Since 6 April 2007, millions of consumers have taken out car finance agreements for their Honda vehicles through dealerships like Pendragon. While Pendragon may not currently stock Honda vehicles, many consumers purchased Honda cars through Pendragon or similar dealer groups on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance during the period from 6 April 2007 to 1 November 2024.
Honda Finance at Pendragon
When purchasing a Honda vehicle through Pendragon, buyers often opt for PCP or HP car finance. In these arrangements, Pendragon acts as the dealer and facilitates the finance agreement with a lender, typically a bank or another financial institution. Under this setup, dealers like Pendragon may benefit from discretionary commission arrangements (DCAs), where they receive additional compensation based on the finance deal's terms. This can include higher interest rates or longer repayment periods, which can be detrimental to consumers.
Finding Your Lender
To ensure you are able to address any concerns regarding your car finance agreement with Honda through Pendragon, it is crucial to identify the lender that provided the finance. Consumers should check their finance agreement documents carefully for the name and contact details of the lending institution. This information can usually be found in the documentation received at the time of purchase or within subsequent correspondence from the lender.
If you believe your car finance agreement with Honda through Pendragon was unfair or misleading, you should [complain directly](https://mlj.org.uk/guides/how-to-complain-to-your-lender) to your lender rather than contacting Pendragon. You do not need a claims management company; most lenders have dedicated teams to handle customer complaints and disputes. The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected by unfair car finance practices during the period from 6 April 2007 to 1 November 2024, with an average compensation of £700 per claim. You can complain directly to your lender for free and request a fair resolution.
Sources and References
- Financial Conduct Authority (FCA) estimates: 14 million agreements affected from 6 April 2007 to 1 November 2024, total compensation of £8.2 billion, average compensation per claim of £700.
- Pendragon operates UK-wide as a car dealership group.