PCP the next big 'PPI' scandal?

spanish_inquisition · 15 October 2019 at 9:15AM

If you have ever taken out a Personal Contract Payment (PCP) for a vehicle it is probably worth keeping an eye on developments by the Financial Conduct Authority.

It appears many people are likely to have grossly overpaid interest rates to help feed the car sales industry, and on top of this, it seems many consumers have been failed by being approved for PCP when the deal was unaffordable.

Is this 'mis-selling' the next big PPI scandal?

neilmcl · 15 October 2019 at 9:15AM

No................

DoaM · 15 October 2019 at 11:19AM

I wonder if the OP's post is related to this:

https://forums.moneysavingexpert.com/showthread.php?t=6058968

bigisi · 15 October 2019 at 11:21AM

Yet again, people won't be taking responsibility for their own actions (not finding out the interest rate and looking into whether it's best for them) and blaming others.

Stupid people doing stupid things then chasing compo for people not stopping them being so stupid.

spanish_inquisition · 15 October 2019 at 11:26AM

bigisi wrote: »

Yet again, people won't be taking responsibility for their own actions (not finding out the interest rate and looking into whether it's best for them) and blaming others.

Stupid people doing stupid things then chasing compo for people not stopping them being so stupid.

Exactly so, however, the FCA regulates to help prevent people from being approved for unaffordable financial products.

Blackbeard_of_Perranporth · 15 October 2019 at 12:30PM

No. PCP is there to service a want. I don’t use it, as my two year old cars I buy have been paid for by people who do.

Just like the days of old, as soon as you take that new car off the forecourt it goes down in value. Only difference these days, too many fools want the flash motor.

PCP the next big 'PPI' scandal?

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