Ford is a globally recognised car brand. It is known for its design, reliability and wide range of cars that cater to different customer needs. Ford makes different types of cars, ranging from sports cars to eco-friendly Ford Mustangs. Individuals and businesses prefer buying Ford for various reasons. For that reason, car finance agreements are a good option to ease financial burdens.
Car finance agreements are long, complex, and tricky. You might need professional advice before signing up for a new car finance contract. Sometimes, the dealer fails to inform you adequately about the car finance contract and as a result, you might get mis-sold on a car finance deal. If this happens, you can apply for a Ford PCP claim. We will discover details on how to protect your investment and get a refund.
Exploring Car Finance Options
There are different sorts of car finance deals. The most popular among them are PCP contracts. A Personal Contract Purchase, also known as a PCP contract, is a car financing agreement signed between the lender and the buyer while making a purchase. This is a flexible PCP contract which offers three end-of-term options which no other car finance contract offers.
Another type of car finance agreement is a Hire Purchase (HP) agreement. In an HP contract, a buyer makes an initial deposit and then pays the remaining price in monthly instalments, after completing the payment. The buyer becomes the owner of the car.
However, in a PCP contract, the buyer is given three end-of-term options to choose from, and he can either retain, return, or exchange the car. Once the initial amount is paid, the buyer will make lowered monthly payments, and then he will make an optional final payment. This is known as a balloon payment or a Guaranteed Minimum Future Value (GMFV). This payment is only due when the buyer wants to own the vehicle; otherwise, he may return it at any time.
Furthermore, if the buyer wants to renew his car at the end of the PCP contract, he can sign up for a new PCP deal for the latest model. This option is only available in a PCP contract. Therefore, most people prefer buying cars on PCP contracts.
PCP contracts are a popular form of car finance agreements in the UK. People who purchased Ford cars on PCP deals might be mis-sold on their PCP contracts for various reasons. Let us uncover them in detail.
Common Indicators of a Mis-Sold PCP Agreement
If you purchased a Ford on a PCP deal before 2021, you might have been mis-sold car finance PCP. According to the Financial Conduct Authority (FCA), Britishers who purchased cars on PCP deals from 2007 to 2021 might have been overcharged on their PCP contracts. Before 2021, lenders and brokers were allowed to make Discretionary Commission Arrangements (DCAs), which resulted in excessively increased costs for PCP contracts. This caused the buyers financial stress, and most could not pay the amount back. Thus, the authorities banned this practice in 2021 and are working on the complaints made by those buyers. If you also purchased a car on a PCP contract, you could claim for mis-sold PCP.
There are some other reasons for mis-selling as well, which include:
- The lender or the dealer did not inform the buyer about the terms and conditions of a PCP contract.
- The lender or the dealer did not disclose the hidden commissions that they charged on the PCP deal.
- The dealer failed to provide a complete breakdown of the total cost of the PCP contract.
- The salesperson pressured the customer to make the purchase without providing enough details.
- The lender did not offer the best financial product to the customer that was suitable for his needs.
- The lender did not check the customer’s financial condition before preparing a PCP contract.
- The dealer did not inform the customer about the balloon payment and other additional costs that the customer might have to incur.
All of these reasons are counted for mis-selling of a PCP deal. If you face any of the above-mentioned problems while purchasing a car, you can make a mis-selling claim. It is always better to talk to experts to handle your claim process professionally.
How to Get a Refund for a Mis-Sold PCP Contract
The PCP claim process is time-consuming and requires some legal work. You should opt for PCP claim experts to manage your claim process. Our experts at Kingsley Marketing are trained professionals based in the UK who can handle your Ford PCP claim process easily. You can also make a Volkswagen PCP claim with our PCP claim experts in the UK. We provide PCP claim service for all.
At first, we will analyse your claim eligibility and then proceed with your claim status. Our team will identify the reasons for mis-selling, and then we will write back to your lender to refund your mis-sold amount. This will take some time, but we will keep track of all the records, news, and updates for you. You do not need to worry about a thing. We will do all the technical work for you without any hidden fees. We have a team of legal experts in the UK who provide free PCP and HP claims service to all. So, Claim now.