Are you interested in buying a brand-new Audi? You might be thinking about budget-friendly options to ease financial liabilities. The best approach would be to consult Audi Financial Services. Their financial service providers are equipped with the knowledge to offer the best financial deal suitable for your needs.
Instead of purchasing a car on loan, it would be an ideal choice to buy a car on finance. Personal Contract Purchase, also known as PCP contract, is one of the most popular forms of car finance deals. Many Britishers buy cars on finance via PCP or Hire Purchase (HP) agreements. In case they are mis-sold on their car finance deals, they can make PCP agreement claims.
Recently, the government-backed financial authority, the Financial Conduct Authority (FCA), declared a ban on Discretionary Commission Arrangements (DCAs). They found a series of complaints against mis-sold car finance contracts that were sold between 2007 and 2021. The authorities are investigating the cases, as thousands of customers are applying for refunds on their mis-sold PCP contracts signed before 2021. According to the news, many lenders, brokers, and car dealers charged excessively high interest rates on PCP and HP contracts in order to earn higher commissions. The customers were uninformed about this practice as they were not provided complete details on the hidden fees or commissions charged on the deal. As a result, it led to financial stress. Now, people are making claims against financial service providers to get their money back.
If you purchased any car on finance from any financial service provider, such as a BMW from BMW Financial Services, you can apply for a mis-sold car finance PCP claim.
What is an Audi PCP Claim?
A PCP contract is a complex car finance agreement. It involves an initial payment followed by monthly instalments. These monthly instalments are adjusted for a two to four years time span. Afterwards, the contract holder is offered three options. If he wants to retain the car or the vehicle, he will have to pay an optional final balloon payment. This is also known as a Guaranteed Minimum Future Value (GMFV). Once he pays the amount, he becomes the owner of the vehicle. If the customer wants to return the car after the contractual term, he can return it without making the final lump sum payment. If he wants to get a new vehicle, he can sign a new contract at the end of his old one. These three end-of-term options are only available to PCP contract holders and not to Hire Purchase customers.
An HP agreement consists of an initial deposit followed by a fixed monthly instalment plan until the customer pays off the cost of the car and becomes the owner of the vehicle. This is the primary difference between an HP agreement and a PCP contract. A PCP contract offers more financial flexibility to its users than an HP agreement.
Therefore, if someone thinks that he is mis-sold on a car finance deal, he can easily make a PCP claim against his lender or the car dealer.
Were You Mis-Sold on Your Car Finance?
It is important to understand the reasons for mis-selling. Mis-selling usually happens when the seller mis-sells an expensive item to the customer. If the seller is withholding crucial information about the product or the service that could impact the customer’s decision, then it is considered mis-selling.
For example, when you purchased your Audi on PCP finance from Audi Financial Services, your lender should have informed you about the terms and conditions of the PCP contract. Your broker should have guided you on the mileage restrictions, final balloon payment, interest rates, and hidden commissions that were charged on the deal. If your lender or the broker did not inform you about these details, then you were most likely misinformed about the PCP contract.
Most customers face these complications after signing the PCP deal. Due to lack of information and understanding of the car finance agreements, many people fell into the trap of mis-sold PCP deals. Furthermore, if your salesperson pressured you to sign a deal and did not offer you additional advice on other financial products then you could have been mis-sold on your car finance deal.
Claim Your Money Back from Audi Financial Services
Nevertheless, you can always make a PCP claim against your lender, broker, or car dealer with our PCP claim experts at Auto Fund. We have a dedicated team of PCP claim experts who are tirelessly working on cases to identify the mis-selling issue and get refunds.
We have devised a proper online system for all Britishers who can easily check their claim eligibility from our website. You just have to fill in the required details, and you will get to know about your claim status. If you are qualified for a refund, our experts will contact you and take the lead on your case. Our services are free of cost, and we will do all the hard work for you until you win your money back. However, it is important to note that this is a long process, and you might have to wait for months in order to get an update on your claim report.
So, if you signed any PCP deal with any car financial service provider before 2021, you can make an online claim from our website.