Car Finance Fix: More Time to Talk

The UK's financial watchdog has given everyone more time to chime in on a plan to make things right for people who were sold car loans unfairly. This isn't a small deal—it's expected to cost lenders a whopping 11 billion pounds. That's a lot of money, and it shows just how big this problem is. The deadline for sharing thoughts and concerns was moved to December 12, giving banks, consumer groups, and others more time to look at the data and figure out what they think. The final rules won't be ready until early 2026, so there's still a lot of time to sort things out. The watchdog has heard a lot of questions. People want to know how the compensation will be calculated, how long the scheme will run, and how to make sure it's fair and doesn't get taken advantage of. Smaller companies are also worried about how to handle this without spending too much. Santander, one of the big banks, has already set aside 295 million pounds for this, but they haven't said if that number will change. They also decided not to share their full UK results last month, which makes you wonder what else is going on. This whole thing is about fixing a big mess. About 14. 2 million car loan deals didn't follow the rules between 2007 and 2024. The main issue was that people weren't told enough about the deals between lenders and car dealerships. It's a complicated situation, but the goal is to make sure people get what they're owed.