Peugeot is a French automobile brand. It is renowned for its stylish, sleek, and innovative vehicles. Over time, it has amassed immense acclaim around the globe. Whether it is their compact city cars, SUVs or sports cars, Peugeot consistently delivers a balance of comfort, practicality, and affordability. Many of its new models incorporate eco-friendly features benefiting eco-conscious customers.
Peugeot is a popular customer choice in the UK. Many individuals purchased Peugeot on car finance in the UK, which is suitable for all Britishers. It comprises Personal Contract Purchase (PCP) and Hire Purchase (HP) finance. If anyone purchased a Peugeot on PCP finance, he may make a Peugeot PCP claim.
What is a Peugeot PCP Claim?
If you purchase any vehicle, an Audi, Land Rover, Mercedes, or BMW on finance from any financial service provider, for instance, Capita Finance Services, you can make a PCP claim against mis-selling of PCP deal.
PCP agreements are tough to understand. Most people do not understand them while signing the PCP deal. They rely on car dealers or brokers to help them find the best possible deal. Unfortunately, if the dealer or the broker does not explain the contract to the customer and charges a high or hidden fee, this can be counted as a mis-sold deal.
A PCP contract involves an initial payment which is followed by low monthly instalments for two to four years. At the end of the contractual term, the customer can own the vehicle by paying an optional final lump sum, also known as the balloon payment. This is an optional payment and is a huge amount, so customers should be aware of it before signing the deal. Furthermore, a PCP contract offers an exchange and return option as well. For example, if the customer wishes to return the car without paying the balloon payment, he can return it to the car dealership. If he wishes to get a new car in exchange for the old one, he can sign a new PCP deal.
These end-of-term options are only available in the PCP car finance.
If you sign an HP car finance deal, you will be charged an initial amount and a fixed monthly payment. This will continue until the customer pays the entire cost of the car. An HP contract does not offer three end-of-term options like a PCP contract. The customer becomes the vehicle owner in an HP car finance deal.
How to Make a Complaint Against PCP Car Finance Mis-Sold?
If you think you have been mis-sold on your car finance deal, you can make a PCP claim on any type of car. The PCP claim process is simple and not as complicated as the PCP contract. However, there are some points to consider while making a PCP claim.
You can make a PCP claim against your lender, broker, or car dealer if they:
- Failed to explain the terms and conditions of the PCP contract
- Did not inform you about the final payment, balloon payment and additional costs
- Did not offer the most suitable financial deal for your needs
- Did not run a complete financial check on your status
- Did not provide a complete breakdown of the total costs of the contract
- Did not disclose the hidden fees, charges, or commissions that were charged on your contract
- Charged excessively high interest rates on your PCP or HP contract
- Did not inform you about the car’s condition and other mileage restrictions
- Pressured you to sign the deal without taking additional time or advice
If you signed the PCP deal before 2021, you can apply for a PCP car finance compensation. According to the Financial Conduct Authority (FCA), PCP or HP deals that were signed between 2007 and 2021 can be mis-sold to customers. This is because of the Discretionary Commission Arrangements (DCAs) that encouraged dealers and lenders to charge hidden fees and excessive commissions on car deals without informing the customers. Many customers were unaware of the fact that they were paying extra charges, and eventually, it resulted in financial and psychological stress. This practice was later banned by the FCA in 2021, and the car finance contracts that were signed before 2021 can be evaluated for refunds.
Make a Claim with PCP and HP Claims Expert
If you are worried about the PCP claim process, you should hire our claim experts at PCP and HP claims. We have a dedicated team of PCP claim experts who are trained to tackle all sorts of claim queries. We have developed a proper system to handle PCP car finance compensation claims. If you want to check your claim eligibility status, you will have to fill in some basic details and then our claim experts will guide you on each step.
After analysing your case, we will gather evidence for the mis-selling claim and then make a formal complaint against your lender, dealer, or broker. This is a free-of-cost process until you win your claim for compensation. It will take some time as it involves some legal procedures. Meanwhile, you do not have to worry about a thing.
Just click on our website and fill in your details to proceed with your PCP claim.