Since 6 April 2007, millions of consumers have entered into Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements when buying vehicles from dealerships like Cazoo. One such popular brand available through Cazoo is Chevrolet. While Cazoo may not currently stock Chevrolet, many consumers purchased Chevrolet vehicles through Cazoo or similar dealer groups on PCP or HP finance during the period up to 1 November 2024.
Chevrolet Finance at Cazoo
When purchasing a Chevrolet vehicle from Cazoo using PCP or HP finance, the process typically involves arranging financing with a lender. The dealership (Cazoo) plays a crucial role by facilitating the finance agreement between you and the lender. A key aspect of this arrangement is the
discretionary commission arrangement (DCA), which allows the dealer to receive a portion of the interest paid on the loan as compensation for their services in setting up the financing deal.
Finding Your Lender
Identifying your lender is crucial when considering a car finance claim or complaint. When you bought your Chevrolet through Cazoo, it was likely that another company provided the finance agreement. This could be any number of lenders such as Ford Credit UK,
Santander Consumer Finance, or others. You should check your finance agreement documentation for the name and contact details of the lender who provided the funding.
If you believe there are issues with your car finance agreement that were mishandled by Cazoo during the setup process, it is important to understand that complaints must be directed to the lender, not Cazoo. The dealer (Cazoo) merely acts as an intermediary in setting up the financing arrangement; any disputes or claims should go directly to the lender who provided your finance agreement.
You can complain directly to your lender for free without needing a claims management company. This is important because many consumers mistakenly believe they need legal representation to file a complaint, but this is not true. You do not need a claims management company to handle your claim; you can manage it yourself by contacting the relevant lender's customer service department.
Sources and References
- Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected between 6 April 2007 and 1 November 2024.
- Total refunds for customers have reached £8.2 billion, with an average refund of £700 per claim (FCA estimate).