Car Finance Mis Selling FAQ's

The lender has an obligation to inform you what is involved in their car finance deal and what it can and can’t do, so that you are paying for a deal that suits you and what you were looking for. If they haven’t done this then you may be eligible for compensation.
What is PCP?

Personal Contract Purchase (PCP) is effectively a personal loan which allows drivers to spread the payments for a vehicle 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 dea, 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 is the deposit calculated?

Dealers offering PCP finance will typically want around 10% of the value of the car as a deposit. Customers pay a deposit on the car they want and then make monthly repayments until the end of the term.

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CHECK NOW TO SEE IF YOU HAVE BEEN AFFECTED

It only takes a few minutes to begin the check to acertain if you have been mis-sold PCP