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PREVIOUSLY HAD CAR FINANCE?

Claim Porsche Finance Compensation

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

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

A luxury and high performance, the Porsche brand was founded 1931 by Ferdinand Porsche. Porsche’s roots remain in Germany with headquarters and their main factory in Zuffenhausen. A notable milestone within the brand’s history occurred in 2011, when Porsche merged with Volkswagen. At the time of the merger, the Porsche brand was designated a subsidiary of Volkswagen AG. Last year the brand’s dedicated media portal ‘newsroom’ reported the first six months of 2023 ended successfully with a 15 per cent gain in deliveries. In terms of deliveries, the manufacturer provided 167,354 vehicles to customers across the world.

What Are Porsche Compensation Claims?

In January 2024, car finance sales made the news when the Financial Conduct Authority announced they would be conducting an investigation into PCP and HP agreements to determine whether commission payments to brokers were too inflated. This announcement could have huge implications if the FCA determines hidden commissions were made by brokers with potential payouts due for millions of car finance customers. For clients who purchased their car or van with the backing of car finance who believe they may have been overcharged, compensation could be due in the not too distant future. The Financial Conduct Authority’s new investigation has been prompted as a direct response to concerns that motor finance firms may be unfairly rejecting mis-selling claims from borrowers. Some customers believe their contract was more costly due to their dealer earning a notable commission when interest was deliberately higher.

Hidden commissions of such a nature have actually been banned since January 2021, however, the FCA has highlighted that it has been contacted by over 10,000 people who are concerned they have been overcharged. More recently, The Financial Ombudsman Service has ruled in favour of two individual customers on this particular issue which has lead to the Financial Conduct Authority’s (FCA’s) investigation.

According to the Newsroom Porsche site, in the first three quarters of the year, the brand delivered 242,722 vehicles to customers and like most other car brands, Porsche offer clients both PCP and Hire Purchase options to purchase their motor vehicles. For some time now a personal contract purchase has been the most popular way of financing a car. PCP agreements were first introduced over ten years ago as a result of multiple financial crises and have continued to increase in prevalence over the years.

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

If you are wondering whether or not you may have a claim against Porsche with regard to your car finance deal then keep reading. Simply put, The FCA will be investigating claims that cover car finance sales that fit specific criteria. In keeping with the deadline that outlawed hidden commissions, complaints need to be for cars that were bought on finance 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 requires the customer to pay off the value of the car in specific monthly instalments.

If you bought a car on finance after the deadline or without PCP or Hire Purchase agreement you will not be able to claim under the criteria of this recently announced investigation. 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 compensation. Lastly, a personal contract hire agreement complaint in which the car was leased will not be included. One key thing to remember is despite potentially not meeting the hidden commission criteria, clients may have a car finance claim in the form of an unaffordability claim. Unaffordability claims refer specifically to the affordability of the loan issued and successful claimants are able to provide evidence that necessary background checks were not carried out by the lender or dealership who offered the loan.

How To Make A Complaint Against Porsche?

For the next eight months there has been a pause set by the FCA that requires firms to stop responding to complaints. This period began after 17th November 2023 and will run up until 25th September 2024 whilst the FCA conducts their investigation. In the meantime, 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 adhered to. 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 Porsche Car Finance Complaint Worth?

At the current time with only limited information provided by the FCA in their initial statement, there is no way of truly knowing the potential compensation that may be available to customers. 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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