How car loans became Britain’s latest consumer finance scandal

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Financial Times 1d ago

How car loans became Britain’s latest consumer finance scandal - Financial Times

Quick Summary:

Hidden commissions to car dealers inflated costs for buyers.

The company earned just over £400 for arranging a loan from FirstRand to finance the purchase by Wrench, who was described by the court as “a postman with a penchant for fast cars”.

The recent court rulings upholding complaints against the banks are expected to trigger a flood of further complaints. “Claimant law firms and litigation funders are mobilising following the Court of Appeal decision, leading to yet more litigation,” says Kenny Henderson, partner at law firm CMS.