UK motor finance in disarray after court rules against hidden commissions

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The story "UK motor finance in disarray after court rules against hidden commissions" was covered 2 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 2w ago

UK motor finance in disarray after court rules against hidden commissions - Financial Times

Quick Summary:

Dealers meanwhile are under pressure to hit the UK’s ambitious EV sales targets and offering price discounts that cut into their margins.“It’s a perfect storm,” said Michael Yeates, who runs a car finance consultancy. “It’s difficult to imagine consumer groups in the EU won’t start asking questions if the scale of the problem here turns out to be big.

It has also extended the deadline for motor finance companies to respond to customer complaints about DCAs until December 2025 to give the regulator more time to assess the problem and “the best way forward”.

It found that other forms of motor finance commissions — including fixed fees — were also unlawful unless they were properly disclosed to customers.