How will car finance compensation payments work?
Millions could be entitled to compensation as a result of commission arrangements between lenders and dealers.
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How will car finance compensation payments work? 15 minutes agoShareSaveAdd as preferred on GoogleKevin PeacheyCost of living correspondentGetty ImagesMillions of drivers who were mis-sold car finance agreements should receive compensation this year, under plans by the regulator.Average payments of about £829 are expected under the rules published by the Financial Conduct Authority (FCA).However, there are legal challenges to the scheme which could delay payouts.Who could receive car finance compensation?The vast majority of new cars, and many second-hand ones, are bought with finance agreements. Customers pay an initial deposit to secure the vehicle, then a monthly fee with interest.
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