Have you purchased your car within the past few years? The chances are that your car was purchased on a PCP (Personal Contract Purchase) deal like 90% of new car deals.
What does that mean for you? It means that your car was sold to you at a higher rate of interest than necessary in order to get the highest possible commission. It could also mean that you were sold a plan that was suspected to be unaffordable for you and you may be entitled to car finance compensation.
Elite Chambers have been investigating PCP Car Finance and it has been a concern with the way in which deals are set up, as customers are not being allowed enough time or given enough information to fully understand the contract they are entering into. Poor assessment of affordability is another area where the regulator wants action to be taken.
Here at Elite we want to make it easier for the consumer, so we have designed a checklist below to see if you have been mis-sold PCP Car Finance and if so, what to do next.
DO I QUALIFY TO MAKE A CLAIM?
If you answer ‘No’ to any of the below, you may be eligible to make a claim:
- Were you advised of the commissions that were being paid?
- Were you offered the best interest rate available?
- Were you offered various finance options based on your circumstances, and informed how they differ?
- Was the agreement unaffordable, or was the agreement not properly explained to you?
WHAT HAPPENS TO MY VEHICLE?
If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.
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