Hendy Group, a well-known car dealership in the South and South West of the UK, has been associated with many consumers who purchased Hyundai vehicles through their network. While Hendy Group may not currently stock Hyundai models, it is important to note that many individuals bought Hyundai cars on PCP or HP finance agreements through Hendy Group or similar dealer groups during the period from 6 April 2007 to 1 November 2024.
Hyundai Finance at Hendy Group
When purchasing a Hyundai vehicle through Hendy Group, consumers often opt for Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements. These financing options allow customers to manage their car payments more effectively by spreading the cost over time. However, it is crucial to understand that when you buy a car from a dealer like Hendy Group and finance it through PCP or HP, you are entering into an agreement with a lender rather than directly with Hendy Group.
The role of discretionary commission arrangements (DCAs) in this context is significant. Under these agreements, dealers receive a portion of the interest paid by consumers over the life of the loan as a form of commission. This can result in higher costs for customers and has been a point of contention within the car finance industry.
Finding Your Lender
To ensure you are able to address any concerns regarding your Hyundai car finance agreement, it is essential to identify which lender provided the financing through Hendy Group. The name of the lender will be clearly stated in your finance agreement documents, typically found when you received the loan details from your dealer or online account with the lender.
Consumers who purchased a Hyundai vehicle on PCP or HP at Hendy Group should carefully review their contract documentation to locate the specific lender’s information. This step is crucial because any complaints or claims related to the financing must be directed to the lender, not Hendy Group itself.
If you believe your car finance agreement with a Hyundai vehicle bought at Hendy Group contains unfair terms or excessive costs, you can complain directly to the lender. Many consumers have found that they are entitled to significant refunds based on mis-selling practices during the period in question.
The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected by these issues between 6 April 2007 and 1 November 2024, with an average refund of £700 per agreement. Consumers are urged to review their finance agreements carefully for any discrepancies or unfair terms.
You do not need a claims management company to pursue this matter; the process is straightforward and can be handled directly with your lender at no additional cost. By following the steps outlined in your finance documents, you can initiate a complaint that may lead to a refund.
Sources and references
- Financial Conduct Authority (FCA) estimate of 14 million agreements affected.
- FCA estimate of £8.2 billion total refunds.
- FCA estimate of an average £700 refund per agreement.
- Hendy Group operates in the South and South West regions of the UK.
- Information on discretionary commission arrangements provided by industry reports and regulatory guidance.