PCP Mis selling

Have you entered a personal contract purchase (PCP) agreement in the past 10 years?

If so, your PCP agreement may have been mis-sold. This primarily happens via your car dealer taking hidden commissions that see you pay more than you should have done, but there several ways in which PCP mis-selling may have occurred.

Many car dealers have openly admitted profiting from mis-sold PCPs, so it is worth discovering if you have been mis-sold!

Contact us now for a FREE assessment of your claim.

You could have paid thousands more than you should have done!

Your car dealer might have highlighted its PCP deals to help you buy your dream car at what they said was a cheaper rate. If paying for the car with cash upfront or hire purchase options were unaffordable, you may have been pushed towards a PCP deal.

PCPs have proven popular among both motorists and car dealers. Who wouldn’t love getting a brand new car every 2 – 3 years? Which business wouldn’t be happy locking in their monthly revenue over at least the same period, knowing their customer will likely come back and agree a new deal?

However, while PCP straightforward enough, they can actually be complex in nature. It is this complexity that allows car dealers to hide their commission in your payments, all the while making your PCP feel like an offer you can’t refuse.

Do any of these scenarios sound familiar?

As with other types of financial mis-selling, it can be difficult to know if you have been mis-sold a PCP deal.

However, if any of the below scenarios sound familiar, there is a chance you may have been mis-sold, and we can help you claim compensation:

  • Your car dealer did not explore how affordable your PCP deal would be and you subsequently found it difficult to keep up with your monthly payments.
  • Your car dealer did not fully outline the applicable interest charges.
  • Your car dealer pushed you towards PCP and did not offer you a variety of options, such as hire purchase, even if these would have potentially been suitable and affordable for you.
  • You were otherwise made to feel pressured into taking out a PCP deal.
  • Your car dealer didn’t clearly outline what excess mileage charges would apply to your PCP deal.
  • Your car dealer didn’t make it clear who the actual owner of the vehicle is or would be, and under what circumstances you would be able to become the owner of the vehicle.
  • Your car dealer didn’t clearly explain the structure of a PCP and how these work.
  • Your car dealer, or another party, such as a broker, provided misleading advice relating to the terms of your PCP agreement.
  • Your final payment turns out to be far more than was originally advised at the time of sale or that you expected.
  • Your car dealer didn’t make it clear who was financially responsible for paying for servicing and repairs.

As you can see, there are many ways you may have been mis-sold a PCP agreement!

If any of those sound familiar, get in touch with us now!

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