All the updated news related to car finance

All the news related to car finance updated in real time

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Personal Finance

Some homeowners ‘could save thousands of pounds by switching mortgage’

Some mortgage borrowers may find they could save around £3,500 over two years by moving off a standard variable rate (SVR) onto a new deal, research suggests. Working with L&C Mortgages, Experian calculated that some homeowners may be able to save ...

20 Sept 2022 at 11:41

City

What has happened in the car finance market and will customers be compensated?

Lloyds has become the first UK bank to set aside hundreds of millions of pounds in case it has to compensate car finance customers, amid a major investigation into whether people overpaid on their loans. The banking group revealed a provision ...

23 Feb 2024 at 10:19

Personal Finance

Car finance firms ‘facing headache’ over potential compensation claims

Millions of claims could be lodged by drivers who may have overpaid on their car finance, as the emerging issue has the potential to be “on par” with the PPI scandal, a consumer compensation expert has said. The UK’s financial regulator is ...

02 Apr 2024 at 09:04

Personal Finance

Martin Lewis says 262,500 emails sent after car finance complaint tool launched

More than a quarter of a million complaint emails have been sent after just one day of a free motor finance reclaim tool going live, consumer champion Martin Lewis has said. Writing on X, formerly Twitter, Mr Lewis said: “Car finance ...

08 Feb 2024 at 12:16

City

Firms must hold back funds for motor finance probe, warns regulator

The UK’s financial regulator has warned motor finance firms to hold back cash as it continues an investigation into the sector. The Financial Conduct Authority (FCA) also revealed that many firms “are struggling to promptly provide ...

12 Apr 2024 at 08:20

City

Close Brothers reveals plans to bolster finances by £400m amid car finance probe

Close Brothers Group has revealed plans to bolster its finances by £400 million and cut costs as it prepares for the impact of a major investigation into car finance mis-selling practices. The banking group, which owns a motor ...

19 Mar 2024 at 12:04

City

Vanquis Bank shares drop after revealing £40m hit

Vanquis Bank has seen its share price drop sharply after warning investors that it took a £40 million hit from bad car loans and other unexpected costs. Shares in the specialist banking group were down by as much as a fifth ...

16 Jul 2024 at 14:27

City

UK finance watchdog extends probe into car finance mis-selling

A major probe into whether people overpaid on their car loans has been extended, as the UK’s financial watchdog said it could decide to set up a scheme to compensate consumers. The Financial Conduct Authority (FCA) said it ...

30 Jul 2024 at 11:04

City

Lloyds ‘assessing impact’ of key car finance ruling in favour of consumers

Lloyds Bank has said it is “assessing the potential impact” of a court ruling last week which sided with consumers in a row over commissions earned by companies selling car finance loans. Shares in the bank, a major motor ...

28 Oct 2024 at 09:05

City

Santander UK profits plunge after £295m motor finance hit

Banking giant Santander UK has revealed profits plummeted in its third quarter as it took a £295 million hit following a major court decision on car finance commission. The high street lender reported pre-tax profits of ...

20 Nov 2024 at 08:31

City

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The UK’s financial watchdog has said it will urge the Supreme Court to quickly decide whether to allow lenders to appeal against a landmark ruling over car finance commission deals. The Financial Conduct Authority ...

13 Nov 2024 at 14:40

City

Crisis looms for motor finance industry ahead of crucial 2025 court decision

A crisis facing the UK’s car finance market is looming as a crucial court decision over the potential mis-selling of loans could see lenders foot a £30 billion compensation bill, and send shockwaves across the ...

30 Dec 2024 at 08:39

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