Martin Lewis warns drivers 'it's far bigger than being reported'

Martin Lewis has explained how the car finance scandal update today is "far bigger than being reported". Even more car owners could be owed thousands in payouts due to alleged mis-selling of finance deals, according to Money Saving Expert founder Martin.

Consumer complaints are surging after a Court of Appeal ruling that it is illegal for finance providers to pay commission to car dealers without getting informed consent from customers. In response, the Financial Conduct Authority (FCA) announced it’s considering extending the time banks have to handle customer’s commission complaints.

Discretionary commissions, which incentivised car dealers to increase interest rates without customers knowing, are already under review by the regulator. BBC and ITV regular Mr Lewis said: "Huge car finance news today. Far bigger than is being reported. I'm just writing it up then will post." A Twitter/X user said: "Did my claims for BMW finance when this was first reported, got an auto reply but had nothing since.

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"88 days to respond apparently but it’s been over 6 months now." A social media user: "Motonovo finance sent me a letter saying they’ll wipe off 6.5k of payments left on my car? No catches, I called them and they said absolutely no catch, willing to write off 6.5k completely.

"To their word, I had a confirmation letter and email. And a letter to prove HPI clear." A third said: "I got a letter from Black Horse finance last week saying they so far have found nothing and needed more information. I've sent them the finance agreements, names of the people that arranged it, car information, my address and personal information. Are they simply stalling?"

"Encouraging, but still almost impossible to get a response or acknowledgement from a lot of the finance companies - @CloseBrothers in particular who “cannot find” any record of a previous agreement despite providing them with all details including agreement no. & WorldPay ref!" another said.