly evaluate your case and receive initial advice at no cost.

Start today to find out if you meet the requirements 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 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.