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PREVIOUSLY HAD CAR FINANCE?

Claim Ford Finance Compensation

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

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If you have ever had a Ford car finance agreement before January 28th 2021, you may be able to claim compensation in light of a new FCA announcement concerning hidden commissions.

The Ford Motor Company, known to most as simply Ford, was founded in 1903 by Henry Ford. With headquarters in Michigan, the brand is a giant within the automotive industry. Ford is one of the largest family owned companies in the world behind other commercial giants such as Walmart and Schwarz Group. Henry Ford’s great grandson, William Clay Ford, Jr is.currently the company’s executive chairman external link icon light blue. Having built cars for over a century, the brand’s most popular models to date in top three order are the Ford F-150, Fiesta and Escort.

What Are Ford Compensation Claims?

The Financial Conduct Authority announced this month (January 2024) that they will be conducting an investigation into PCP and HP agreements to determine whether hidden commission payments were being made to brokers. The FCA’s investigation has the potential to allow millions of car finance customers to claim compensation from their lender/broker. The FCA will be seeking to determine whether or not discretionary commissions were made by brokers who were financially incentivised by brands to offer higher interest rates. The Financial Conduct Authority’s decision to investigate has been the result of customer complaints concerning motor finance firms potentially unfairly rejecting mis-selling claims. Such complaints from customers are centred around the belief that their contract was more costly due to their dealer/broker earning a significant secret commission from their policy.

Within the industry, hidden commissions have been officially prohibited since January 2021. Despite this, the FCA has stated that it has been contacted by more than 10,000 people who believe they could have been overcharged. In addition, The Financial Ombudsman Service has recently ruled in favour of two car finance customers on this particular matter which has subsequently led to the Financial Conduct Authority’s (FCA’s) investigation.

Ford sold about 2 million vehicles in the U.S. in last year alone and like many other car brands a significant proportion will have been sold with a finance policy. The brand offers customers both PCP and Hire Purchase options to purchase their vehicles. For many years now a personal contract purchase has been the most popular way to finance and purchase a car. PCP agreements were introduced more than ten years ago after multiple financial crises and have continued to increase in popularity over the years.

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

If you are wondering whether or not you may have a claim against Ford in the not too distant future with regard to your car finance deal then keep reading. Firstly, it’s important to recognise The FCA’s investigation will only cover car finance sales that meet certain criteria. In keeping with the deadline that prohibited hidden commissions, complaints need to be made only for car finance agreements sold before the 28th of January 2021. In addition to preceding the deadline the car sale must have utilised a personal contract purchase or a hire purchase offering. Unlike a PCP agreement, a hire purchase agreement means the customer pays the value of the car in specific monthly instalments.

You will not be able to make a complaint If you bought a car on finance after the deadline or without PCP or Hire Purchase agreement. If you did purchase your car with the aid of car finance but it was on or after the 28th of January 2021 deadline, you will not be eligible for compensation. Secondly, a personal contract hire agreement complaint in which the car was leased will not be included. If you do not fit the hidden commission criteria, you may still have a car finance affordability claim if you can provide evidence that necessary background checks were not carried out by the lender or dealership who offered you the loan.

How To Make A Complaint Against Ford?

For the next eight months firms have been asked to stop responding to complaints by the FCA. The exact period began after 17th November 2023 and will end on the 25th September 2024 to allow the FCA to conduct their investigation. Whilst the investigation is underway, it is a good idea to lodge any complaints to the firm as soon as you can as there is often a limitation period to be observed. With regards to mis-selling, you are generally required 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 a Ford Car Finance Complaint Worth?

Not even the FCA currently knows the amount of financial compensation that may be available to car finance customers in the future. In fact 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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