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Mis-sold Mercedes Finance Claims

Did you agree a car finance agreement when purchasing your Mercedes? Was this finance agreement signed in the last six years? You could have been mis-sold this PCP car finance deal, and be owed thousands in compensation.

If you have purchased a Mercedes via a car finance deal, your lender is obliged to inform you of what exactly is involved in that deal, including any commission paid to the salesperson. A damning report by the FCA has found that commission was paid on 95% of UK car finance PCP agreements. If you were not informed about this commission, or the Mercedes finance agreement wasn’t right for you, you could be owed Mercedes PCP car finance compensation.

Our expert panel of mis-sold Mercedes PCP car finance solicitors can inform you as to whether you are eligible to claim. Compensation can amount to thousands, putting you back in the financial position you were in before you agreed the finance deal.

Finance brokers in the dealership may have misled you by stating the agreement is far better and fairer than actually is, or by stating that a PCP deal is much more cost-effective that a Hire Purchase deal. This could have left you out of pocket to the tune of thousands of pounds.

If you believe you have been mis-sold a Mercedes car finance agreement, let our panel of solicitors help. If you used PCP or HP to finance a vehicle between 2007 - October 2019, you could be owed thousands. Find out today if you claim compensation via a No Win, No Fee mis-sold PCP claim. 

 

What Are Mercedes Mis-Sold Finance (PCP) Claims?

When buying new or used cars, many people in the UK use what is known as a Personal Contract Purchase (PCP) finance deal. This is essentially a loan that you pay off over a number of months, in order to afford the car, as opposed to a one-off payment.

It is common practice for the Mercedes salesperson to receive commission from the lender finance company in return for signing the customer up the PCP finance agreement. However, the customer is very rarely informed about this commission, and this commission actually increases the cost of their car.

The FCA report found widespread evidence of mis-selling across all types of car financing options. Commission was often linked to the interest rate customers were charged, there were unfair balloon payments at the end of the agreement, and certain finance deals were not suitable for all customers.

Bringing forward a mis-selling claim looks to remedy all of that. A mis-sold Mercedes car finance claim can be filed against the lender and, if successful, pay compensation to the Mercedes customer for their wrongdoing.

 

What are the most common types of Mercedes Mis-Sold Car Finance Claims?

Our panel of expert mis-sold Mercedes finance solicitors regularly see different types of mis-selling. These include:

  • Undisclosed commission
  • High-interest rates
  • High-pressure sales tactics
  • Lack of affordability checks
  • Inflated prices and balloon payments
  • Diesel emissions scandal

The most common is undisclosed or hidden commission. If the salesperson has received a fee or commission from the finance provider, that is a secret, hidden or undisclosed commission. The finance provider must inform you of ALL of the fees within the transaction.

In addition to this, our experts often see high-pressure sales tactics used, where the salesperson has not given customers enough time to assess the deal offered and potentially find an alternative option. There is often a lack of affordability checks too, meaning the agreement might have never been suitable for certain customers.

  

What can you claim compensation for?

If you believe you have a valid mis-sold Mercedes PCP claim, you can potentially claim thousands for the mis-selling of a financial product. When bringing forward a claim, you can ensure that the compensation puts you back in the financial position you were in had you not been mis-sold the financial agreement, while also cancelling the agreement without any fees.

The Financial Services Compensation Scheme can also compensate you if the finance provider has since gone out of business and is not able to pay you.

 

Who can claim Mercedes Mis-Sold PCP Compensation?

If you bought a Mercedes vehicle using a PCP car finance agreement in the last six years, you could be eligible to claim. You may be eligible if:

  • You purchased your car via car finance/PCP agreement
  • This happened between January 2007-October 2019

You can also claim for multiple cars through one form using our eligibility checker. 

Our expert panel of mis-sold Mercedes car finance solicitors will also look for a few key determining factors when deciding whether you have a valid claim. These include whether the salesperson at the time did any of the following:

  • Didn’t explain in detail the finance deal they sold to you
  • Did not tell you about any commission they would receive from the deal
  • Did not present all of the finance options available, including explaining all of the differences
  • Didn’t explain the interest rates charged for all loan options and how they may differ
  • Failed to offer the best interest rate available to you
  • Sold you a financial package that was unaffordable
  • Didn’t make it clear who was financially responsible for the repairs to the vehicle

If any of the above scenarios have happened to you, you could be owed mis-sold Mercedes PCP compensation.

 

How is Mercedes Mis-Sold Car Finance Compensation calculated?

Every claim is different, and every car finance agreement will have different terms. Having said this, there are generally a few rules to follow when calculating potential compensation. These include:

  • The size of the loan – the larger the loan, the more you’ll be owed
  • When you signed up – the longer you have been paying the loan off, the more you’ll be owed
  • The interest rate and the difference between the rate you should have been quoted

The panel of solicitors at ClaimExperts.co.uk will be able to tell you how much you could look to recover if you are eligible.

 

How much does it cost to make a Mercedes mis-sold car finance claim?

It will cost you nothing to make an initial enquiry. Our panel provide a free, no-obligation review of your case. If they feel it is suitable, they will enter a No Win, No Fee agreement with you. If the case is unsuccessful, they will not charge you for any time they have spent on the case.

If they are successful, your legal fees will come out as a percentage of the compensation you receive. This percentage will be confirmed with our panel of solicitors when they speak to you.

 

How Can We Help?

Do you believe you have been mis-sold your Mercedes car finance agreement? Are you owed mis-sold PCP compensation? Let our expert panel of solicitors find out for you.

If you purchased a car using PCP or HP between 2007 and October 2019, our panel of specialist car claims solicitors can bring forward a claim on your behalf and hold car dealerships and lenders accountable for their mis-selling, while also getting you compensation.

Find out today if you are eligible to claim by using our quick and easy claim form. You can claim for multiple vehicles. 

Ready To Get Started?

ClaimExperts.co.uk provides a free educational service to the public, and connects potential claimants with pre-vetted legal firms operating on our panel. 

Our panel of legal firms all:

  • Operate on a No-Win, No Fee Basis
  • Require No Upfront Fees
  • Are Regulated by either the FCA or SRA

Start your claim today by completing the quick enquiry form below.

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