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‘Fleecing the man off the street’: Car dealers investigated over high interest rates

The FCA is considering opening a compensation scheme for customers after an influx of complaints

When Gary Hill took out a £12,500 loan to pay for a new family vehicle in late 2014, he had no idea that the north London dealership he had travelled to from his home in Bedfordshire could have sway over his monthly payments.

But the 45-year-old was in a bind, having started a new job that no longer gave him access to a company car. Hill agreed to pay £335 a month over more than five years to take home a Nissan Qashqai, piling costs on to a household budget already supporting three children and the up-keep of his family home.

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