If you purchased a Genesis vehicle through Motorpoint on a PCP or HP finance agreement, are you aware that your rights may have been affected by a regulatory issue impacting car finance in the UK? While Motorpoint may not currently stock Genesis vehicles, many consumers purchased Genesis cars through Motorpoint or similar dealer groups during the period from 6 April 2007 to 1 November 2024. This period saw significant changes due to a ruling that affected millions of agreements and billions of pounds in car finance.
Genesis Finance at Motorpoint
When buying a Genesis vehicle through Motorpoint, you likely arranged your financing through PCP (Personal Contract Purchase) or HP (Hire Purchase). These types of agreements involve Motorpoint acting as the dealer, setting up the deal with a lender who provides the funding. However, Motorpoint is not the actual lender; it acts more like an intermediary between the consumer and the financial institution providing the loan.
A key aspect of these finance arrangements is something called a "discretionary commission arrangement" (DCA). This means that Motorpoint may receive additional payments from lenders for referring customers to specific finance deals. These DCAs can influence how Motorpoint presents financing options, potentially leading consumers into agreements that are not in their best financial interest.
Finding Your Lender
If you bought a Genesis through Motorpoint and suspect your rights might have been affected by the regulatory issue mentioned above, you should identify which lender provided your finance agreement. This information can usually be found on your loan agreement or contract notes. These documents typically include details such as the lender’s name, contact information, and other key terms of the financing arrangement.
To check if your agreement was affected, you should review any correspondence from Motorpoint about the car purchase and ensure you have a copy of your finance agreement that includes the lender's information. This will help you determine who to approach for resolving any issues with your finance deal.
If you believe there are problems with your Genesis finance agreement, you should complain directly to your lender. Motorpoint is merely the dealer and does not handle complaints related to financing agreements; these need to be directed to the actual lender who provided the funds.
You do not need a claims management company to file a complaint. Many consumers mistakenly think they require professional assistance, but this is unnecessary and can lead to additional costs. Simply contact your lender using the details found in your finance agreement and explain your concerns clearly. You can complain directly to your lender for free, and they are legally obligated to address your grievances.
Sources and References
- Financial Conduct Authority (FCA) estimates: 14 million agreements affected, £8.2 billion total value of affected car loans, and an average compensation claim amount of £700.
- Motorpoint operates UK-wide as a car retailer but is not the lender in these finance deals.