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Stockport residents are among those potentially affected by motor finance mis-selling, with an estimated 27,802 drivers impacted based on population data from the ONS Census 2021 and FCA estimates. The town’s population stands at 294,200 (ONS Census 2021), making it a significant market for automotive finance products.
How Motor Finance Mis-selling Affected Stockport
In Stockport, several well-known dealerships such as Arnold Clark Stockport, JCT600 Stockport, Lookers Stockport, and Peter Vardy Stockport sold
Personal Contract Purchase (PCP) and
Hire Purchase (HP) agreements. Major lenders operating in the area include
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 and lenders played a role in facilitating motor finance agreements that may have been mis-sold due to improper sales practices.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into the
discretionary commission arrangements used by major car finance lenders from 6 April 2007 to 1 November 2024. This period saw 12.1 million eligible agreements (FCA, March 2026), involving a total of £7.5 billion in mis-sold finance (FCA estimate). On average, each affected agreement resulted in an overcharge of approximately £829 (FCA estimate).
The investigation uncovered that some lenders offered sales incentives to dealerships for pushing customers towards more expensive financing options rather than cheaper alternatives like cash purchases or other financial products. This practice may have led to drivers being sold finance agreements that were not suitable for their circumstances, leading to higher costs and potential financial difficulties.
How Stockport Residents Can Check Their Finance Agreements
Stockport residents who suspect they might be affected by motor finance mis-selling should review the terms of their agreements carefully. Key dates to look out for are from 6 April 2007 to 1 November 2024, as this is the period under investigation by the FCA. Important documents to gather include loan agreements, interest rate information, and any correspondence with lenders or dealerships.
Residents should check if their finance agreement includes terms that suggest improper sales practices such as high-pressure selling tactics, misrepresentation of costs, or steering towards more expensive options without proper justification.
Stockport residents can complain directly to their lender for free without needing a
claims management company. Major lenders operating in the area include Black Horse (Lloyds Banking Group), MotoNovo Finance, Close Brothers Motor Finance, Santander Consumer Finance, Barclays Partner Finance, and Alphera Financial Services (BMW). You do not need a claims management company; you can handle complaints directly with your lender.
If your complaint is unresolved or unsatisfactory, the next step would be to escalate it to the
Financial Ombudsman Service (
FOS), which offers an independent review of financial disputes at no cost. The FOS provides a free and impartial service for resolving consumer disputes with financial firms.
Sources and References
- ONS Census 2021
- FCA estimates (calculated using ONS Census 2021 population data)
- Financial Conduct Authority (FCA) investigation documents
- Financial Ombudsman Service (FOS) website
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.