The vast majority of automobile patrons are glad with their expertise shopping for finance from sellers, in response to analysis by JudgeService.

The analysis was prompted by the Monetary Conduct Authority (FCA) probe into using discretionary fee preparations earlier than they had been banned in January 2021 and the mis-selling marketing campaign launched final month by Cash Saving Knowledgeable, the patron web site fronted by Martin Lewis.

Cash Saving Knowledgeable mentioned it has logged 1,080,000 automobile finance criticism letters which were submitted by means of its free automobile finance reclaim software since 6 February.

“That equates to a staggering 30,000 per day. A back-of-the-envelope calculation means this may very well be not less than £480,000,000 again for these shoppers, or extra, as over 25% of complaints are from individuals with a number of agreements,” it mentioned on its web site.

MSE added that probably the most complained about lenders up to now included Black Horse, Volkswagen Monetary Providers and Stellantis Monetary Providers.

Knowledge from 212,986 questionnaires accomplished by clients in 2020 and 2023 sheds gentle nevertheless on how total satisfaction with supplier finance gross sales was excessive.

Final yr 93% of patrons surveyed by JudgeService mentioned they had been glad with the reason given to them by dealership gross sales employees of the obtainable finance packages, up from 91% in 2020.

Whereas satisfaction with the reason of paperwork and documentation associated to finance elevated from 93.5% to 95%.

Consumers had been additionally requested to fee their satisfaction with the perspective of gross sales employees through the shopping for course of, this elevated from 95.8% to 97%.

“Regardless of the noise generated by the FCA probe and Cash Saving Knowledgeable’s compensation marketing campaign, our analysis reveals the excessive degree of buyer satisfaction associated to finance purchases each earlier than and after the ban on discretionary fee preparations,” mentioned Neil Addley, managing director of JudgeService.

“Our supplier shoppers usually entry our finance satisfaction reviews and obtain a notification if a buyer isn’t blissful.

“What’s being neglected is that many automobile patrons are additionally savvy shoppers, they perceive that sellers earn fee on the finance they promote; they’re extra centered on agreeing finance offers which can be truthful and inexpensive.

“Nevertheless, due to the ballyhoo round potential mis-selling, many of those clients will now be seeking to be compensated for one thing they had been glad with,” he mentioned.

Breakdown of largest lenders complained to through MoneySavingExpert’s automobile finance software