What the car finance scandal means for you [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
A shock ruling from the Court of Appeal recently caused chaos on forecourts, as some lenders were forced to pause loans. This is all before the City watchdog outlines its findings into the use of secret commission payments to car dealers, which is due in spring next year. It could impact millions of drivers who have bought a car via personal contract purchase (PCP) or hire purchase (HP), with billions being paid out in compensation. As results of the Financial Conduct Authority's (FCA) investigation draw closer, Telegraph Money looks at what you can do. If you signed a car finance agreement between 2007 and 2021, there's a chance the dealership made up an interest rate on the spot, regardless of your credit history. Interest rates were at historic lows in 2020, yet thousands of complainants say they were still charged extortionate rates by salesmen . They are alleged to have sold finance at higher rates in return for extra pay from lenders, via a discretionary commission ar
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Sec Filings
- 11/20/24 - Form 424B2
- 11/20/24 - Form 6-K
- 11/20/24 - Form FWP
- LYG's page on the SEC website