Lookers, a UK-wide car dealership group, has been involved in selling Abarth vehicles to consumers on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance agreements. While Lookers may not currently stock Abarth, many consumers purchased these Italian sports cars through Lookers or similar dealer groups during the period from 6 April 2007 to 1 November 2024.
Abarth Finance at Lookers
When purchasing an Abarth vehicle through Lookers on PCP or HP finance, it's important to understand how these agreements work. Under a PCP agreement, you make regular payments for a set period while holding the option to either return the car at the end of the contract or pay a lump sum (the Guaranteed Minimum Future Value, GMFV) to own it outright. Hire Purchase involves making fixed monthly payments until the total cost is paid off, giving you full ownership once all payments are complete.
In both cases, Lookers acts as the intermediary between the consumer and the lender, often receiving a Discretionary Commission Arrangement (DCA) from the finance provider for arranging the agreement on behalf of the consumer. This arrangement can sometimes mean that consumers unknowingly pay more than they should due to hidden commissions charged by dealers.
Finding Your Lender
When you bought your Abarth through Lookers, it’s crucial to identify which lender provided the finance agreement. The lender's name and details are typically found on the finance agreement documentation you received at the time of purchase. This document outlines all the terms and conditions of the car finance deal, including interest rates, monthly payments, and any additional fees.
If you no longer have access to your original documents, many lenders provide online services where you can log in with your details to view your account information. Alternatively, contacting Lookers for assistance or searching through old emails related to your purchase might help you retrieve the necessary information.
If you suspect that your car finance agreement is unfair due to excessive commissions charged by Lookers, you can [complain directly](https://mlj.org.uk/guides/how-to-complain-to-your-lender) to your lender for free. You do not need a claims management company; complaints are handled by the financial services provider without additional charges. The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected during the period from 6 April 2007 to 1 November 2024, with an average refund of £700 per successful claim and a total estimated sum of £8.2 billion.
Remember, complaints should be directed to your lender, not Lookers, as they are the entity that provided the finance agreement under which you may have overpaid due to DCAs or other hidden fees. Your lender will review your case based on FCA guidelines and determine whether a refund is warranted.
Sources and references
- Financial Conduct Authority (FCA). "Car Finance Market Study." 2024.
- Motorists Legal Justice. "Understanding Car Finance Agreements."
- Lookers plc. "Corporate Information Page."
- HM Government. "Financial Services Act 2010."