Stellantis Finance

HawayDurham25

Has anyone on here had a CCA regulated agreement with Stellantis recently? I took out finance when I bought a new car in 2023. In January this year I repaid it early. I never received a statement from them at any time. Under CCA regulations (S.77A 1) firms have to send regular statements (usually annually) to borrowers. If they fail to do so, they are not entitled to charge interest (S77A 6b). Nor are they allowed to take any enforcement action (S77A 6a). I raised a complaint with them asking for the interest to be refunded. They completely ignored the complaint and I took it to the Financial Ombudsman. They have now agreed to refund the interest (by the by they have told the Ombudsman I paid approx £200 interest when in fact I paid over £300, but I'lll persist and get the rest back). The reason for my post is to try to see if I am the only Stellantis customer who hasn't received annual statements. 

retiredbanker1

Are you sure they were not sent in digital form?

Could be by e-mail or in the Stelantis Loan Portal?

Had it been a widespread event it would have probably been on here - how long did you have the loan for? £200 suggests recently - before the 1st anniversary of the loan?

HawayDurham25

Hi, definitely didn't receive it via their online portal. I took the finance out in May 2023 and repaid it in January 2025. There should have been an annual statement in May 2024 and then a closing statement in January this year. To clarify, they have replied to the Ombudsman and admitted that they didn't provide any statements and agreed that they have breached the relevant section of CCA. They have already refunded interest of £190+. The matter is still ongoing because I actually paid £330+ interest. I have worked that out by calculating how much I paid (no. of monthly payments x amount of mthly payment + final payment) minus the amount I borrowed. 

retiredbanker1

If the ombudsman has ruled in your favour can you now ask them for the statements?

sourcrates

Yes, (S 77a1) CCA, the requirement to send statements, is mostly overlooked by many lenders.

And yet you are correct in that they cannot charge interest for any period they were in breech of the regulations.

Never dealt with that particular company, but Black Horse also adopted a similar strategy in the past.

HawayDurham25

With regard to Stellantis providing statements, I would have thought that they would do that as a matter of course, but from things they have said throughout this whole process, I doubt that they will do so. Right at the very start of this saga, I asked them to confirm whether they had ever issued statements. They decided to treat the enquiry as a complaint (possibly hoping I would just give up?). After 8 weeks they told me that they were still investigating the matter but I could refer the matter to the Ombudsman. I have previously worked for a bank for 20+ years and then as a debt advisor with Citizens Advice, so was quite happy to escalate it. They eventually admitted to the Ombudsman that they hadn't issued any statements and paid £100 compensation. In the meantime, I had raised the complaint about the breach of CCA, as I said previously they have already refunded £190 of the interest. My reason for raising the matter on this forum is to see if other Stellantis customers have not received statements and might therefore be able to reclaim the interest they have been charged. Additionally, if anyone has had a vehicle repossessed they can claim compensation as s.6a prohibits the lender from taking enforcement action if they haven't issued statements correctly. I would find it hard to believe that out of the thousands of customers Stellantis have, I am the only one who has not been sent a statement.

HawayDurham25

Latest up-date, Stellantis have informed the Ombudsman that due to human error they miscalculated the amount of interest and will refund the remaining £130+ as well as a nice bit of compensation for mishandling the complaint.

diveunderthebonnet

HawayDurham25 said:

Latest up-date, Stellantis have informed the Ombudsman that due to human error they miscalculated the amount of interest and will refund the remaining £130+ as well as a nice bit of compensation for mishandling the complaint.

Well done on getting a result.