When purchasing an Aston Martin through Perrys Motor Sales, have you considered the potential pitfalls of car finance agreements? Many consumers bought their dream cars from dealerships like Perrys Motor Sales, only to later discover issues with their PCP or HP contracts. While Perrys Motor Sales may not currently stock Aston Martin vehicles, many consumers purchased them on finance plans through this and similar dealer groups during the period from 6 April 2007 to 1 November 2024.
How Does Aston Martin Finance Work at Perrys Motor Sales?
When buying a new Aston Martin through Perrys Motor Sales or any other dealership in North West/Midlands, you might have opted for PCP (Personal Contract Purchase) or HP (Hire Purchase) finance. These plans allow you to drive your car home while paying monthly instalments over an agreed period. Dealers like Perrys Motor Sales often utilise a [discretionary commission](https://mlj.org.uk/glossary/discretionary-commission-arrangement) arrangement (DCA), which can impact the interest rates and overall cost of your agreement.
In a DCA, the lender pays the dealership a commission based on various factors including the volume of finance agreements. This arrangement can sometimes result in higher costs for you as a consumer, with the average claim amount estimated at £700 by the FCA (Financial Conduct Authority). As of 2024, approximately 14 million car finance agreements are affected by such issues across the UK, totalling an estimated £8.2 billion.
How Do I Find Out Which Lender Provided My Aston Martin Finance?
When you buy a car through Perrys Motor Sales or another dealership, you should remember that the dealer is not your lender; they facilitate the finance agreement with a third-party lender. To identify which lender provided the finance for your Aston Martin, check your contract documentation thoroughly. Your finance agreement should clearly state the name and contact details of the lending institution.
How Do I Complain About My Finance Agreement?
If you suspect that there are issues with your PCP or HP agreement regarding a car purchased from Perrys Motor Sales, it's important to take action directly with your lender rather than contacting the dealership. You can complain to your lender for free without needing any assistance from a claims management company. The FCA estimates that £700 on average can be recovered by consumers who successfully challenge their finance agreements.
Sources and References
- Financial Conduct Authority (FCA) estimate of 14 million car finance agreements affected
- Financial Conduct Authority (FCA) estimate of £8.2 billion total impact
- Financial Conduct Authority (FCA) estimate of £700 average claim amount