Motonovo Finance
FirstRand Bank PCP Claims
Compensation claims across the car finance industry could reach up to £13 billion, with MotoNovo Finance among the lenders under significant scrutiny. MotoNovo’s parent company, FirstRand Bank, has already set aside approximately 3 billion rand (around £130 million) to cover potential liabilities linked to car finance mis-selling. If you took out a MotoNovo Finance PCP agreement, you may be eligible to make a MotoNovo Finance PCP claim if commission was not properly disclosed or if the agreement created an unfair relationship.
BACKGROUND
In October 2024, the UK Court of Appeal ruled in Johnson v FirstRand Bank Ltd (trading as MotoNovo Finance) that failing to disclose commission paid to brokers amounted to an unlawful breach of fiduciary duty.
The court found that customers were not given enough information to provide informed consent regarding broker commission. As a result, many MotoNovo Finance PCP agreements may now be classed as unfair or mis-sold.
WHAT WE COVER
We specialise in reclaiming funds from MotoNovo Finance PCP agreements and other car finance deals that may have been mis-sold or unfairly structured.
HIDDEN CHARGES
Some MotoNovo Finance PCP agreements included charges or commission that were not clearly disclosed at the point of sale. This may include broker commission, dealer incentives or fees built into the agreement without proper explanation.
If you were not fully informed about how costs were calculated, you may be eligible to make a MotoNovo Finance PCP claim.
EXCESSIVE INTEREST RATES
Many lenders, including MotoNovo Finance, allowed brokers to adjust interest rates to increase their commission. This often resulted in customers paying significantly more over the term of their PCP agreement.
If your interest rate was higher than expected or not transparently explained, your agreement may qualify for compensation.
Mis-sold agreements
A MotoNovo Finance PCP agreement may be considered mis-sold if key information was missing, misleading or unclear at the time you signed.
Our streamlined claims process allows clients to pursue MotoNovo Finance PCP claims quickly and with minimal hassle, keeping the process clear and stress-free.
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