TrustFord, a well-known UK-wide dealer group, was involved in many Audi car purchases through PCP or HP finance agreements during the period from 6 April 2007 to 1 November 2024. Although TrustFord may not currently stock Audi vehicles, it is important for consumers who bought an Audi through them to understand their rights regarding any potential issues with their finance agreement.
Audi Finance at TrustFord
When purchasing a new or used Audi from TrustFord using PCP (Personal Contract Purchase) or HP (Hire Purchase), the dealership acts as the intermediary between you and the lender. The dealer arranges your car finance, but it is crucial to remember that TrustFord is not the actual lender. Instead, they facilitate the process through a discretionary commission arrangement (DCA). In such arrangements, dealers can earn additional commissions based on various factors, which may include the terms of the loan agreement.
Understanding how PCP and HP work when buying an Audi from TrustFord involves recognising that these finance agreements are typically structured to allow you to pay for your car over a set period. With PCP, you make monthly payments and at the end of the contract, you can choose to either return the vehicle, buy it outright, or extend the agreement. HP, on the other hand, allows you to own the car by making regular payments throughout the term until the loan is fully paid off.
Finding Your Lender
To complain effectively about any issues with your Audi finance agreement purchased through TrustFord, you should identify which lender provided the finance. This information can be found in your finance agreement documents or on the initial paperwork you signed when purchasing your vehicle. You should look for a section that clearly states who the finance provider is and their contact details.
It’s important to note that while TrustFord facilitated the purchase of your Audi, any complaints about the finance agreement must go directly to the lender. The dealer does not have the authority to handle financial disputes.
If you suspect there are issues with your car finance agreement, such as being overcharged or mis-sold a product, it is crucial to complain directly to your lender without involving any third-party claims management company. You can do this by contacting the lender’s customer service department and explaining your concerns.
The Financial Conduct Authority (FCA) estimates that around 14 million agreements were affected by issues related to discretionary commission arrangements during the period from 6 April 2007 to 1 November 2024, with a total value of £8.2 billion and an average cost per customer of £700. This means there are significant potential refunds available for those who suffered financial losses due to these practices.
You do not need a claims management company to make your complaint; you can handle it directly with the lender at no additional cost. Simply gather all relevant documentation, including your finance agreement and any correspondence related to the issue, and present them clearly in your complaint.
Sources and References
- Financial Conduct Authority (FCA). "14 million agreements affected by discretionary commission arrangements" (6 April 2007 - 1 November 2024).
- Financial Conduct Authority (FCA). "Total value of £8.2 billion lost to consumers due to discretionary commission practices" (6 April 2007 - 1 November 2024).
- Financial Conduct Authority (FCA). "Average cost per customer: £700" (6 April 2007 - 1 November 2024).