Inchcape, a major car dealership in the UK, previously stocked Fiat vehicles among its range of car brands. Many consumers opted for PCP or HP finance when purchasing their Fiats through Inchcape, leading to potential issues with discretionary commission arrangements (DCAs). While Inchcape may not currently stock Fiat cars, it’s important for past customers to understand how these financing options worked and what steps they should take if they believe their car finance agreement is unfair.
Fiat Finance at Inchcape
When purchasing a Fiat through Inchcape or similar dealer groups on PCP or HP finance, the process typically involves selecting your desired vehicle model, discussing payment terms with a sales representative, and finalising the deal. However, it’s crucial to be aware of how DCAs operate in this context. A DCA is an arrangement where dealers receive additional commission based on the interest rate agreed upon between the lender and the borrower. This means that higher finance rates could result in increased commissions for the dealer, potentially at the expense of consumers who may not fully understand the implications.
Finding Your Lender
If you purchased a Fiat through Inchcape or another dealership during the period from 6 April 2007 to 1 November 2024 and are unsure about your finance agreement, it’s important to identify which lender provided your car finance. The details of your lender can be found in your finance agreement documentation, often provided at the time of purchase or available through a secure online portal if you have registered for one with Inchcape or another dealer group.
If you believe your Fiat car finance agreement is unfair due to potential issues with DCAs, it’s essential to address this directly with your lender and not the dealer (Inchape in this case). You can complain to your lender for free without needing a
claims management company. Many consumers have been able to resolve their disputes by reaching out directly to the lender involved.
You do not need a claims management company; you can simply contact the lender using the information provided in your finance agreement documentation. According to the Financial Conduct Authority (FCA), approximately 14 million car finance agreements were affected during this period, with an estimated £8.2 billion total value and an average repayment of £700 per claim.
Sources and references
- FCA estimates for affected agreements: "Discretionary commission arrangements in retail motor finance" report (FCA)
- Total value of claims: "Discretionary commission arrangements in retail motor finance" report (FCA)