Stoneacre Motor Group, a prominent dealership in the North and Midlands regions of the UK, stocks a variety of Ford vehicles. If you purchased a Ford through Stoneacre Motor Group during the period from 6 April 2007 to 1 November 2024, it is essential to be aware that your car finance agreement might have been affected by issues related to discretionary commission arrangements (DCAs). This could mean that you are entitled to a refund of around £700 on average (FCA estimate), with the total amount estimated at £8.2 billion across 14 million agreements (FCA estimate).
Ford Finance at Stoneacre Motor Group
When buying a Ford vehicle through Stoneacre Motor Group, customers often opt for Personal Contract Purchase (PCP) or Hire Purchase (HP) financing options to manage their payments more effectively. These finance arrangements are typically arranged by the dealership but funded and administered by a financial lender. At Stoneacre Motor Group, the sales process might involve a discretionary commission arrangement (DCA), where the lender pays a commission to the dealer based on various criteria, including whether the customer chooses a particular type of financing.
Discretionary commission arrangements have been scrutinised for potentially inflating the cost of car finance agreements and leading to higher interest rates or other charges. This means that if you financed your Ford through Stoneacre Motor Group during the specified period, there is a chance your agreement was affected by these practices.
Finding Your Lender
To determine which lender provided the financing for your Ford purchased at Stoneacre Motor Group, carefully review the finance documents you received when purchasing your vehicle. The lender's name and contact details should be clearly stated in your loan agreement or contract papers. If you cannot find this information or need clarification, it is advisable to reach out directly to Stoneacre Motor Group's finance department for assistance.
If you suspect that your Ford car finance agreement was affected by a discretionary commission arrangement and resulted in higher costs, you should complain directly to the lender who provided your financing. It’s important to note that complaints about car finance agreements go to the lender, not Stoneacre Motor Group. You can contact your lender either through their customer service hotline or online complaint form. The process is straightforward and free of charge.
You do not need a claims management company to assist you with this process. Many consumers mistakenly believe they must hire an external agency to handle their complaints, but the FCA strongly advises against using such services as they may charge high fees for assistance that you can often manage independently.
Sources and References
- Financial Conduct Authority (FCA): 14 million agreements affected, £8.2 billion total, £700 average refund.
- Stoneacre Motor Group: North/Midlands dealership operating with Ford vehicles.