Did you purchase an Abarth through Inchcape and later find yourself in a dispute with your car finance agreement? If so, you’re not alone. The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected between 6 April 2007 to 1 November 2024, resulting in total overcharges of £8.2 billion and an average per customer refund of £700.
Abarth Finance at Inchcape: How PCP/HP Works
When buying a new Abarth through Inchcape or similar dealer groups, many consumers opt for
Personal Contract Purchase (PCP) or
Hire Purchase (HP) finance agreements. While Inchcape operates across the UK and may not currently stock Abarth vehicles in all locations, it’s common to see Abarth models available at their dealerships. When you buy an Abarth through Inchcape using PCP or HP, a significant part of your payment goes towards covering the initial cost of the vehicle, with the remainder being interest and fees.
It's important to understand that when you enter into a car finance agreement through a dealership like Inchcape, there’s often a discretionary commission arrangement (DCA) in place. This DCA allows dealerships to receive additional compensation from lenders for arranging your finance agreement, which can sometimes lead to overcharging if not properly managed.
Finding Your Lender
While Inchcape is the dealer that facilitated your Abarth purchase and arranged your car finance agreement, you should know that you are dealing with a separate lender. To identify who provided your finance agreement, carefully review the documents you received from Inchcape when you purchased your vehicle. Look for any paperwork that outlines the terms of your loan or lease, which should include the name and contact information of the lender.
If you believe you are owed a refund due to overcharging in your Abarth car finance agreement through Inchcape, it’s important to address this directly with your lender. You do not need a
claims management company; complaints can be made without any cost to you by contacting the lender directly. Simply gather all relevant documents and follow their complaint procedures as outlined on their website or customer service information.
You can complain directly to your lender for free, and they are legally obligated to review your case thoroughly. Remember that while Inchcape may have facilitated your finance agreement, it is not responsible for resolving any issues with the financial terms of your car purchase.
Sources and references
- Financial Conduct Authority (FCA). “Personal Contract Purchase Agreements: A Review of Data.” FCA, 1 November 2024.