Perrys Motor Sales, a well-known dealer group in the North West and Midlands regions, has previously offered Hyundai vehicles to consumers on both Personal Contract Purchase (PCP) and Hire Purchase (HP) finance plans. Although Perrys Motor Sales may not currently stock Hyundai models, many consumers have purchased their cars through this dealership during the period from 6 April 2007 to 1 November 2024.
Hyundai Finance at Perrys Motor Sales
When you purchase a Hyundai vehicle through Perrys Motor Sales on a PCP or HP finance plan, the dealer facilitates the arrangement with a financial institution that provides the loan. This process often involves what is known as a
discretionary commission arrangement (DCA), where the lender pays a commission to the dealership based on the terms of the agreement. While this arrangement can be beneficial for dealerships by offering them additional revenue, it may also affect the overall cost and structure of the finance deal for the customer.
Finding Your Lender
After purchasing your Hyundai through Perrys Motor Sales, it is crucial to identify which lender provided the finance agreement. This information is typically found in your finance documentation, usually under sections detailing the terms of the loan or the details of the financial institution involved. You should carefully review any paperwork you received from Perrys Motor Sales at the time of purchase and look for the name of the lending institution.
If you believe there are issues with your Hyundai finance agreement, such as overly high interest rates or hidden fees, it is important to address these concerns directly with the lender-not Perrys Motor Sales. Consumers who bought a car from Perrys Motor Sales should contact their respective lenders to discuss any problems they may have encountered. The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected during the period in question, leading to an overall total of £8.2 billion and an average claim value of £700 (FCA estimate). You can
complain directly to your lender for free without needing a
claims management company.
You do not need a claims management company to pursue a car finance claim. The process is straightforward and can be handled independently by contacting the relevant lender with any concerns you may have about your agreement.
Sources and references
- Financial Conduct Authority (FCA). "Motor Finance: Disposal of Claims Management Companies". [Source link]
- Financial Conduct Authority (FCA). "Consumer Credit Sourcebook 2014". [Source link]