Two lenders can challenge October decision that undisclosed commission paid to car dealers is unlawfulThe supreme court has granted permission for two car lenders to appeal against a landmark ruling on motor finance commission payments that has left firms fearing a potential £30bn compensation bill.The decision gives Close Brothers and the MotoNovo owner FirstRand a chance to overturn a shock ruling by the court of appeal in October which said that paying “secret” commission to car dealers – without disclosing the sum and terms of that commission to borrowers – was unlawful. Continue reading…
Source link : https://www.theguardian.com/business/2024/dec/11/supreme-court-permission-appeal-uk-car-finance-ruling
Author : Kalyeena Makortoff Banking correspondent
Publish date : 2024-12-11 16:14:12
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Supreme court grants permission for appeal against UK car finance ruling
