Perrys Motor Sales, a well-known dealership in the North West and Midlands regions, has been involved in numerous car finance arrangements for BMW vehicles. While Perrys Motor Sales may not currently stock BMW models, many consumers have purchased BMW vehicles through Perrys Motor Sales or similar dealer groups on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance agreements during the period from 6 April 2007 to 1 November 2024. This period saw an estimated 14 million car finance agreements, resulting in a total of £8.2 billion paid out as compensation claims with an average repayment amount of £700 per agreement (FCA estimate).
How Does BMW Finance Work at Perrys Motor Sales?
When purchasing a BMW through Perrys Motor Sales using PCP or HP finance, the dealership acts as a facilitator between you and the lender. The dealer arranges for your chosen financial product but it is crucial to understand that Perrys Motor Sales is not the actual lender; they are merely involved in arranging the financing agreement. This means that if there were any issues with your car finance agreement, such as an inflated balloon payment or hidden fees, you should address these concerns directly with the lender, not the dealer.
A key aspect of PCP and HP agreements at Perrys Motor Sales is the role of discretionary commission arrangements (DCAs). A DCA allows dealerships to earn a higher commission based on the terms agreed upon in your finance contract. While this can be beneficial for both dealers and lenders, it has also been a point of contention regarding fair practice standards and consumer protection.
Finding Your Lender
When you buy a BMW through Perrys Motor Sales or any other dealership, the lender providing the car finance agreement is crucial to know. You should check your finance agreement documents carefully as they will typically contain the name and contact details of the lender. Common lenders for BMW vehicles purchased through dealers like Perrys Motor Sales include banks such as HSBC, Barclays, and RAC Finance Ltd. If you are unsure which lender provided your finance, you can usually find this information on your credit report or by contacting Perrys Motor Sales directly.
If you suspect that there were issues with your car finance agreement when purchasing a BMW through Perrys Motor Sales, it is important to take action. You should first contact the lender who provided the financing, not Perrys Motor Sales. The lender will be responsible for addressing any complaints related to the terms and conditions of your finance agreement.
You do not need to use a claims management company to file a complaint; you can handle this process directly with your lender at no cost. This direct approach ensures that all communication is clear and concise, reducing potential delays or misunderstandings associated with third-party involvement. Lenders are legally required to respond to complaints within a reasonable timeframe, typically 8 weeks from the date of submission.
Sources and references
- Financial Conduct Authority (FCA) estimates for car finance compensation claims: 14 million agreements affected, £8.2 billion total paid out, average repayment amount of £700 per agreement.
- Dealer group locations: North West / Midlands regions for Perrys Motor Sales.