Since 2007, car buyers have increasingly turned to PCP and HP financing options when purchasing vehicles from dealerships like Inchcape. While Inchcape may not currently stock Infiniti models, many consumers purchased Infiniti vehicles through Inchcape or similar dealer groups on these financing plans. This trend has affected a significant portion of the UK market, with an estimated 14 million agreements and £8.2 billion in total value (FCA estimate) impacted from April 6, 2007 to November 1, 2024.
Infiniti Finance at Inchcape
When purchasing an Infiniti through Inchcape on a PCP or HP plan, consumers often enter into
discretionary commission arrangements (DCA). These agreements were designed to provide dealers like Inchcape with additional revenue streams. However, these structures have been under scrutiny due to potential mis-selling practices and customer detriment.
PCP and HP financing involves an initial deposit, followed by monthly payments that cover the depreciation of the vehicle over a set period. At the end of the term, you either return the car or choose to buy it outright at its predicted future value. Dealers like Inchcape would often receive a portion of these finance agreements through DCAs, which could lead to higher costs for consumers.
Finding Your Lender
You should understand that while Inchcape acts as the dealer, the actual lender providing your Infiniti car finance agreement is separate and distinct. To identify this lender, you should check the documentation provided at the time of purchase. This includes the finance agreement itself, which will clearly state the name of the financing company.
If you're unsure who your lender is after buying an Infiniti from Inchcape, it's advisable to consult your original paperwork or contact Inchcape directly for assistance in identifying your lender. Once you have this information, you can proceed with filing a complaint directly with them.
If you believe that your financing agreement for an Infiniti purchased through Inchcape was mis-sold or resulted in customer detriment, you should
complain directly to the lending institution named on your finance documentation. You do not need a
claims management company to handle this process; they can assist you at no cost by contacting the lender directly.
You can submit your complaint via phone, email, or post. Be sure to provide all relevant details and evidence that support your case. The FCA estimates that consumers could be eligible for an average of £700 in compensation (FCA estimate).
Sources and references
- Financial Conduct Authority (FCA) - 14 million agreements affected from April 6, 2007 to November 1, 2024.
- Financial Conduct Authority (FCA) - Total value of £8.2 billion impacted during the same period.
- Financial Conduct Authority (FCA) - Average compensation estimate of £700 per claimant.