business
Car finance compensation payments delayed until next year
Key takeaways
- Average payments of about £829 are expected under the rules published by the Financial Conduct Authority (FCA).
- However, legal challenges to the scheme mean compensation calculations and payments have been delayed.
- The vast majority of new cars, and many second-hand ones, are bought with finance agreements.
Average payments of about £829 are expected under the rules published by the Financial Conduct Authority (FCA).
However, legal challenges to the scheme mean compensation calculations and payments have been delayed.
The vast majority of new cars, and many second-hand ones, are bought with finance agreements. Customers pay an initial deposit to secure the vehicle, then a monthly fee with interest.
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