Cazoo, a UK-wide online car retailer, has facilitated the purchase of various vehicle brands including Genesis through its platform. Many consumers have opted for PCP or HP finance to acquire their Genesis models from Cazoo. The period during which these agreements were made and are still in effect spans from 6 April 2007 to 1 November 2024, a time frame that encompasses millions of car finance deals across the country.
Genesis Finance at Cazoo
When purchasing a Genesis vehicle through Cazoo with PCP (
Personal Contract Purchase) or HP (
Hire Purchase), consumers often enter into agreements facilitated by lenders. These agreements frequently include
discretionary commission arrangements (DCAs). A DCA is an arrangement where dealers receive a higher commission if the finance agreement is set up in a way that benefits them more than the customer, such as setting a high balloon payment or inflated Guaranteed Minimum Future Value (GMFV) on PCP deals.
Finding Your Lender
When you buy a Genesis through Cazoo, you should understand who your lender is. While Cazoo facilitates the sale and finance agreement process, they are not the lender; the actual provider of the finance agreement will be a separate entity, such as a bank or finance company named in your contract. To identify which lender provided the finance for your Genesis vehicle, check the documentation you received at purchase time. This could include your finance agreement letter, loan offer documents, and any other paperwork related to your car finance deal.
If you suspect that your Genesis PCP or HP finance agreement includes unfair terms due to a DCA, or if there are other issues affecting the affordability of your car payments, it is crucial to address these concerns directly with your lender. You do not need to involve a
claims management company; you can
complain directly to your lender for free. This process often involves writing a formal letter outlining your complaints and requesting adjustments to make your finance agreement more fair and affordable. It’s important to gather all relevant documentation, such as copies of your finance agreement and any correspondence with Cazoo, before contacting the lender.
Sources and references
- Financial Conduct Authority (FCA): 14 million agreements affected (FCA estimate), £8.2 billion total (FCA estimate), £700 average (FCA estimate)
- Period: 6 April 2007 to 1 November 2024