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Have you been mis-sold PCP?

If you financed a car through a Personal Contract Plan (PCP), you could have been overcharged. Thousands of people in the UK have been subject to undisclosed commission.

Mis-Sold Car Finance Solicitors

Did you buy a vehicle using finance? If so, you may be owed compensation due to car finance mis-selling. Unfortunately, car dealers and lenders have a history of using specific practices, resulting in mis-sold car finance disputes.

Sandstone Legal is a respected and approachable law firm that strives to help all customers that have been mis-sold their car finance agreements to pursue compensation. Our car finance solicitors can help you file a claim against a car dealer or finance company that may have mis-sold your finance agreement.

What You Should Know About Car Finance Mis-Selling

When a customer has a mis-sold car finance agreement from buying a car through a personal contract purchase, it means they were not fully aware of the costs, terms, or details associated with their vehicle purchase. The car dealer may give bad advice that goes against their customers’ best interests. A mis-sold PCP agreement could also include missing details about their interest rate, the selling of faulty vehicles, or the omission of commission paid to a broker for the deal.

According to an investigation from the Financial Conduct Authority, nearly all car finance agreements include commission. Yet, most customers are not aware of the commission paid from the new, used, or faulty car bought through PCP car finance. These customers did not have enough information about their motor finance agreements to make an informed decision.

You may be eligible to file a mis-sold motor finance claim if your motor finance agreement meets any of these criteria:

Interest Rate

The car salesperson didn't give you the best interest rate.

Commissions

The salesperson didn't tell you about commissions the lender will pay them for setting up your finance agreement.

Affordibility

You did not undergo a proper affordability check to ensure you could pay your monthly payment without incurring additional debt.

Sales Tactics

The car dealer used high-pressure sales tactics to secure the finance agreement without giving you adequate time to make an informed decision.

Finance Options

The car salesperson didn't tell you about your finance options or explain them sufficiently.

Total Cost

The salesperson neglected to inform you about the total cost of the vehicle.

The finance company must properly inform customers about everything from expected payments to the right to repair to who owns the vehicle after meeting the contract terms. Failing to give sufficient notice means clients potentially have mis-sold motor finance agreements.

Frequently Asked Questions About Car Finance Mis-Selling

What’s the Difference Between a Hire Purchase and a Personal Contract Purchase Car Finance?

Most vehicles on the road in the UK come from PCP finance. A PCP finance agreement is a cost-effective way to buy a new car with an upfront payment and subsequent monthly payments with interest fees.

A hire purchase is another option. This type of contract is similar to a PCP agreement. However, a customer with this finance agreement will own the car at the end of the term, while a PCP contract lets you trade your car for a new one or pay a balloon payment to buy the vehicle outright at the end of the contract term.

What Factors Contribute To Determining Compensation From a Car Finance Company?

If you file a claim against a finance company for not treating customers fairly and mis-selling your motor finance, several factors will determine your compensation amount. The amount you could be owed depends on the size and duration of your motor finance loan. A large loan or one that’s active for a long time usually has higher payouts.

Interests charged also influence owed compensation. If the rate you paid differs from what you should have been quoted, it could increase or decrease the amount you get for your claim.

How Can You Tell If You Qualify for a Mis-Sold Motor Finance Claim?

Any customer who can prove an unfair relationship with a finance company using section 140A of the Consumer Credit Act 1974 can qualify for a mis-sold motor finance dispute. This act gives buyers specific rights regarding a credit agreement for a product or service.

Typically, you can file a claim as a victim of a mis-sold motor finance agreement due to the lender or dealer failing to disclose pertinent information about the contract. They could do this by:

  • Telling you their finance choice is the best or only option to prevent you from going to a different dealership
  • Hiding the fact that the dealer will get a fee from the finance company simply for signing you up for a PCP agreement or failing to mention the amount of the commission
  • Charging you a higher interest rate than you should pay to get a higher commission

If you’re uncertain if you were mis-sold a motor finance agreement, a car finance solicitor from Sandstone Legal can evaluate your situation and file a claim on your behalf if necessary. We’ll listen to your case, create an individualised legal plan, and execute it with precision to produce the result you’re looking for.

Need a Car Finance Solicitor? You Can Trust Sandstone Legal

Sandstone Legal has years of experience providing outstanding legal advice and guidance to consumers and companies throughout the UK. Our team of car finance solicitors delivers comprehensive services that we tailor to meet each client’s unique needs. If you have a new, used, or faulty car bought due to poor advice or negligence from a car finance company, we can help you take legal action and file a mis-sold motor finance claim.

We understand that dealing with mis-sold car finance can be overwhelming and detrimental to one’s financial situation in some circumstances. Our law firm strives to create a streamlined legal process that minimises stress for our clients while exceeding their expectations.

Whether you need us to provide expert legal advice or settle a car finance dispute in court on your behalf, you can be sure our team will go above and beyond to understand your needs to ensure we take the most appropriate action in our pursuit of fair compensation.

There’s no need to worry about payment for your claim with Sandstone Legal. Our law firm works on a no-win, no-fee basis, allowing us to concentrate on your claim and act in your best interest.

Start Your Claim for Mis-Sold Car Finance With Sandstone Legal Today

When you’re ready to begin your mis-sold car finance dispute, you can contact your motor finance company directly, then complain to the Financial Ombudsman Service if the motor finance company doesn’t resolve the issue. Yet, you can also pursue compensation by contacting a Sandstone Legal car finance solicitor to assess your claim and take action on your behalf.

Since we regularly handle car finance disputes, we know the right processes to follow. Our solicitors use their years of legal expertise to help customers get a refund for overpayments to brokers, compensation for car repairs, and other damages from lenders, brokers, and car dealers.

Count on us to get all relevant documents for your case, including your vehicle finance agreement and payment statements. We’ll thoroughly investigate your claim and defend you in and out of court.

At Sandstone Legal, we don’t charge fees upfront. Our no-win, no-fee policy means you won’t pay us until we settle your dispute.

The car finance solicitors at Sandstone Legal are ready to help customers settle their motor finance disputes. Contact us today to begin your claim.

PCP
  • Car Details
  • Personal Details
  • Address
  • PCP Info
  • Final Step

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PCP
  • Car Details
  • Personal Details
  • Address
  • PCP Info
  • Final Step

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