Owning a Land Rover is considered the pinnacle of luxury and capability. A personal Contract Purchase (PCP) finance arrangement allows Land Rover owners to enjoy thrill and financial flexibility. Land Rover vehicles are famous for their design, technology, and off-road durability. It is a popular choice among enthusiasts due to its adventure and refinement.
Buying a Land Rover on PCP finance is a well-structured financial approach. It allows owners to pay affordable monthly instalments and gives them a slew of end-of-term options. You can choose to purchase it directly, return it, or upgrade to a new model with a new contract. PCP finance enables customers to buy luxury at an affordable price. However, if a PCP deal is mis-sold, it may become a liability. For that, customers can file for a Land Rover PCP claim.
We will discover how PCP finance deals can benefit its users alongside its associated mis-selling claims.
Land Rover PCP Finance
Why do people opt for a PCP deal?
This is the most intriguing question before moving on to the PCP claim process. The answer is simple: it is beneficial for Britishers to choose a finance plan that offers,
- Low initial deposit
- Less monthly payments
- End-of-term options
- Flexible payment schedule
- A chance to drive the latest Land Rover models
These are some benefits of a PCP contract. Unlike a Hire Purchase (HP) contract, where you will have to pay a fixed monthly amount, which is higher than a regular PCP instalment. Furthermore, a PCP buyer has three opportunities at the end of the contractual term, which are:
- Renew: Sign a new PCP contract for another model after making the remaining adjustments.
- Return: You may return the vehicle without making any final payment.
- Retain: Become the owner of your Land Rover after paying the final balloon payment.
Now, most individuals get confused about the term GMFV or the balloon payment. These are basically the same, interchangeable terms. As you know, once you sign a PCP deal, you have to pay an initial deposit, which is then followed by a monthly instalment. Then, in the end, a final lump sum, balloon payment, or Guaranteed Minimum Future Value must be cleared out as per the signed agreement. The GMFV amount is based on the dealer’s estimation of the value of the car at the end of the PCP contract.
Sometimes, people sign the PCP contract in a hurry without adequately understanding the terms and conditions, which can lead to a mis-sold car finance deal. Mis-selling occurs due to the following reasons:
- You were not informed about the balloon payment.
- You were not informed about the mileage and other car restrictions for the PCP contract.
- The dealer pressed you to sign the contract.
- You were not offered better finance options suitable for your needs.
- You had no idea of the interest rates and total cost breakdown.
Most recently, the FCA found out that many people signed a mis-sold PCP contract in the UK. This became widespread news in the UK’s financial market. Thus, thousands of Land Rover buyers are thinking of filing a mis-sold car finance claim.
How to Check Your Eligibility for Compensation?
The FCA has pulled out names of the finance providers who might have mis-sold PCP contracts during 2007 and 2021. If you bought your Land Rover during this time frame on a PCP deal, you should check your eligibility for a mis-sold PCP claim.
PCP claims are a top trending topic in the UK market. Not only Land Rover owners but also other car owners are seeking refunds. Anyone who bought a car on a PCP deal from these financial providers, namely, Black Horse, MotoNovo, and Close Brothers, might have been a victim of a mis-sold deal.
The simple way to check for compensation is to check online via a free PCP claim checker. You just have to provide some information, such as your car registration number or contact details, to claim a free check. This free PCP checker is available on our website, Kingsley Marketing.
Hire PCP Claim Experts
You can always opt to seek professional help from our PCP claim experts at Kingsley Marketing.
What we will do for you?
- Identify the reason for mis-selling
- Gather evidence
- Contact the lender
- Apply for a PCP claim
- Manage your claim process professionally
- No win, no fee service
Identifying the reason for a mis-sold PCP finance for any car, whether it be an Audi or a Land Rover, is very important. The claim process relies upon the authenticity of the claim. We should gather all evidence before applying for a refund. If you have any written document, receipt, or email, you should gather it all together.
Furthermore, it is a no-win, no-fee service. It implies that we do not charge anything until and unless you win your claim amount on your Land Rover PCP claim or PCP claims Audi. The PCP claim process is spread over months, which is why it is better to hire lawyers to take care of your claim process.