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PREVIOUSLY HAD CAR FINANCE?

Claim SEAT Finance Compensation

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

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If you have ever had a SEAT 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 SEAT brand was founded in 1950 in Spain and the name is an acronym for Sociedad Espanola de Automoviles Turismo. Since 1982, SEAT car model names have been inspired by Spanish cities or towns with Ronda, Ibiza, León, and Arona launches to name a few. In 1992, SEAT released their first electric model for the Barcelona Olympics external link icon light blue during which the Toledo car drove ahead of the marathon event.

What Are SEAT Compensation Claims?

The Financial Conduct Authority made headlines this January as they announced they will be conducting an investigation into car finance agreements in order to decide whether hidden commission payments were being earnt by brokers/dealerships and what action may need to be taken if so. Covering a gigantic market, if this investigation finds evidence of such commissions, millions of customers who bought their cars on finance may be deemed eligible for compensation. As an independent body, the FCA will seek to determine whether or not discretionary commissions were made by brokers who were more financially incentivised by brands to sell policies with higher interest rates. The Financial Conduct Authority has been receiving customer complaints with regard to motor finance firms potentially unfairly rejecting their mis-selling claims. Complaints from car finance customers are centred around the belief that contracts were made more costly due to the dealership/broker earning a significant secret commission from the agreement.

Secret commissions in such deals have been prohibited since January 2021 however, the FCA has been contacted by more than 10,000 clients who bought their car on finance and who believe they have been overcharged due to discretionary commissions. More recently, The Financial Ombudsman Service has ruled in favour of two car finance customers on this particular matter which has lead to the Financial Conduct Authority’s own investigation.

SEAT S.A. ended the first half of 2023 with a solid growth of 28.1%, after selling 261,400 vehicles and like many other car brands a large percentage will have been bought on finance. The SEAT brand offers customers two finance options in the form of PCP and Hire Purchase options to purchase their vehicles. For more than a decade, personal contract purchase agreements have been the most popular way to finance and purchase a car. PCP agreements were introduced over 10 years ago following multiple financial crisis’ and have continued to increase in popularity over the years.

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

If you are currently wondering whether you may or may not have a future car finance claim against SEAT then keep reading. Currently, the FCA will only investigate car finance complaints 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 January 2021 deadline. Complaints will not be considered from those who utilised a personal contract hire agreement in which the car was leased. For those who do not fit the above criteria, there is still potential that you may have an unaffordable claim concerning your car loan. In fact, if you can provide evidence that necessary affordability background checks were not carried out by your lender or dealership, you may be entitled to compensation.

How To Make A Complaint Against SEAT?

There is a temporary pause on firms responding to car finance client complaints set by the FCA. This current discontinuation started after 17th November 2023 and will end on the 25th September 2024 to allow the FCA to conduct their investigation. Whilst the investigation is taking place it is a good idea to get your complaint sent to the relevant firm as there is often a limitation period to be observed with such claims. For example, you are typically 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 SEAT 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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