Mis-selling of PCP (Mis-sold PCP)

Edi81

Sounds like mis-buying rather than Mis-selling. 

abc.xyz

So you took out credit on a new car you knew you couldn't afford -- i.e.: a luxury, not an essential, compared with, say, a payday loan to fix the boiler. Now things have gone belly up, you want to point the finger at the lender. Take some responsibility.

poppasmurf_bewdley

If you took out a new agreement whilst knowing that you had a previous agreement, and that you acknowledge it would be difficult to continue with both, then that's mis-buying, not mis-selling. 

Clive_Woody

So you took out a loan that you knew you would struggle to repay, at an interest rate you were unaware of (because you didn't read the agreement you signed?), with a balloon payment that you were unaware of (because you didn't read the agreement you signed?)......and this is the lenders fault?

Sorry to hear that you have been made redundant, but don't think this claim is going anywhere. Focus on finding a new job.

kaya

Hi guys , just found this thread , nothing of mine buy my GF's daughters both have cars on PCP, no buyer's remorse as it's not me and they can afford the payments and signed the agreement but they are not financially savvy, neither of them were explained about the balloon payment at the time of purchase by the salesman (same guy both times) , no explanation that there were other finance options available, no explanation about any commissions and I've just had a banker friend look over the agreements who says the interest rate over the period actually works out at 17% nothing like they were advertised at or is written on the form so personally I feel it was grossly miss-sold , not my field at all just wondering if they might have a case for a claim if anyone knowledgeable in these matters has any advice , both finance agreements were taken out about 18 months ago, not relevant really but the guy was clearly a shark as he gave one of them £2k as a deposit off of a £5k fiesta she had so clearly not the most moral of salesperson, any advice or help welcomed 

MorningcoffeeIV

Nothing you have said suggests any mis selling, let alone gross mis selling.

molerat

the interest rate over the period actually works out at 17% nothing like they were advertised at or is written on the form

The actual interest rate in the form of the APR will be clearly stated on the agreement in accordance with the legal requirements.  

PCPs are usually mis bought,  ooooh a car for only £200 per month - the only figure the customer shows any interest in - anything else goes straight over their head.

martinbainbridge1975

4% will possibly be the flat rate of interest which is likely to be somewhere near 7.7apr

regarding the affordability there may well be a question in the demands and needs paperwork where you have ticked a box confirming affordability

kaya

Thanks everyone, as I said they aren't my cars or agreements just enquiring on someone else's behalf, I was offered a PCP deal by a Mercedes dealer years ago and ran for the hills 😂 not something I know anything about or was prepared to get tied into for that very reason 

Hoenir

While it may result in little more than renting a car for 3 years. At least there's not the potential considerable expense of fixing a fault on an older used vehicle.