Yes, there's a key difference between mis-selling car finance and mis-selling car breakdown cover.
Here's a table summarizing the key differences:
Feature
Car Finance Mis-selling
Car Breakdown Cover Mis-selling
Product
Loan to purchase a car
Insurance policy for car repairs
Mis-selling focus
Interest rates, fees, affordability
Policy suitability, features, exclusions
drive_spreadsheetExport to Sheets
What if I suspect mis-selling in either case?
If you think you might have been mis-sold car finance or car breakdown cover, the first step is to gather your paperwork and review the terms of the agreement.
If you find discrepancies or believe you were misled, you can:
For more information on car finance mis-selling, you can visit the Financial Conduct Authority (FCA) website: https://www.fca.org.uk/.
For guidance on car breakdown cover mis-selling, you can check the Financial Services Compensation Scheme (FSCS) website: https://www.fscs.org.uk/.
- Car finance is a loan you take out to buy a car. Mis-selling car finance occurs when you're pressured into a loan agreement that's not suitable for your needs, often due to misleading information. This could involve:
- High interest rates you weren't aware of
- Unaffordable monthly repayments
- Hidden fees not explained upfront
- Misrepresentation of the total cost of the loan
- Car breakdown cover is an insurance policy that helps cover the costs if your car breaks down. Mis-selling car breakdown cover can happen if:
- You're sold a policy with unnecessary features you don't need
- The policy doesn't provide the level of cover you were led to believe
- The salesperson fails to disclose limitations or exclusions in the policy
Here's a table summarizing the key differences:
Feature
Car Finance Mis-selling
Car Breakdown Cover Mis-selling
Product
Loan to purchase a car
Insurance policy for car repairs
Mis-selling focus
Interest rates, fees, affordability
Policy suitability, features, exclusions
drive_spreadsheetExport to Sheets
What if I suspect mis-selling in either case?
If you think you might have been mis-sold car finance or car breakdown cover, the first step is to gather your paperwork and review the terms of the agreement.
- For car finance, look for the interest rate, fees, and total cost of the loan.
- For car breakdown cover, check the policy details, including the level of cover, exclusions, and any limitations.
If you find discrepancies or believe you were misled, you can:
- Contact the company directly and explain your concerns. They may be able to offer a solution.
- Seek help from the Financial Ombudsman Service (FOS) if you're unhappy with the company's response. The FOS can investigate your complaint for free.
For more information on car finance mis-selling, you can visit the Financial Conduct Authority (FCA) website: https://www.fca.org.uk/.
For guidance on car breakdown cover mis-selling, you can check the Financial Services Compensation Scheme (FSCS) website: https://www.fscs.org.uk/.
