Hot off the press: banks liable for defects in vehicles financed by them

I am excited to report that the CPA comes through for disappointed buyers of financed cars:

I have recently succeeded in recovering the losses of a consumer who bought a seriously defective second-hand vehicle from a dealer, where the deal was financed by one of the big four banks on the basis that the car was purchased by the bank from the dealer and on-sold to the consumer. This is significant, as second-hand car dealers usually energetically resist claims from consumers and appear not to be concerned about any reputational risk as a result. The situation is different for the banks.

When the CPA became effective, I warned the banks that they may well be liable for defects in vehicles financed by them. The particular bank who have just offered to reimburse my client, did not heed my warning.

Any consumers who have bought cars which are financed, and have discovered serious defects in the car, are invited to contact me to recover their losses from the financier.

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