Many consumers who purchased a Chrysler vehicle through Hendy Group or similar dealer groups during the period from 6 April 2007 to 1 November 2024 may be eligible for compensation due to issues with their car finance agreements. It is estimated that around 14 million car finance agreements were affected, involving over £8.2 billion in total claims, with an average claim amount of £700 (FCA estimate). Although Hendy Group no longer stocks Chrysler vehicles, many consumers bought Chryslers through this dealer group on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance arrangements.
How Does Car Finance Work When Buying a Chrysler Through Hendy Group?
When purchasing a Chrysler vehicle from Hendy Group, the dealership typically arranges your car finance agreement. This arrangement often involves a discretionary commission arrangement (DCA), where dealers can earn additional commissions based on the terms of the finance agreements they arrange for customers. These DCAs were common practice in many dealer groups, including Hendy Group, which operates primarily in South and South West England.
Finding Your Lender: How to Identify Which Company Provided Finance for Your Chrysler Bought at Hendy Group
It is crucial to understand that while Hendy Group facilitated your car finance agreement when you bought a Chrysler, they are not the lender. The actual lending institution will be listed on your finance documentation, such as the credit agreement or loan contract. To find out who provided the finance for your Chrysler purchase through Hendy Group, review these documents carefully to identify the name of the lender.
How to Complain to Your Lender for Free: Direct Complaints Are Possible
If you believe there are issues with your car finance agreement that were arranged by Hendy Group, you can complain directly to the lending institution for free. You do not need a claims management company to handle this process on your behalf. By contacting your lender directly, you can address any concerns related to your finance agreement and explore potential compensation.
Sources and references
- Financial Conduct Authority (FCA): 14 million agreements affected, £8.2 billion total, £700 average claim amount.
- Hendy Group: Dealer operations in South and South West England.
- Motor Finance Ombudsman: Guidance on car finance complaints and compensation claims.