Over 14 million car finance agreements have been affected by unfair practices, totalling £8.2 billion in total losses and averaging around £700 per consumer (FCA estimate). Many consumers purchased Fiat vehicles through Perrys Motor Sales or similar dealer groups on PCP or HP finance during the period from 6 April 2007 to 1 November 2024, even though Perrys Motor Sales may not currently stock Fiat models.
Fiat Finance at Perrys Motor Sales
When purchasing a Fiat vehicle through Perrys Motor Sales in North West and Midlands regions, consumers often opt for PCP (
Personal Contract Purchase) or HP (
Hire Purchase) finance agreements. These arrangements involve the dealer facilitating an agreement between the consumer and a financial institution that is not affiliated with the dealer itself. During this process,
discretionary commission arrangements (DCAs) may have been involved, which can impact the fairness of the final cost to consumers.
In PCP or HP car finance deals at Perrys Motor Sales, dealers like Perrys are incentivised through DCAs to offer higher interest rates and fees that benefit the lender over the consumer. These agreements can lead to hidden costs for buyers, as the dealer receives a commission based on the profit margin of the deal rather than the transparency of the terms.
Finding Your Lender
It is crucial to identify which financial institution provided the car finance agreement when purchasing a Fiat through Perrys Motor Sales. The lender details are typically found within the finance documentation or contract given at the time of purchase. Consumers should thoroughly review their agreements, as the dealer (Perrys Motor Sales) is not the same entity as the lender providing the finance.
If you believe your Fiat car finance agreement through Perrys Motor Sales was unfair or misleading, you can directly complain to your lender without involving a
claims management company. You do not need to pay upfront fees or sign up with any third-party service; instead, contact the financial institution that provided your car finance agreement and request a review of your case.
You can also seek assistance from organisations like Motorists Legal Justice (MLJ) for guidance on how to proceed with your complaint effectively. MLJ offers free resources and information about handling unfair car finance agreements without needing legal representation or claims management services.
Sources and references
- Financial Conduct Authority (FCA): 14 million agreements affected, £8.2 billion total losses, £700 average loss per consumer (FCA estimate).