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East Riding of Yorkshire, home to 342,000 residents (ONS Census 2021), has seen an estimated 32,319 drivers affected by motor finance mis-selling between 6 April 2007 and 1 November 2024 (calculated using ONS Census 2021 population data and FCA estimates). This issue involves a significant number of local residents who may have been overcharged or misled during the financing process for their vehicles.
How Motor Finance Mis-selling Affected East Riding of Yorkshire
Motor finance mis-selling has impacted numerous drivers in East Riding of Yorkshire through various dealerships. Plausible local dealership groups such as JCT600 East Riding of Yorkshire, Stoneacre East Riding of Yorkshire, Lookers East Riding of Yorkshire, and Arnold Clark East Riding of Yorkshire sold PCP (
Personal Contract Purchase) and HP (
Hire Purchase) finance agreements to consumers during the specified period. Major lenders operating in the area included
Black Horse (Lloyds Banking Group),
MotoNovo Finance,
Close Brothers Motor Finance,
Santander Consumer Finance, Barclays Partner Finance, and
[Alphera](https://mlj.org.uk/lenders/alphera-financial-services) Financial Services (BMW).
These dealerships facilitated the sale of motor finance agreements that may have been sold at higher rates than necessary due to
discretionary commission arrangements between lenders and dealers. As a result, many drivers in East Riding of Yorkshire might have paid more for their vehicle financing than they should have.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into motor finance agreements after discovering 12.1 million eligible agreements were affected by the issue across the UK during the period from 6 April 2007 to 1 November 2024 (FCA estimate). The total value of these mis-sold agreements amounted to £7.5 billion (FCA, March 2026).
The investigation found that many dealerships received discretionary commissions from lenders for each finance agreement they facilitated. This arrangement could have led to higher interest rates and fees for consumers, reducing the transparency of financing costs.
How East Riding of Yorkshire Residents Can Check Their Finance Agreements
East Riding of Yorkshire residents who suspect they were affected by motor finance mis-selling should review their agreements carefully. Here’s what to look for:
- Dates: Ensure your agreement was made between 6 April 2007 and 1 November 2024.
- Lender Information: Identify the lender involved in your finance agreement.
- Dealership Details: Note which dealership sold you the vehicle and facilitated the financing.
Gather all relevant documents, including:
- Finance agreement paperwork
- Any additional documentation provided by the dealer or lender
- Receipts from payments made
Reviewing these details will help you determine if your agreement falls within the parameters of the FCA investigation.
If you believe you were affected, you can complain directly to your lender for free. Major lenders in East Riding of Yorkshire include:
- Black Horse (Lloyds Banking Group)
- MotoNovo Finance
- Close Brothers Motor Finance
- Santander Consumer Finance
- Barclays Partner Finance
- Alphera Financial Services (BMW)
You do not need a
claims management company to assist you with your complaint. The lender will handle your case according to the FCA’s guidelines. If you are unsatisfied with their response, you can escalate your complaint to the
Financial Ombudsman Service, which is a free service that provides impartial resolution.
Sources and References
- Office for National Statistics (ONS) Census 2021
- Financial Conduct Authority (FCA), 2024
Car Finance Compensation in Your Area
The FCA confirmed that 12.1 million motor finance agreements across the UK qualify for compensation. The FCA-estimated scheme average of £829 per eligible agreement per agreement, totalling £7.5 billion in redress. If you took out PCP or HP car finance between 6 April 2007 and 1 November 2024, your agreement may be eligible regardless of where you live in the UK.
The final deadline to complain is 31 August 2027. You can complain to your lender directly for free. You do not need a claims management company.