Easy Solutions for Your Mis-Sold Nissan PCP Claim

• Posted by PCP Claim Nov 1 Filed in Other #Nissan pcp claim  #pcp claim nissan  #pcp claim  #pcp claim in uk  17 views
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  Why do people opt for PCP finance? 

  Personal Contract Purchase (PCP) finance is one of the most common ways to get a car on finance. The UK widely practices it. Many people who wish to purchase their dream cars often lack finances. Car finance agreements allow those customers to buy without worrying about their financial condition. 

  Car financing agreements are designed to facilitate buyers and ease their financial burden. For instance, if you wish to buy the latest Nissan model and do not have enough cash flow to manage this purchase, you can purchase it on PCP or HP finance. 

  People usually opt for PCP finance because it offers more flexibility than HP finance. Once they sign a PCP contract, they can drive their favourite car until the end of the contractual term. This term typically ends after two to four years, but the timeline depends on the agreement. Once the customer reaches the end of the PCP contract, he is given three different end-of-term options.

  These end-of-term options are 

  • Retain

  • Return 

  • Exchange
    

  If you wish to retain the car or any vehicle purchased on PCP finance, you must deposit a final lump sum payment. This payment is optional only when the customer wishes to retain the vehicle. It is often called balloon payment or Guaranteed Minimum Future Value (GMFV). Once you pay this amount, you become a permanent owner of the Nissan. 

  Otherwise, you can return the car without making any final payments and sign a new PCP deal for a new car. These options are not included in an HP contract. A Hire Purchase (HP) agreement allows the customer to make an initial deposit followed by fixed monthly deposits, and afterward, the contract holder becomes the owner of the car. 

  This is why most people opt for PCP car finance instead of HP finance. 

  If you also chose PCP finance and think you were mis-sold on the car deal, you can make a PCP claim. Customers who purchased Nissan on PCP finance can make a Nissan PCP claim against their broker, lender, or car dealership. 

  Steps to identify a mis-sold PCP deal?

  Here are some steps to identify a mis-sold PCP contract. 

  There are many ways in which a car finance agreement can be mis-sold to the customer. Recently, the Financial Conduct Authority (FCA) has been investigating mis-sold car finance deals that were sold before 2021 on PCP contracts. The government-backed watchdog has received a series of customer complaints about mis-selling, so the authority has started an investigation based on those complaints.

  As per the analysis, the authority states that many lenders, car dealers, or brokers unfairly charged excessively high interest rates, hidden fees, or commissions on the PCP contracts as part of Discretionary Commission Arrangements (DCAs). This practise was banned by the authorities in January 2021. The lenders who charged the fees did not showcase full cost transparency to their customers. This has led to financial stress for the customers, and now they are making complaints against some of the most famous car dealers, including Nissan. This is one way in which a PCP contract can be mis-sold.

  Here is a list of some other valid reasons for PCP mis-selling.

  • The customer was uninformed about the terms and conditions of a PCP deal.

  • The customer had no idea about the final balloon payment.

  • The customer was not aware of the interest rates charged on the PCP deal.

  • The customer was not offered the best financial product suitable for his needs.

  • The customer was not notified about the car’s condition and mileage limitations. 

  • The customer was not familiar with the remuneration earned on the PCP deal.

  • The customer was forced or manipulated by the sales team to sign the PCP deal.

  These are some ways in which customers can make a PCP claim Nissan. 

  How do you make a Nissan PCP claim?

  If you are one of those customers who want to make a Nissan PCP claim or PCP claim against any other car dealer, you should be familiar with the following ways.

  A PCP claim is a simple process. It is not complex. It requires legal expertise and expert claim-handling skills. You will need to be familiar with the latest news, rules, and regulations. In that case, it is better to hire a PCP claim expert. 

  The claim expert will handle all your claim requests and update you on your claim status. He will identify your mis-selling reasons and check your claim eligibility with his online checking tools. You should have a copy of your PCP contract and all relevant documentation to support your claim request. Finally, it will take some time, but you will get your refund soon.