Since 6 April 2007, Jaguar owners who financed their vehicles through Pendragon have been part of a broader industry practice that has affected millions of car buyers across the UK. As one of the largest automotive retailers in the country, Pendragon stocks and sells Jaguar vehicles alongside many other brands at various locations throughout the UK.
Jaguar Finance at Pendragon
When you buy a Jaguar from Pendragon using either Personal Contract Purchase (PCP) or Hire Purchase (HP), your finance agreement is typically arranged through a dealer but provided by an independent lender. This is where discretionary commission arrangements come into play, often resulting in inflated interest rates that benefit the dealership rather than the customer. PCP and HP agreements at Jaguar dealerships under Pendragon's umbrella have been affected by this industry-wide issue.
Finding Your Lender
If you purchased a Jaguar from Pendragon during the period from 6 April 2007 to 1 November 2024, it is crucial to identify which lender provided your finance agreement. This information can usually be found on your finance documentation or through contacting Pendragon directly. Knowing who your actual lender is ensures that you direct any complaints to the right party, as Pendragon acts solely as the dealer and not the financier.
Consumers who bought a Jaguar through Pendragon should take action if they believe their finance agreement was affected by discretionary commission arrangements. You can complain directly to your lender without involving any claims management companies, as this process is free of charge and straightforward. The FCA estimates that approximately 14 million agreements were impacted during the specified period, with an average overpayment of £700 per customer amounting to a total of £8.2 billion across all affected individuals.
You do not need a claims management company; instead, you can complain directly to your lender for free and seek redress without any additional costs or third-party involvement.
Sources and references
- FCA estimate on the number of agreements: 14 million (FCA)
- Total amount overpaid by customers: £8.2 billion (FCA)
- Average customer overpayment: £700 (FCA)