Are PCP/ Hire purchase (HP) claims really for me?
They are, if:
- Your PCP deal was within the last 10 years
- You were charged more than 4.9% APR
- The contract wasn’t explained clearly to you, including fees, total cost and interest rates
- You didn’t receive as competitive offers as you could have been
- Ownership of the vehicle during the length of the contract wasn’t explained
- You were not aware of a mileage limit
- The loan you were given was unaffordable, and the seller knew this
- Alternative financial options were not offered to you
- Add-on insurance was pushed on you, but you didn’t need it
- You were informed that high costs would be incurred if you damaged the vehicle
- PCP claims are real and available for hire purchase as well.
Together,
We Win
Digging Deeper into Mis-sold Car Finance
The Financial Conduct Authority (FCA) inspected and found widespread evidence of mis-selling across various vehicle financing options, including PCP. Our commitment is to investigate for you, absolutely free, and determine if you’ve been a victim of mis-sold vehicle finance. Here’s what our check involves:
1. Ensuring transparency in the commissions you pay.
2. Verifying the fairness and transparency of the commission arrangement you were charged.
Rest assured, we’ve got your back!
At PCP CLAIM GURU, our top priority is to assist you in claiming compensation for mis-sold vehicle finance. No need for a long road trip; we’re cutting through the traffic and offering you a no-win-no-fee service to assess whether mis-selling occurred when you took out PCP finance.
Wondering About Your Claim Eligibility?
When you buy a car from a dealership, they may assist you in securing a loan through a company. However, the dealership might forget to inform you they will receive a commission for arranging the loan with the provider. In such cases, we are here to help you navigate this situation and determine the compensation you may be entitled to.
Maintaining transparency throughout this process is crucial to avoid potential issues in the future. It is essential to be aware of “section 140” of the claim, which clearly states that both the dealership and the finance provider must be open and transparent about the commissions. This ensures clarity regarding who is covering the commission cost, preventing manipulation of interest rates that could affect you.
What Is Mis-sold Car Finance?
The Financial Conduct Authority (FCA) has exposed the details surrounding the widespread issue of mis-selling various types of vehicle financing in a recent revelation. According to the authority’s investigation, it was determined that over 560,000 individuals were paying over 50% more than they should for their car finance.
This mis-selling phenomenon extended across all types of vehicles, including new and used cars, vans, motorcycles, and even motor homes/caravans. No vehicle was exempt, and it occurred with various financing options such as personal contract hire (PCP), hire purchase (HP), contract hire, or traditional car loans. PCP agreements, where lower monthly payments end up resulting in higher-than-anticipated interest charges, proved to be a significant part of the problem, with substantial payments required at the end.
Further investigation by the FCA unveiled the deceptive practices of brokers manipulating interest rates. By inflating interest rates, dealerships earned larger commissions from finance providers.
Interestingly, some dealerships admitted to engaging in unethical practices, acknowledging that they were not treating their customers fairly and essentially charging them to maximize their own profits. Shockingly, the FCA discovered instances where dealerships and finance companies were overcharging customers by up to £1,100 per deal. In certain cases, opting for a hire-purchase package might have been a more financially sound choice.
Within the motor finance industry, customers were kept in the dark regarding the commissions involved, resulting in unwittingly higher payments for their vehicle finance. Even prominent brands like Audi, BMW, Mercedes, and Lord Rover (Black Horse) were implicated in this dubious business.
Adding to the complexity, customers were often not informed about commissions, a crucial factor that could influence their decisions. This critical information was frequently omitted conveniently.
In essence, this situation has paved the way for customers to seek financial compensation on various grounds. The mis-selling of car finance appears to be evolving into the compensation scandal of the decade, prompting millions of customers to step forward and claim what is rightfully theirs. If you’re curious about the potential compensation owed to you, initiate a free check with us today.
Get In Touch
Contact Info
No.3 Fulwood
3 Caxton Road
Fulwood
Preston
PR2 9ZZ
p: +44 7548 994743
E: info@pcpclaimguru.co.uk
