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PREVIOUSLY HAD CAR FINANCE?

Claim Audi Finance Compensation

If you have ever had car finance from Audi Finance, you may be able to claim compensation if it contained undisclosed commission.

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Part of the Volkswagen Group, Audi Group is among the world’s leading producers of premium cars. The Audi Group also includes the luxury Bentley, Lamborghini, and Ducati brands. Audi boasts more than 85,000 employees worldwide and operates within 100+ markets according to the brand’s website. Audi is well known as one of the ‘big three’ German premium automotive brands alongside BMW and Mercedes. The Audi Group’s network of production sites include two German locations as well as facilities in Hungary, Belgium and Mexico. According to data from the Society of Motor Manufacturers and Traders (SMMT) external link icon light blue the Audi A3 was the 9th most popular car sale in the UK throughout 2023.

What Are Audi Compensation Claims?

Car finance made headlines in January 2024 when the FCA announced an investigation into car finance sales to review if commission payments to brokers were too high. If the Financial Conduct Authority (FCA) finds such evidence against the brokers, it could lead to payouts to potentially millions of car finance customers. For customers who purchased a car or van with the aid of motor finance who believe they were overcharged, there is a chance compensation could be due. The Financial Conduct Authority’s new investigation has been initiated in response to concerns that motor finance firms may be unfairly rejecting mis-selling claims from those who borrowed and since believe their contract was more expensive due to their dealer earning a significant commission by charging more.

Such additional commissions have been banned since 2021, however, the FCA has stated that it has been contacted by more than 10,000 people who fear they were overcharged. The Financial Ombudsman Service has also recently ruled in favour of two individual consumers on this issue which has led to the Financial Conduct Authority’s (FCA’s) scrutiny.

In fiscal year January 2023, 1,404,833 cars were sold by the brand group and like many other car brands, Audi offered clients both PCP and Hire Purchase options to facilitate the purchasing of motor vehicles. For car buying customers, a personal contract purchase is the most utilised way of financing a car. PCP agreements were first introduced over a decade ago in response to the financial crisis and have increased in popularity over the years.

How Do I Know If I Have A Claim Against Audi?

The FCA will be investigating claims that include specific criteria for review. For example, clients must have bought their car using car finance before the 28th of January 2021, the deadline for when such commissions were officially banned within the industry. In addition, the sale must include the use of a personal contract purchase or a hire purchase agreement. A hire purchase agreement specifically entails paying off the value of the car in set monthly instalments.

It is important to note that the FCA investigation will not include complaints that do not include the above criteria. For example, if you purchased your car with the aid of car finance on or after the 28th of January 2021 deadline, you will not be eligible for a financial payout. In addition, a personal contract hire agreement complaint in which the car was leased will not be included. However, such agreements can be put forward as an unaffordability claim. Unaffordability claims in relation to car purchasing refer specifically to affordability concerns and the lack of necessary background checks carried out by the lender or dealership who offered you the loan.

How To Make A Complaint Against Audi?

As part of the FCA’s update it was outlined that a pause on firms responding to complaints be implemented during the period after 17th November 2023 up until 25th September 2024 whilst conducting the current investigation. However, it is a good idea to file any complaints to the firm as soon as you can as there is often a limitation period to be observed with complaint procedures. As a general rule, you are obliged to make your complaint to your provider within six years of the issue, or within three years of you becoming aware of the problem.

Here at Claims Bible we can help you kickstart your complaint in order to see if you may be eligible for a payout, click here to get going.

How much is an Audi Car Finance Complaint Worth?

Be wary of anyone advertising a figure with regard to potential financial compensation in light of the latest FCA update. As of now, The FCA has simply stated that it will “identify how best to make sure people who are owed compensation receive an appropriate settlement in an orderly, consistent and efficient way”.

 

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