Group 1 Automotive, a well-known dealer group in the UK, has previously offered Hyundai vehicles to consumers through various finance agreements. While Group 1 Automotive may not currently stock Hyundai, many consumers purchased Hyundai vehicles through Group 1 Automotive or similar dealer groups on PCP (Personal Contract Purchase) or HP (Hire Purchase) finance during the period from 6 April 2007 to 1 November 2024.
Hyundai Finance at Group 1 Automotive
When purchasing a Hyundai vehicle through Group 1 Automotive, consumers often opt for either Personal Contract Purchase (PCP) or Hire Purchase (HP). PCP typically involves making lower monthly payments with the option to return the car, buy it outright, or trade it in for another model at the end of the agreement. HP allows customers to pay off a vehicle over time and gain full ownership once all payments are made. Group 1 Automotive may benefit from a
Discretionary Commission Arrangement (DCA) during these transactions, meaning they receive additional funds from the lender based on factors like the type of finance agreement chosen by the customer.
Finding Your Lender
It is crucial to identify which lender provided the finance for your Hyundai when purchased through Group 1 Automotive. The dealer is not the lender; rather, it arranges financing with various lenders. To find out who your lender is, review your original finance documents or contact Group 1 Automotive directly. These agreements often include a section listing the details of the lender involved in your car finance deal.
If you believe that your PCP or HP agreement with Hyundai through Group 1 Automotive was mis-sold, it is important to address this issue by contacting the lender directly. You do not need a
claims management company; instead, you can file a complaint free of charge according to the Financial Conduct Authority (FCA) guidelines. The FCA estimates that approximately 14 million agreements could be affected during the period from 6 April 2007 to 1 November 2024, with an average claim value of £700 and a total estimated cost of £8.2 billion.
You can complain directly to your lender for free by following their official complaint process outlined on their website or in your finance agreement documentation. This approach ensures that you receive tailored advice and potential redress without the need for third-party intervention.
Sources and references
- Financial Conduct Authority (FCA) estimates:
- Total agreements: 14 million (FCA estimate)
- Estimated total cost to lenders: £8.2 billion (FCA estimate)
- Average claim value: £700 (FCA estimate)