6 April 2007 to 1 November 2024 saw an estimated 14 million car finance agreements issued, with over £8.2 billion total outstanding under these contracts as of the latest Financial Conduct Authority (FCA) figures. Consumers who financed their Hyundai vehicles through TrustFord or similar dealer groups during this period may be eligible for compensation if they were affected by unfair discretionary commission arrangements (DCAs). While TrustFord no longer stocks Hyundai, many consumers purchased Hyundai vehicles through TrustFord on [Personal Contract Purchase](https://mlj.org.uk/guides/pcp-claims) (PCP) or Hire Purchase (HP) finance.
Hyundai Finance at TrustFord
When purchasing a Hyundai vehicle from TrustFord, the process typically involves selecting a car and arranging financing either through PCP or HP. In both cases, the dealer may negotiate with various lenders to secure funding for your purchase, which can include DCAs that benefit the dealer rather than the consumer. Under these arrangements, dealers might receive additional payments based on the interest rate set by the lender, potentially leading to higher finance costs for you as a borrower.
Finding Your Lender
To determine who provided the financing for your Hyundai through TrustFord, it is crucial to review the documents you received at the time of purchase. Look for the name and contact details of the lending institution on your finance agreement or contract. The lender could be a bank, credit union, or another financial institution that TrustFord has partnered with. Identifying the correct lender is essential before proceeding with any complaints.
If you suspect that your Hyundai car finance agreement was affected by unfair DCAs and resulted in higher costs than necessary, you should contact your lender directly to raise a complaint. TrustFord operates as the dealer and does not handle financial agreements; therefore, all complaints must go to the actual lender named on your contract. You do not need a
claims management company-complaining directly to your lender is free and straightforward.
Sources and References
- Financial Conduct Authority (FCA): "Motor Finance Market Study"
- FCA estimates: 14 million agreements affected, £8.2 billion total outstanding, and an average of £700 per eligible claimant.
- TrustFord website for dealer information.