Reclaim Mis-sold Audi Finance Loans

If your Audi finance agreement feels unfair, you may be eligible to claim a refund for £1,000’s

Did you know that a large majority of Audi customers choose Audi financing when purchasing vehicles? However, not all Audi finance experiences are trouble-free. Some Audi buyers discover themselves in situations where they’ve been offered finance deals that exceed their financial capabilities or come with inflated costs. With potential compensation running into the thousands of pounds for affected individuals, it’s essential to examine your Audi finance history – whether ongoing or settled – to determine if you qualify to pursue a claim against Audi for mis-selling car finance.

In this Guide:

  1. What is car finance?
  2. Types of Audi finance, in detail?
  3. How to determine if you were mis-sold Audi finance and how to reclaim it?


(1) What is car Finance?

Audi finance offers a convenient way to acquire a new or pre-owned Audi vehicle without having to make the entire payment upfront. Essentially, it allows you to drive away in a sleek Audi without a significant initial outlay.

There are various Audi finance options to choose from, including Personal Contract Purchase (PCP), Hire Purchase, and Leasing, each with its own terms and outcomes. The industry is substantial, with data from the Finance & Leasing Association indicating that its members facilitated new consumer Audi finance agreements totalling £37 billion in the UK in 2021. Last year alone, over two million agreements were signed, covering both new and used Audis.


(2) Types of Audi Finance:

If you’re reading this guide, you likely have some familiarity with Audi finance options, but let’s briefly outline them:

  1. Personal Contract Purchase (PCP): This is the most common form of Audi finance, functioning like a loan to facilitate your Audi purchase. It provides flexibility at the end of the term, allowing you the choice to either own the Audi outright or return it.
  2. Hire Purchase: With this option, you gradually repay the value of the Audi through monthly instalments, eventually gaining full ownership.



(3) How to Determine if You Were Mis-sold Audi Car Finance?

Ensuring transparency and fairness in your Audi finance dealings involves identifying potential mis-selling. While many individuals have smooth experiences with their Audi finance agreements, some encounter challenges due to unclear terms or inadequate affordability checks during the sale process. If you find yourself affected by these issues or encounter problems with your Audi after financing, you may have grounds to raise a complaint.

Here’s a breakdown of the three common types of complaints:

  1. Lack of clarity regarding costs, commission, or the terms of the contract.
  2. Failure to conduct proper affordability checks.
  3. Challenges with a defective or unsatisfactory vehicle.

Crucial:

Whether your Audi finance is ongoing or resolved, you maintain the right to initiate a reclaim. It’s advisable to start the process within six years of the agreement’s conclusion. However, even if this timeframe has elapsed, the Financial Ombudsman Service (FOS) is willing to review cases where customers identified mis-sold Audi finance within the past three years.



(1) Lack of Clarity on Costs, Commission, or the Contract:

When entering into any financial arrangement, carefully reviewing the terms and conditions is essential. The finance provider bears the responsibility of ensuring that the agreement’s particulars are transparent and understandable to you.

Instances that may warrant a reclaim for mis-sold Audi finance include:

  • Concealed commissions that may have influenced your decision-making process.
  • Additional charges or fees that were not adequately disclosed.
  • Unforeseen terms that were not explicitly explained, resulting in financial detriment.

(2) Few, If Any, Affordability Checks:

It’s essential for your Audi finance provider to perform affordability assessments before approving your loan. If they fail to undertake this critical measure, you have the option to raise a complaint for mis-selling and pursue a reclaim for Audi finance.

Indicators that your Audi finance may have been mis-sold include:

  • Difficulty in meeting your monthly payments.
  • Accumulating additional debt to meet Audi repayments.
  • Realising that you owe significantly more at the conclusion of the agreement than initially anticipated.

(3) Faulty or Unsatisfactory vehicle:

While not indicative of mis-selling, if the Audi you purchased fails to meet the advertised standards or is defective, your standard consumer rights apply. If the Audi was bought from an authorised dealer, it should be covered by the Consumer Rights Act. This legislation mandates that a product must be of satisfactory quality, fit for its intended purpose, and as described. If it falls short of these criteria, you may be entitled to a refund or a free repair -consult “How much can I get?” for detailed information.

Section 75 Protection

In addition to the Consumer Rights Act, if you used a credit card to pay the deposit for the Audi finance agreement, you may benefit from FREE Section 75 protection. This means your credit card provider shares responsibility and can assist in resolving the issue. To qualify, the goods or service you purchased – in this case, the Audi finance agreement – must have been paid for using a credit card and fall within the £100 to £30,000 cost range.

By understanding your rights and taking appropriate action, you can reclaim what’s rightfully yours and ensure a fair Audi finance experience. Whether it involves reviewing your Audi finance agreement for mis-selling or seeking resolution for a faulty Audi, assert your consumer rights and pursue the compensation you deserve.