PCP Car Finance

Deep_Space_Niner

Nearlyold said:

How does the paperwork the dealership gave you in relation to the finance product describe it? 

It says the product is Fixed Sum Loan Personal Contract Purchase.
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).

Nearlyold

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.