Tag #Advance Commissions

What immediate impact do the revealed advance commission payments have on consumers and the motor finance industry?

UK lenders paid millions in advance commissions to car dealers, potentially incentivizing them to push costlier loans onto consumers. This practice, revealed in legal filings, was not disclosed to borrowers, creating conflicts of interest and harming customers. Lenders like Lloyds and Santander are facing potential payouts totaling billions.