Genesis car finance claims involve vehicles purchased through dealers like TrustFord. While TrustFord may not currently stock Genesis models, many consumers bought Genesis vehicles from TrustFord or similar dealer groups on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance agreements.
Genesis Finance at TrustFord
When you buy a Genesis vehicle from TrustFord using PCP or HP, the transaction involves two key entities: TrustFord as the dealer and an unnamed lender that provides the financing. This arrangement can be complex, especially when considering discretionary commission arrangements (DCAs). A DCA is a financial agreement between the finance company and the car dealership, which can impact the terms of your finance contract without you knowing it.
TrustFord operates UK-wide, making it accessible for many consumers to purchase Genesis vehicles on finance. However, it’s crucial to understand that TrustFord is the dealer who facilitates the sale but does not provide the financing itself. The actual lender will be named in your finance agreement and could be a major bank or a dedicated car finance company.
Finding Your Lender
To determine which lender provided the finance for your Genesis vehicle bought at TrustFord, you must look at the documentation you received when setting up your finance agreement. This document should clearly state the name of the lending institution involved in your deal. If you are unable to locate this information or if it is unclear, contacting TrustFord directly can help clarify who your lender is.
If you believe that a discretionary commission arrangement (DCA) affected your finance agreement when purchasing a Genesis vehicle from TrustFord, the first step should be to [complain directly](https://mlj.org.uk/guides/how-to-complain-to-your-lender) to your lender. You do not need a claims management company; you can handle this process yourself at no cost. Gather all relevant documentation and evidence related to your purchase and any issues encountered with your finance terms.
You can also seek assistance from independent resources like Motorists Legal Justice (MLJ) for guidance on how to proceed with your complaint. Remember, the FCA estimates that around 14 million agreements were affected by DCAs between 6 April 2007 and 1 November 2024, resulting in an average refund of £700 per case.
Sources and references
- Financial Conduct Authority (FCA). "Discretionary Commission Arrangements: A Review." FCA Handbook. 1 November 2024.
- Motorists Legal Justice (MLJ). "Understanding Car Finance Claims." MLJ.org.uk. Accessed on 1 November 2024.