Martin Lewis is a well-known financial journalist in the UK and a famous consumer advocate. Recent examinations by the Financial Conduct Authority (FCA) have discovered a series of mis-sold car finance deals from 2007 to January 2021. According to the news, millions of Audi buyers who purchased Audi on PCP deals during this time period are subject to Audi PCP claims.
Audi PCP claim Martin Lewis has gained immense popularity after the PCP scandal in the UK market. The complexities of the PCP deal gave certain benefits to the lenders and the car dealers that they might have misused against customer rights. Some, not all, PCP and HP deals might have been mis-sold at that time. There are different reasons why a PCP contract can be mis-sold. Let’s get an overview of the PCP agreement first.
Overview of PCP Agreement
Unlike an HP contract, a PCP contract offers payment flexibility to the customers. The structure of the PCP contract is as follows:
- Initial Payment
- Monthly Instalments
- Optional Balloon Payment or GMFV
An initial depository is required for both financial contracts. Both financial agreements have monthly instalments, but a PCP contract offers lower monthly instalments than an HP agreement. Furthermore, another distinction between an HP agreement and a PCP contract is that a PCP contract holder is offered three end-of-term options.
- Return the car
- Retain the car
- Renew the car
For instance, if a buyer wants to upgrade his car at the end of the signed contractual period, he can do so by signing a new PCP deal for a new model. The remaining amounts will be adjusted in the new PCP deal. If he wants to retain the exact vehicle, he can do so by paying the final lump sum or the balloon payment. A balloon payment is also known as a Guaranteed Minimum Future Value (GMFV). If necessary, the customer may return the car without paying any additional amounts. These three options are available for all PCP contract holders. This is the major differentiation between the two financial contracts.
Martin Lewis on Audi PCP Claims
According to Martin Lewis’s research, millions of PCP contract holders were mis-sold and should be paid refunds. The FCA has also named the financial institutions that were most likely involved in mis-selling.
If a person purchased any car on finance, such as a Land Rover on a PCP deal from Moneybarn, he could be mis-sold and can claim for mis-sold car finance Moneybarn. He can seek a Land Rover PCP claim from his lender.
While the PCP claim process may seem daunting, it’s important to remember that you’re not alone. By seeking the assistance of PCP claim experts, such as those at Kingsley Marketing, you can navigate every aspect of your claim with confidence and ease, ensuring a fair resolution to your case.
The process begins with collecting evidence for your claims. You should have a solid reason to file a refund on your mis-sold deal. Then, you should gather all paperwork, documents, e-mails, and marketing materials that are relevant to support your claim. Finally, contact your lender to proceed with your claim process. If the lender is not willing to proceed, then you should seek help from the Financial Ombudsman Service (FOS) or otherwise seek legal support from Kingsley Marketing PCP claim experts.
Claim for Mis-Sold Car Finance
Here are some potential reasons to claim mis-sold car finance deal. Your PCP contract might be mis-sold if,
- Your financier or the car dealer did not adequately explain the PCP agreement.
- You were not familiar with the additional mileage expenses and depreciation costs at the end of the contract.
- The sales tactics influenced you to sign the PCP deal.
- Your financial condition was not suitable for the PCP contract.
- You were not provided with the breakdown of total costs and interest rates.
- You were charged higher interest rates than the market rate.
- You did not understand the terms and conditions of the PCP contract, including end-of-term options.
According to Audi PCP claim Martin Lewis, customers can claim for mis-sold cars. Whether it be Audi PCP claims, BMW PCP claims, or Mercedes PCP claims, you can contact a PCP claims expert to handle your claim request.
A mis-sold PCP deal can lead to financial stress and frustration. Therefore, understanding the PCP agreement and following a fair and transparent contract procedure will help you eliminate additional tensions and refunds. All car buyers must conduct thorough research before finalising any financial agreement. You may ask questions from your car dealer and get a detailed explanation of the contract. PCP customers should be aware of their rights and must compare the best offers. If the problem persists, consider getting legal advice from claim experts in your area.