Aldermore Car Finance Claims
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Some agreements included commission setups that weren't always made clear at the time. If you had a PCP or HP agreement between April 2007 and November 2024, you may have been affected by one of the following:
Discretionary Commission Arrangements (DCAs)
The interest rate could be increased, and that increase could boost dealer commissions.
Unfairly High Commission Charges
The commission paid may have been disproportionate to the finance agreement.
Contractually Tied Arrangements
The broker may have been tied to one lender, rather than comparing options fairly.
Aldermore Bank Car Finance Claims Explained
Aldermore Bank is a UK specialist lender that provides motor finance through dealerships and vehicle brokers across the country. Customers may have entered into agreements such as Hire Purchase (HP) or Personal Contract Purchase (PCP) when buying a vehicle arranged through a dealer that introduced finance from Aldermore Bank.
Aldermore Bank car finance claims usually focus on how the finance agreement was explained at the point of sale. Across the wider motor finance market, concerns have been raised about historic commission arrangements between lenders and dealerships, particularly where customers were not given clear information about how their interest rate was set.
In some cases across the industry, dealerships operated under discretionary commission arrangements. These arrangements allowed the dealer to influence the interest rate within a range set by the lender and earn commission linked to that rate. If the structure of this commission was not explained clearly, customers may not have fully understood how their interest rate was determined.
The Financial Conduct Authority requires lenders and credit brokers to ensure that information given to customers is clear, fair and not misleading. Where commission arrangements or the total cost of credit were not properly disclosed, customers may raise concerns about how the finance agreement was arranged.
Most Aldermore Bank car finance claims are likely to relate to PCP or Hire Purchase agreements entered into between 2007 and 2024, which are the types of finance most commonly associated with historic commission arrangements across the industry.
Submitting a complaint about an Aldermore Bank finance agreement does not automatically mean compensation will be paid. Each agreement must be assessed individually based on the information provided at the time of sale and whether the process met regulatory standards.
The Financial Conduct Authority is currently reviewing historic motor finance commission arrangements and has consulted on the possibility of an industry-wide redress scheme. If such a scheme is introduced, lenders within scope may contact eligible customers directly.
If you are reviewing an Aldermore Bank finance agreement, it may help to check when the agreement started, the type of finance used, and which dealership arranged the transaction. These details may help determine whether your agreement could fall within current regulatory considerations.
If you are unsure where to start, Mis-Sold Expert provides clear information to help you understand your options.
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