Motorpoint, a well-known UK-wide dealer group, has been the point of purchase for many Infiniti vehicles through PCP or HP finance agreements. Although Motorpoint may not currently stock Infiniti models, numerous consumers have purchased Infiniti vehicles from similar dealer groups and are now learning that their car finance agreements might be affected by regulatory changes made by the Financial Conduct Authority (FCA). Since 6 April 2007 to 1 November 2024, it is estimated that around 14 million car finance agreements have been affected, totalling £8.2 billion in value, with an average claim amount of £700 (FCA estimate).
Infiniti Finance at Motorpoint
When purchasing a new Infiniti through Motorpoint or similar dealerships on PCP (Personal Contract Purchase) or HP (Hire Purchase), the finance agreement is typically arranged by the dealer but issued by a separate lender. Dealers like Motorpoint often enter into discretionary commission arrangements (DCAs) with lenders, which can influence the terms of the car finance deals offered to customers. These arrangements may have led to higher interest rates and other less favourable terms for consumers.
Finding Your Lender
To identify the specific lender that provided your Infiniti car finance agreement through Motorpoint or a similar dealership, you must check your finance documentation. The name of the lender should be clearly stated in your contract pack, which includes documents such as the credit agreement and financing schedule. It is crucial to understand that any complaints regarding your car finance should be directed to this lender and not to Motorpoint.
If you suspect that your Infiniti PCP or HP agreement was influenced by a discretionary commission arrangement, you can complain directly to your lender at no cost. You do not need to use the services of a claims management company; instead, contact the lender's customer service department and provide them with evidence supporting your concerns. The lender is required to address your complaint fairly and within specified timeframes.
Sources and references
- Financial Conduct Authority (FCA). "Credit: Consumer credit market study." [Accessed 2024].
- Motorpoint. Dealer group website, UK-wide presence.
- FCA estimates on affected agreements (£8.2 billion total, £700 average claim amount).