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March 2, 2024
PI Global Investments

how dealers were paid to rip you off

Neil Broe took out two car finance deals in 2015. One was for a £31,600 B-Class for his daughter through Mercedes-Benz’s finance arm, at a rate of 5.6 per cent, and the other for a £37,400 Land Rover Discovery with Black Horse, part of Lloyds Banking Group, at 6.68 per cent.

Over the four years of the deals he paid £4,200 interest on the Mercedes and £6,900 on the Land Rover, but never thought about how much he was being charged — until November that is.
That’s when the claims company Hallbrook Partners contacted him about mis-sold car finance.

The average rate on personal loans during the mid 2010s was 3-5 per cent, while the average rate on car finance deals was 5-7 per cent.

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