There are several things to look for that may be deemed as mis-selling on PCP car finance agreements. Here are some of the main things to look out for:
Not disclosing the final balloon payment: One of the most common forms of mis-selling on PCP car finance is the failure to disclose the final balloon payment. This is the lump sum payment that must be made at the end of the agreement if you want to keep the car.
Pressure selling: Dealerships may put undue pressure on customers to sign up for a PCP agreement, giving them little time to consider other options or shop around for a better deal.
Misleading information: Dealerships may provide misleading information to customers about the cost of the agreement, the value of the car at the end of the agreement, or the potential risks associated with PCP car finance.
Unsuitable finance: Dealerships may offer PCP agreements that are unsuitable for the customer’s financial situation or needs, leading to unaffordable monthly payments or other financial difficulties.
Hidden fees and charges: Some dealerships may include hidden fees and charges in the PCP agreement, such as additional insurance policies or extended warranties, without fully disclosing these costs to the customer.
If you believe that any of the above has occurred when you signed up for a PCP agreement, you may have a claim for mis-selling. It’s important to gather all the evidence you have, including any paperwork and correspondence with the dealership, and seek professional advice to assess whether you have a valid claim.