If you did so between 2014 - 2020 you could be owed an average refund of £ per car in compensation
You could be a victim of the scandal
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Bigger scandal than PPI
Millions have already claimed their compensation on mis-sold PPI don't miss your chance to claim your compensation for mis-sold car finance
£
Consumers often face extra costs for insurance products covering minor damages, which can add over £1,000 to their overall expenses
%
More than 90% of car finance deals now involve PCP credit, showing its overwhelming prevalence in the sector
£billion
The total lending related to car finance in 2021, highlighting the significant scale of the car finance market
All of the above figures are cited from this article
What is PCP?
Personal Contract Purchase (PCP) is effectively a personal loan which allows drivers to spread the payments for a car over a long period, typically two or three years
However, unlike a normal personal loan, you won't be paying off the full value of the car and you won't necessarily own it at the end of the deal, unless you choose to pay the final balloon payment
PCP is one of the more complex financial products available to help you buy a car, but it can be broken down into three main parts: the deposit, the amount you borrow and the balloon payment
How do I make the claim process as quick as possible?
The more details you can recall about your agreement, the more likely it will be that the finance company can locate and verify you against their systems promptly
This will also help avoid requests for further information which can delay a decision being made
Why do car dealers offer PCP finance?
Car dealers use PCP finance to draw in people who want to change their car every few years. A large number of new cars you see on the road every day have been bought via a PCP deal, along with a growing amount of used cars too, making it the most prevalent financial product in the market
What if I don't have the paperwork to make a claim?
It is mandatory for car finance companies to keep records of all their customer's transactions and dealings for at least 6 years
Can I still make a claim without my paperwork?
If you paid off your finance agreement more than 6 years ago, there may not be any available paperwork for you
However, there have been cases in which claims have been made against cases of mis-selling over 20 years ago, often without paperwork
Why is the scandal only now coming to light?
The misconception around car finance is that the product being sold is a car. This is only partly true. In fact, the main product that is being sold is a financial product which is a loan
The car is a red herring that has deflected the public eye away from this sector of credit broking meaning it has not been under as much scrutiny as, say, mortgages
The concept of PCP itself is also relatively new
The PCP scandal should never have happened. The compensation you could be owed, per car, is the compensation you deserve
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