Car Finance 247, one of the UK's largest online car and van financing brokers, is currently involved in a regulatory action following an investigation by the Financial Conduct Authority (FCA). The FCA identified issues with discretionary commission arrangements (DCAs) used by Car Finance 247 Ltd, potentially affecting millions of car finance agreements.
Latest: The FCA has confirmed the car finance compensation scheme on 30 March 2026. 12.1 million agreements are eligible, with an FCA-estimated scheme average of £829 per eligible agreement. Read the full details.
Who is Car Finance 247?
Car Finance 247 Ltd operates as a broker for individuals seeking car and van financing. As one of the UK's largest online platforms, it connects borrowers with various lenders to secure funding for their vehicle purchases. The company finances both cars and vans, catering to a wide range of customers looking for convenient and flexible finance solutions.
What Happened?
The FCA launched an investigation into discretionary commission arrangements (DCAs) used by Car Finance 247 Ltd in April 2023. DCAs are financial agreements that allow lenders to pay brokers additional commissions based on the performance or success of loans made through their platform. The FCA found that these arrangements may have resulted in unfair terms for consumers, leading to potential mis-selling.
How Many People Are Affected?
The investigation by the FCA has identified a significant number of car finance agreements potentially affected by this issue. According to the FCA’s estimates, 12.1 million eligible agreements (FCA, March 2026) signed between April 6, 2007, and November 1, 2024. The total estimated compensation for these agreements is £7.5 billion (FCA estimate), with an FCA-estimated average of £829 per eligible agreement per affected borrower (FCA estimate).
You can complain to Car Finance 247 directly for free at https://www.carfinance247.co.uk/complaints - you do not need a
claims management company. To lodge a complaint, you can use the following contact details:
- Phone: 0161 850 3790
- Email: complaints@carfinance247.co.uk
- Post: Car Finance 247, Universal Square, Devonshire Street North, Manchester M12 6JH
When contacting Car Finance 247, ensure you provide all relevant details and documentation to support your case. This includes any correspondence with the company, copies of loan agreements, and proof of payment or any issues experienced during the finance process.
What to Do Next?
To proceed effectively with a complaint against Car Finance 247:
- Gather Documents: Collect all relevant documents such as loan agreements, payment records, and communication logs.
- Check Agreement Dates: Ensure that your car finance agreement falls within the period of April 6, 2007, to November 1, 2024.
- Complain Directly: Submit a detailed complaint to Car Finance 247 using their official complaints process.
Timeline
After submitting your complaint directly to Car Finance 247:
- Response Timeframe: You can expect an initial response within eight weeks of lodging the complaint.
- Further Actions: If you are unsatisfied with the outcome or do not receive a response within this timeframe, you have the right to escalate your case to the Financial Ombudsman Service (FOS).
By following these steps and engaging directly with Car Finance 247, you can address any issues related to unfair car finance terms without involving claims management companies.
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MLJ.org.uk (mlj.org.uk) is a free, independent information service. We are not a claims management company, solicitor, law firm, or financial adviser. We do not handle complaints, process claims, charge fees, or accept any percentage of compensation. This information does not constitute legal or financial advice. You can complain to your lender directly for free. You do not need a claims management company. If your lender rejects your complaint, you can escalate to the Financial Ombudsman Service at no cost. For personalised legal or financial advice, consult a qualified professional.