Black Horse is a well-known market player in the car finance industry. Lloyds Banking Group owns it. It provides comprehensive financial planning and wealth management solutions. Not only that, but it is also a prominent car financing provider that offers a range of vehicle financing options for both new and used cars. Black Horse specialises in helping individuals and businesses secure the funding to purchase vehicles.
Black Horse offers personal contract purchase (PCP) and hire-purchase (HP) agreements to its customers. Alongside vehicle financing firms like Santander and MotoNovo, Black Horse plays a significant role in the motor finance industry. The recent investigation by the Financial Conduct Authority (FCA) has found the practice of Discretionary Commission Arrangements (DCAs) by most of the moneylenders, including Black Horse. Therefore, an individual who purchased a car on PCP finance from Black Horse may apply for a Black Horse PCP claim.
What are PCP Agreements?
Personal contract purchase (PCP) is a type of motor finance agreement where a customer buys a car in monthly instalments. At first, the customer pays an initial deposit. Then, he pays monthly instalments, and at the end, he pays an optional balloon payment.
An optional balloon payment is a final lump sum amount the customer pays to own the vehicle. It is also known as a Guaranteed Minimum Future Value (GMFV) or the residual value.
If the customer does not want to pay the final amount, he can return the vehicle or exchange it for a new model on a new PCP agreement.
So, basically, the PCP agreement has three end-of-term options: retain, return or exchange the car. The PCP contract is spread over the years to facilitate the customers. Anyone can use his desired vehicle during this period without worrying about the total amount. Black Horse offers great PCP contracts to its customers based on their financial needs. However, some PCP contracts might be mis-sold to the customers.
What is a Mis-Sold Car Finance?
A mis-sold car finance indicated a mis-sold PCP or HP contract. Mis-selling happens when the seller fails to inform the customer about the finance agreement accurately. For example, any customer who wants to own an Audi can opt for a Black Horse PCP contract because of its flexible payment plans. But if Black Horse charges hidden fees or commissions on the PCP deal without informing the customer, it can be considered mis-selling. The customer can seek a Black Horse PCP claim.
According to the news from the FCA, PCP, and HP, contracts that were signed between 2007 and 2021 might have been mis-sold to customers. The authority claims that Discretionary Commission Arrangements (DCAs) were not banned then, and many lenders might have charged excessively high interest rates on the PCP deals. Black Horse is one of the dominant market players in PCP finance, and millions of PCP agreements were signed before 2021. The company has already set aside millions of pounds as refunds for the mis-sold PCP deals. Therefore, anyone who purchased a vehicle on PCP finance through Black Horse can get a Black Horse finance refund.
Furthermore, there are some other reasons for a mis-sold PCP deal as well.
- The lender failed to inform you about the balloon payment.
- The lender did not check your affordability before signing the deal.
- The lender or the salesperson did not provide you with the best financial product.
- The lender or the dealer did not update you on the car’s condition, mileage, or other restrictions.
- The dealer should have provided you with the total cost breakdown of the financial contract.
You can make a PCP claim if the dealer or the lender pressured you to sign a PCP contract that was inappropriate for you.
How to Make a Black Horse PCP Claim?
PCP claim process is simple yet time-consuming. It requires legal expertise and professional assistance. Therefore, if you purchased a car on PCP finance from Black Horse, you can apply for a Black Horse PCP claim with us. Our team at Kingsley Marketing is experienced in handling the claim process. We have a dedicated team of PCP claim experts who are working endlessly and tirelessly to apply for PCP refunds.
Our process is simple and easy. Our website has a free online claim-checking tool to check your eligibility for the PCP claim. If you purchased a car on motor finance from Black Horse before 2021, there is a chance that you might get a refund. To learn more, gather all relevant information, details, and documentation to apply for a refund. It is important to fill in the required details before submitting an online claim application. Once you submit your information, our PCP claim experts will study your case and provide you with a free consultation. Our claim process is free, and we do not charge fees until you win your refund.
For a free consultation, claim now!