If you purchased a Hyundai vehicle through Stoneacre Motor Group, it is important to understand the potential issues surrounding your car finance agreement. The Financial Conduct Authority (FCA) estimates that 14 million agreements were affected by problematic discretionary commission arrangements between April 6, 2007, and November 1, 2024, with a total of £8.2 billion in overcharges and an average claim amount of £700 (FCA estimate). Stoneacre Motor Group stocks Hyundai vehicles and operates primarily in the North and Midlands regions.
Hyundai Finance at Stoneacre Motor Group
When you buy a new Hyundai from Stoneacre Motor Group, the dealership typically offers
Personal Contract Purchase (PCP) or
Hire Purchase (HP) financing options. These agreements often involve discretionary commission arrangements (DCA), where lenders pay dealers a portion of your finance payments as an incentive for arranging the car finance through them. The FCA found that some of these DCAs may have resulted in higher interest rates and additional fees for consumers, leading to overcharges on their car finance deals.
Finding Your Lender
It is crucial to identify which lender provided the finance agreement when you bought your Hyundai from Stoneacre Motor Group. While Stoneacre Motor Group acts as the dealer and arranges the car finance deal, it is not the lender itself. To find out who the actual lender was, carefully review your finance agreement or contact Stoneacre Motor Group for this information. The lender's name will be clearly stated in your contract documentation.
If you suspect that your Hyundai car finance deal through Stoneacre Motor Group may have been affected by a problematic DCA, the first step is to
complain directly to your lender. You do not need to use a
claims management company; this process can be handled entirely on your own at no cost. The lender will investigate your complaint and determine if you are eligible for compensation based on FCA guidelines. If you discover that your finance agreement includes an overcharge, the lender should refund any additional fees or interest rates paid due to the DCA.
Sources and references
- Financial Conduct Authority (FCA) estimates: 14 million agreements affected, £8.2 billion total, £700 average claim amount.
- Stoneacre Motor Group website: Dealer locations in North and Midlands regions.
- FCA regulatory timeline: Impact of DCAs on car finance agreements from April 6, 2007, to November 1, 2024.