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Martin Lewis says motorists who were mis-sold car concern are apt to person "hundreds, not thousands of pounds" - with regulators launching a consultation connected a caller compensation scheme.
The laminitis of MoneySavingExpert.com believes it is "very likely" that astir 40% of Britons who entered idiosyncratic interaction acquisition oregon prosecute acquisition agreements betwixt 2007 and 2021 volition beryllium eligible for payouts.
"Discretionary committee arrangements" saw brokers and dealers complaint higher levels of involvement truthful they could person much commission, without telling consumers.
Speaking to Sky News Radio's Faye Rowlands, Lewis said: "Very seldom volition it beryllium thousands of pounds unless you person much than 1 car concern deal.
"So up to astir a maximum of £950 per car concern woody wherever you are owed compensation."
Lewis explained that consumers who judge they whitethorn person been affected should cheque whether they had a discretionary committee statement by penning to their car concern company.
However, the idiosyncratic concern guru warned against utilizing a claims firm.
"They're hardly going to bash thing for you and you mightiness get the wealth paid to you automatically anyway, successful which lawsuit you're giving them 30% for nothing," helium added.
Read more: How to archer if you've been mis-sold car finance
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Yesterday, the Financial Conduct Authority said its reappraisal of the past usage of centrifugal concern "has shown that galore firms were not complying with the instrumentality oregon our disclosure rules that were successful unit erstwhile they sold loans to consumers".
The FCA's connection added that those affected "should beryllium appropriately compensated successful an orderly, accordant and businesslike way".
Lewis told Sky News that the consultation volition motorboat successful October - and volition instrumentality six weeks.
"We expect payouts to travel successful 2026, assuming this volition hap and it's precise apt to happen," helium said.
"As for precisely however volition work, it hasn't decided yet. Firms volition person to interaction people, though determination is an contented astir them having destroyed immoderate of the information for older claims."
He believes claims volition either beryllium paid automatically - oregon affected consumers volition request to opt successful and use to get compensation back.
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What motorists should bash next
The FCA says you whitethorn beryllium affected if you bought a car nether a concern scheme, including prosecute acquisition agreements, earlier 28 January 2021.
Anyone who has already complained does not request to bash anything.
The authorization added: "Consumers acrophobic that they were not told astir commission, and who deliberation they whitethorn person paid excessively overmuch for the finance, should kick now".
Its website advises drivers to kick to their concern supplier first.
If you're unhappy with the response, you tin past interaction the Financial Ombudsman.
Any compensation strategy volition beryllium casual to enactment in, without drivers needing to usage a claims absorption institution oregon instrumentality firm.
The FCA has warned motorists that doing truthful could extremity up costing you 30% of immoderate compensation successful fees.
The FCA estimates the outgo of immoderate strategy - including compensation and administrative costs - to beryllium nary little than £9bn.
But successful a video connected X, Lewis said that millions of radical are apt to beryllium owed a stock of up to £18bn.
The regulator's announcement comes aft the Supreme Court ruled connected a separate, but similar, lawsuit connected Friday.
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