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PREVIOUSLY HAD CAR FINANCE?

Claim Toyota Finance Compensation

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

Home E Car, Home & Travel E Car Loans E Toyota Car Finance

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

Founded in 1937, Toyota is an innovative Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. Toyota is a highly successful brand building cars and trucks in 28 countries in more than 170 markets worldwide. The top selling Toyotas are the Toyota Tacoma, Corolla, Highlander, Camry, and the RAV4. In Australia in 2023, Toyota was the top selling car brand with 17.7 percent of the market share.

What Are Toyota Compensation Claims?

This January, the Financial Conduct Authority reported that they are conducting an investigation into car finance agreements in order to decide whether hidden commission payments were being pocketed by brokers. The FCA will investigate whether or not companies have misled their clients with regard to the terms of their loan agreement. The role of the FCA is to determine whether or not discretionary commissions were made by brokers who were financially incentivised by car brands to sell agreements 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 based on 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 over 10,000 customers who purchased their car on finance and who believe they have been overcharged due to the inclusion of such additional commissions. More recently, The Financial Ombudsman Service has ruled in favour of two car finance customers on this particular matter which has led to the Financial Conduct Authority’s own investigation.

Toyota sold 1,099,782 passenger cars and commercial vehicles in 2023 external link icon light blue, an increase of +7% year-on-year and like many other car brands a large percentage will have been bought on finance. The Toyota 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 crises’ and have continued to increase in popularity over the years.

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

If you are currently wondering whether you may or may not have a future car finance claim against Toyota then keep reading. At the moment, the Financial Conduct Authority will only accept car finance complaints that meet certain criteria. In keeping with the deadline that banned hidden commissions, complaints need to be made only for car finance agreements sold before the 28th of January 2021. In addition to preceding this deadline the car sale must have been funded by 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 cannot make a complaint If you bought your car on finance after the January 2021 deadline. Complaints will also 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 unaffordablity 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 Toyota?

The FCA has put a temporary pause on firms responding to car finance client complaints. 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 underway, it might be 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, you may also have your claim dealt with sooner if you lodge your complaint before other masses of customers.

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 Toyota Car Finance Complaint Worth?

At present nobody knows how much potential compensation may be due to particular clients. In fact, not even the FCA currently knows the amount may be available to car finance customers in the future. 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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