When considering car finance for a Honda vehicle, many consumers may have purchased their cars through Perrys Motor Sales or similar dealer groups on personal contract purchase (PCP) or hire purchase (HP) agreements. Both Honda and Perrys Motor Sales played significant roles in the transaction process, although it's important to note that while Perrys Motor Sales is based in the North West and Midlands regions, they may not currently stock Honda vehicles.
Honda Finance at Perrys Motor Sales
When you buy a Honda through Perrys Motor Sales using PCP or HP finance, your dealer arranges for a lender to provide the loan. The dealer earns commission from both the manufacturer (Honda) and the lender as part of a
discretionary commission arrangement (DCA). This DCA allows dealers like Perrys Motor Sales to receive additional payments based on how many customers they can direct towards specific financing options.
The PCP or HP agreement you sign with your lender is crucial, as it outlines the terms of your finance deal. During this process, you should pay close attention to any additional fees and ensure that all details are transparent and clear. Understanding these agreements helps consumers make informed decisions about their car finance.
Finding Your Lender
If you purchased a Honda through Perrys Motor Sales on PCP or HP, it’s essential to identify which lender provided the financing for your vehicle. The dealer is not the lender; they merely facilitate the process. You should look at your finance agreement documents, typically received shortly after purchasing the car. These papers will include the name and contact details of your actual lender.
To locate this information accurately:
- Check your original finance contract.
- Look for any letters or emails from the lender regarding payments or terms.
- If you have a digital copy of your agreement, search for the lender's identification within the document.
If you believe there are issues with your Honda car finance through Perrys Motor Sales, such as hidden fees or misleading information about interest rates, you should contact your actual lender directly. It is not necessary to involve Perrys Motor Sales in this process, as they are merely intermediaries between the consumer and the lender.
Complaining directly to your lender can be done at no cost to you. You do not need a claims management company to handle your complaint; these companies often charge fees upfront while offering similar services for free through direct communication with lenders. The FCA estimates that around 14 million car finance agreements have been affected by hidden commissions from 6 April 2007 to 1 November 2024, resulting in over £8.2 billion in total and an average loss of £700 per consumer.
You can complain directly to your lender for free and seek the resolution you need without incurring additional costs or fees.
Sources and References
- Financial Conduct Authority (FCA) estimates on car finance agreements: 14 million agreements affected, £8.2 billion total, and an average loss of £700 per consumer.
- Perrys Motor Sales dealer group information provided by their official website.