When purchasing a luxury car like a Bentley through an online retailer such as Cazoo, many consumers might not fully understand the implications of their finance agreement. With Cazoo offering a wide range of vehicles and expanding into the premium market, it’s important to know how PCP (Personal Contract Purchase) or HP (Hire Purchase) agreements work when buying a Bentley from them.
Bentley Finance at Cazoo
When you purchase a Bentley through Cazoo using PCP or HP finance, the process can be somewhat complex. Unlike traditional dealership models where the car and financing come directly from one source, online retailers like Cazoo often arrange your finance agreement with an external lender. This arrangement involves a
discretionary commission (DCA) that may not always benefit you as the consumer.
A PCP or HP agreement for a Bentley at Cazoo typically includes a DCA, which means the dealer can receive additional payments from the lender based on whether you enter into the deal and how it progresses over time. While Cazoo may not currently stock Bentleys, many consumers have taken advantage of financing options through this platform to acquire their luxury vehicles.
Finding Your Lender
Identifying the correct lender for your Bentley is crucial when seeking assistance or making a claim. Since Cazoo acts as the dealer and arranges your finance agreement with a third-party lender, you need to locate the name of your lender clearly stated in your finance documents. These agreements are usually found within the paperwork provided at the time of purchase.
If you suspect that there might be issues with your car finance agreement, such as unfair charges or hidden fees, you should address these concerns directly with your lender-not Cazoo. You can find contact information and complaint procedures in your finance contract. The Financial Conduct Authority (FCA) estimates that around 14 million agreements have been affected by similar issues since 6 April 2007 to 1 November 2024, leading to a total of £8.2 billion in compensation with an average claim value of £700 (FCA estimate).
It’s important to note that you do not need a claims management company to handle your complaint. You can submit your concerns directly and for free to the lender via their official channels. This process may involve providing relevant documentation, such as your finance agreement details or proof of payments.
Sources and references
- Financial Conduct Authority (FCA). "Consumer credit market study." June 2023.
- Cazoo website: Information on vehicle listings and finance options.
- FCA estimates for affected agreements, total compensation, and average claim value.