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Has your car lease turned out to be more expensive than you thought? Or have you been caught out by charges or a hefty final payment?
You could have been mis-sold car finance and be able to challenge fees or make a claim if any of the following apply to you:
Write to your finance company explaining how you feel misled, and what you’d like them to do about it.
The Financial Conduct Authority (FCA) - which regulates financial services and markets in the UK - states that financial products and services must be sold to you in a way that is fair, clear and not misleading.
Include any supporting evidence you may have including contracts, promotional flyers or emails from your car dealer.
If the finance company rejects your complaint, you can report them to the Financial Ombudsman Service (FOS), who will investigate the issue independently. They’ll look into whether your finance company has followed the rules.
If they find you’ve been mis-sold, they could recommend the finance company reduces or scraps the fees they’re charging you.
If the ombudsman also rejects your complaint, you could look into taking your finance company to the small claims court.
Bear in mind that this route is only for claims up to £10,000, and you’ll only be successful if the finance company are found to have broken the law. We’d recommend getting some legal advice before starting a small claim.