The Financial Conduct Authority (FCA) has taken regulatory action against car finance agreements, affecting millions of consumers who bought vehicles through dealerships such as Vertu Motors and manufacturers like Genesis. Many consumers purchased Genesis vehicles through Vertu Motors on Personal Contract Purchase (PCP) or Hire Purchase (HP) finance agreements between 6 April 2007 and 1 November 2024.
Genesis Finance at Vertu Motors
When purchasing a Genesis vehicle from Vertu Motors, the dealership typically arranges for car finance through various lenders. The finance agreement could be structured as either PCP or HP, both of which involve regular payments to cover the cost of the vehicle over an agreed period. During this time, consumers may also have paid an initial deposit and possibly other fees such as documentation charges.
Vertu Motors operates across the UK and has been known for its association with premium car brands, including Genesis when it was available through their network. However, even though Vertu Motors may not currently stock Genesis vehicles, many consumers purchased Genesis cars on finance agreements during the specified period. These agreements often involved a discretionary commission arrangement (DCA) where dealers received additional payments from lenders based on the volume of financed deals they facilitated.
Finding Your Lender
If you bought a Genesis vehicle through Vertu Motors and are unsure which lender provided your car finance agreement, there are several steps to identify them. First, review your finance contract or any correspondence with the dealer regarding the finance arrangement. The name of the lender will be clearly stated on these documents.
Alternatively, if you still have contact with Vertu Motors, reaching out directly can provide clarity about the specific lender involved in your car finance agreement. However, it is important to remember that Vertu Motors acts as a middleman between consumers and lenders; complaints should be directed to the actual financing provider rather than the dealer.
Consumers who believe they have been affected by unfair practices or errors in their car finance agreement with Genesis through Vertu Motors can complain directly to their lender without needing to engage a claims management company. You do not need a claims management company to assist you; complaining directly to your lender is free and straightforward.
The FCA estimates that approximately 14 million agreements may be affected, involving a total of £8.2 billion in car finance and an average claim value of £700 (FCA estimate). By contacting the lender directly with any concerns or disputes related to your finance agreement, you can initiate necessary corrective actions without additional costs.
Sources and references
- Financial Conduct Authority: https://www.fca.org.uk/
- FCA estimates on affected agreements: 14 million agreements (FCA estimate), £8.2 billion total (FCA estimate), £700 average claim value (FCA estimate)
- Vertu Motors website: https://vertumotors.com/