When considering car finance options, many consumers have turned to Arnold Clark for their BMW purchases. While Arnold Clark may not currently stock BMW vehicles, they operated as a significant dealer group for BMW sales on PCP or HP finance during the period from 6 April 2007 to 1 November 2024.
BMW Finance at Arnold Clark
When purchasing a BMW through Arnold Clark, consumers often opt for
Personal Contract Purchase (PCP) or
Hire Purchase (HP). These financing options allow buyers to acquire their desired vehicle with manageable monthly payments. However, you should understand that the finance agreement is provided by an independent lender rather than Arnold Clark itself. During this period, many dealers, including Arnold Clark, operated under a
discretionary commission arrangement (DCA), which allowed them to receive additional commissions based on the terms of the finance agreements they facilitated.
Finding Your Lender
To effectively address any issues with your BMW car finance agreement, it is essential to identify the lender who provided the financing. This information can be found in the documentation you received at the time of purchase. Look for the "Finance Agreement" or similar documents that specify the details of your financing arrangement. Arnold Clark only acts as a facilitator; therefore, any complaints should be directed to the actual lender named in these documents.
If you believe there are issues with your BMW car finance agreement purchased through Arnold Clark, it is important to address them directly with the lender. You can do this without involving a
claims management company by contacting the lender's customer service department or visiting their website to initiate a complaint process. The Financial Conduct Authority (FCA) estimates that over 14 million agreements were affected during this period, resulting in an average compensation of £700 per claimant and a total estimated payout of £8.2 billion.
You do not need a claims management company to make your complaint. Complaining directly to the lender is straightforward and free of charge for you as a consumer.
Sources and references
- Financial Conduct Authority (FCA). "Credit card, car finance and loan market: Statistical release." 14 million agreements affected, £8.2 billion total estimated payout.
- Financial Conduct Authority (FCA). "Consumer redress scheme: Key facts." Average compensation per claimant is £700.
- Arnold Clark Website: Information on dealership operations in Scotland and the UK-wide network.