Unlock Compensation: BMW PCP Claim for UK Customers
BMW PCP Claim – A recent update by the government-backed institution Financial Conduct Authority (FCA) stated that all the Britishers who were mis-sold on their motor vehicles could file for refunds. Many people who bought different cars between 2007 and 2021 on car financing have applied for financial claims. However, it is important to note that not all are eligible for a refund.
For example, if a customer buys a BMW on car financing by BMW Financial Services and later finds out about the hidden commissions or overcharged interest rates, he can apply for a BMW PCP claim.
Now, what is PCP?
How can you apply for a PCP Claim?
What is PCP & how do you claim it?
PCP is a popular form of car financing in the UK. It stands for Personal Contract Purchase. Its main purpose is to facilitate the buyer to buy an expensive item in monthly instalments. In the case of PCP finance, a motor vehicle customer will pay an initial payment, followed by affordable monthly payments, and then a final balloon payment at the end of the term.
During this time, the customer may possess and use the vehicle, but he can only own it once all payments have been made. The final balloon payment serves this purpose. It is a large lump sum amount calculated after the time value of money. After paying the final balloon payment, the customer will own the vehicle, or he may trade it for a new one.
There are other motor financing options as well. For instance, loans and Hire Purchase (HP). A Hire Purchase agreement is similar to a PCP agreement but does not involve a final balloon payment. Instead, it has high monthly payments. The customer may possess the car right away and own it after all monthly instalments are done.
These three forms of car financing are common in the UK. However, the most popular one is PCP finance, which is widely practised in the country. Nowadays, complaints against the mis-selling of motor vehicles on PCP contracts are on surge.
Here are some reasons why people are filing for PCP claims:
The seller did not accurately inform them about the terms and conditions of the contract.
The customer was unaware of the hidden commissions or the overcharged interest rates.
The dealer did not complete a background check on the customer’s affordability.
The customer was somehow forced to sign the contract on short notice.
No adequate financing information was provided by the dealers.
These are some reasons why customers may ask for a PCP claim. It is the dealer’s responsibility to educate the customer on the best financing options. If they fail to do so, customers can claim for it.
Motor Vehicles PCP Claims:
Likewise, customers who bought other vehicles from different companies, such as Mercedes or Land Rover, can also seek a refund.
If a customer bought a Mercedes on PCP finance from Mercedes-Benz Financial Services, he may also apply for a PCP claim. If he thinks that he was mistreated and overcharged, he can file for a Mercedes PCP claim.
Similarly, any customer who bought a Land Rover from another financial institution like Black Horse on a PCP contract may also seek a Land Rover PCP claim.
It indicates that anyone who bought a motor vehicle on a PCP contract can seek a PCP claim if he is eligible for it.
The verification process for the PCP claim is simple and easy. It takes time, as many financial and legal institutions are involved in it. But it is worth it. There are no initial costs to start the claim check. Anyone can check it online from a PCP checker. If the profile and the conditions match the requirements, the claim experts will automatically contact the customer.
Furthermore, there are no initial fees to start the claim process. However, your claim experts may charge their fees once you win the claim. So, it is a no-win, no-fee service. Customers may also apply for the refund themselves. If they think they do not have the time or the expertise, they may contact legal experts.
What Next?
The Financial Conduct Authority (FCA) has disclosed the names of some of the most famous finance providers that might have mis-sold their customers. The list is as follows;
Black Horse
BMW Financial Services
Mercedes-Benz Financial Services
Toyota Financial Services
Audi Finance
Ford Credit
MotoNovo Finance
If a customer purchased a vehicle through car financing from these financiers, he might have been mis-sold. The investigation includes all cars bought between 2007 and 2021 on PCP contracts. These companies might owe millions of pounds to the Britishers who bought cars from them. Therefore, if your BMW is also bought on a PCP contract from any of the above-mentioned financiers, you may file for a BMW PCP claim. The steps are simple, and the process is safe and regulated.