Mis-sold car finance could be the next PPI scandal

  • No wonder that the Financial Conduct Authority (FCA) has turned its guns on the car finance market.
  • If you’ve bought a car in the past 10 years, the chances are you paid for it with an expensive finance deal from a dealership.
  • The vehicle loans market has exploded in the past decade and, unsurprisingly, so has the car market.
  • A staggering 90pc of new cars are sold through personal contract plans or PCPs today, compared with around 48pc 10 years ago.
  • Last year, car loans surpassed the £40bn mark making it second only to the mortgage market.

No wonder that the Financial Conduct Authority (FCA) has turned its guns on the car finance market.

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No wonder that the Financial Conduct Authority (FCA) has turned its guns on the car finance market. If you’ve bought a car in the past 10 years, the chances are you paid for it with an expensive finance deal from a dealership. The vehicle loans market has exploded in the past decade and, unsurprisingly, so has the car market.

A staggering 90pc of new cars are sold through personal contract plans or PCPs today, compared with around 48pc 10 years ago. No other area of the consumer credit market, including credit cards and personal loans, has grown faster. Last year, car loans surpassed the £40bn mark making it second only to the mortgage market.

Mis-sold car finance could be the next PPI scandal