If you have ever owned a BMW car and financed it through a PCP agreement, you may be eligible to make a claim for compensation due to mis-selling. PCP car finance has grown in popularity in recent years, but many consumers may have been mis-sold these agreements, leading to financial losses and other difficulties.
PCP agreements usually involve a deposit and fixed monthly payments to cover the car’s depreciation and interest on the loan. At the end of the agreement, consumers can either trade the car in for a new one or make a “balloon payment” based on the car’s value to keep it. However, many consumers may have been mis-sold these agreements, leading to financial losses and other difficulties.
Common forms of mis-selling on PCP agreements include failure to disclose the final balloon payment, pressure selling, misleading information, unsuitable finance, and hidden fees and charges. If you believe that any of these forms of mis-selling occurred when you signed up for your BMW PCP agreement, you may have a claim for compensation.
To make a PCP claim, you should start by gathering all the evidence you have, including any paperwork and correspondence with the dealership. You should then make a complaint to the lender, asking for details about commission and checking it against any paperwork you received. If you’re dissatisfied with the outcome, you can escalate the complaint to the Financial Ombudsman Service (FOS), which is free to use and can order compensation for any losses incurred as a result of mis-selling.
It’s important to seek professional advice when making a PCP claim, as the process can be complex and time-consuming. A solicitor who specializes in consumer law or financial mis-selling may be able to help you navigate the claims process and ensure that you receive the compensation you’re entitled to.
Examples of successful PCP claims related to BMW cars include cases where consumers were not informed about the final balloon payment or where dealerships added additional fees and charges without fully disclosing them. The compensation awarded in these cases has ranged from a few hundred pounds to several thousand pounds, depending on the specific circumstances of the case.
If you’ve owned a BMW car in the past and financed it through a PCP agreement, you may have a claim for compensation due to mis-selling. It’s important to gather evidence, make a complaint to the lender, and seek professional advice when making a claim. With the right support and guidance, you may be able to receive compensation for any losses incurred as a result of mis-selling on your BMW PCP agreement.