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International Business Times
International Business Times
Business

UNBELIEVABLE: The uk car loan scandal that could cost banks billions | History Defined

Banks may have to pay out tens of billions of pounds in compensation for controversial car loans (Credit: AFP)

Banks may have to pay out tens of billions of pounds if the British Supreme Court upholds a judgment ruling controversial car loans are unlawful, in a case beginning in April.

These loans incentivised car dealers to offer higher interest rates in return for a higher commission, without sufficiently informing borrowers.

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