We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
PCP Car Finance
Comments
-
It says the product is Fixed Sum Loan Personal Contract Purchase.Nearlyold said:How does the paperwork the dealership gave you in relation to the finance product describe it?
All finance is a loan and it is for fixed amount (the purchase price of the car) so it didn't set off any alarm bells at the time. It said PCP in the name so we asumed it came with all the protections of (HP) PCP and was not a motor loan as they don't have balloon payments or the option to return the car at the end of the term (as far as we were aware at the time).0 -
It wouldn't be due to a poor credit rating because the lender would have less security with a personal loan (which is effectively what you have albeit with an optional buy back at the end of the initial term). If you go to the Financial Ombudsman Service website you'll see complaints related to your issue some upheld and some not.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards