Discover In 4 Simple Steps If You Have Been Mis Sold A Car On Finance
Step I. Complete our online form and check if you are a victim of mis-sold car finance.
Step II. Discuss the details of your claim with our team of experts.
Step III. Our team of experts will determine whether or not you have a claim.
Step IV. Submit your application.
4 Ways how you may have been mis-sold PCP Car finance
PCP Hidden Commission
It has been made clear that car finance organisations didn’t disclose hidden commissions paid to car dealerships and their sales team. A recent FCA mystery shopper exercise in 2018 discovered that out of 122 car dealerships visited, only 11 of them unveiled the commissions they received.
PCP Agreement Not Fully Explained
Some of the most infamous mis-sold PCP cases are from buyers that believe that they were rushed through the Terms and Conditions of the PCP agreement by the dealer. An FCA mystery shopper exercise found that approximately 70% of secret shoppers were not made clear that they would not completely own the vehicle until the final “balloon payment” was made. The FCA concluded that they were not satisfied that companies are not compliant with the regulatory requirements.
High-interest Rates
It was observed that salesmen were permitted to direct the interest rates toward PCP car finance consumers. The higher the rates, the higher the commission for the salesman. The FCA has banned this commission made throughout all car dealerships in the UK as of January 202 as it doesn’t hold the best interest of the consumers.
Unregulated PCP Finance Companies
Evidently, a substantial number of PCP Companies have been working unlawfully. They have been cheating PCP consumers out of their hard-earned money. Many brokers have been working without the oversight of FCA regulators, which isn’t just dishonest and irresponsible but also illegal. Thus unjustifiably putting the customer in a rather precarious position.
Call:
+44 (0) 1234 567890
Email:
support@checkmycarfinance.com
Write:
123 Example Address, Line Two, PO5 7CO
