Many consumers who purchased Chrysler vehicles through TrustFord dealerships on PCP or HP finance agreements may be eligible for compensation due to potential mis-selling practices. The Financial Conduct Authority (FCA) has estimated that around 14 million car finance agreements were affected between 6 April 2007 and 1 November 2024, with an average claim worth £700 per agreement, totalling nearly £8.2 billion in total.
Chrysler Finance at TrustFord
When purchasing a Chrysler vehicle through TrustFord or similar dealerships, consumers often opt for PCP (
Personal Contract Purchase) or HP (
Hire Purchase) finance agreements. These agreements are typically arranged by the dealer but provided by a separate lender. In this context, TrustFord acts as the intermediary between the consumer and the lender, facilitating the finance agreement process. One key aspect of these arrangements is the use of
discretionary commission arrangements (DCAs), which can influence how much commission dealers receive based on the terms of the finance agreement. This practice has been scrutinised by regulatory bodies for potentially leading to higher interest rates or additional fees for consumers.
TrustFord operates across the UK, making it accessible for a wide range of customers looking to purchase Chrysler vehicles through various financing options. TrustFord acts as the dealer and does not provide finance directly; instead, they arrange the finance agreements with lenders such as Santander Consumer Finance or Volkswagen Financial Services.
Finding Your Lender
Consumers who purchased a Chrysler vehicle through TrustFord should check their finance agreement documents to identify the lender. The finance agreement typically includes detailed information about the terms of the loan and the name of the lending institution. This document is crucial in determining which lender to contact for any complaints or disputes related to your car finance arrangement.
If you suspect that your Chrysler vehicle purchase through TrustFord was mis-sold, it is important to address this issue directly with the lender, not with TrustFord. The dealer does not handle financial agreements once they are arranged; therefore, any complaints or claims must be directed to the lending institution specified in your finance agreement. You do not need a
claims management company to file a complaint-complaining directly to the lender is free and straightforward.
To initiate a complaint, gather all relevant documentation, including your finance agreement, payment history, and any correspondence with TrustFord regarding the purchase of your Chrysler vehicle. Presenting this evidence clearly will strengthen your case when you contact the lender's customer service or complaints department.
Sources and references
- Financial Conduct Authority (FCA). "Car Finance: Guidance for Consumers." FCA, 2024.
- FCA estimates on affected agreements, total value, and average claim amount.