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Could car finance be banking’s next PPI debacle in disguise?

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TLDR: Motor finance could become the banking sector’s next mis-selling scandal, with experts warning that the industry lacks transparency and risks harming consumers. Motor finance, which accounts for around 10% of consumer credit lending in the UK, involves taking out a loan to buy a car. However, concerns have been raised about the potential for consumers to be sold unsuitable products or to be charged excessive fees. When combined with the possibility of falling car prices and a potential rise in interest rates, these issues could lead to a collapse in the motor finance market and pose a risk to financial stability.

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