Cambria Automobiles, despite not currently stocking Aston Martin vehicles, has been a significant player in the UK's car finance situation for many consumers who purchased their beloved Aston Martins through them or similar dealer groups. If you bought an Aston Martin on a Personal Contract Purchase (PCP) or Hire Purchase (HP) plan through Cambria Automobiles, it is essential to understand how these financing arrangements work and what your rights are as a consumer.
Aston Martin Finance at Cambria Automobiles: How PCP/HP Works
When purchasing an Aston Martin from Cambria Automobiles on a finance agreement such as PCP or HP, the dealer facilitates the arrangement with a lender. This process often includes discretionary commission arrangements (DCAs), which are fees paid by lenders to dealers for arranging financing. While DCAs can be beneficial for dealers, they do not necessarily impact the cost to consumers directly. However, it is crucial to understand that Cambria Automobiles acts as the intermediary between you and your lender when setting up a finance agreement.
Finding Your Lender
If you bought an Aston Martin through Cambria Automobiles and are now considering making a car finance claim due to potential issues with DCAs or other financing terms, the first step is identifying which lender provided the finance. This information can typically be found in your contract documentation or on your finance agreement form. Cambria Automobiles does not provide direct lending services; they facilitate the arrangement for you with a third-party lender.
If you believe there are issues with your Aston Martin car finance agreement, such as misleading information about DCAs or other financing terms, it is important to address these concerns directly with your lender. You can complain to your lender for free by contacting them via phone or email using the details provided in your finance documents. The FCA estimates that 14 million agreements have been affected by potential mis-selling issues from 6 April 2007 to 1 November 2024, with an average claim value of £700 (FCA estimate).
You do not need a claims management company; complaints can be handled directly and efficiently through communication with your lender. The FCA also estimates that the total potential mis-selling issue amounts to around £8.2 billion (FCA estimate). This underscores the importance of addressing any concerns you may have without involving third parties.
Sources and references
- Financial Conduct Authority (FCA) figures for car finance agreements: 14 million agreements affected, £8.2 billion total potential mis-selling issue, and an average claim value of £700.
- Cambria Automobiles operates in the South East / Midlands regions of the UK.