How is an Audi PCP Contract Mis-Sold?

Did you buy an Audi on PCP finance between 2007 and 2021?

Oh, you can be owed thousands of pounds as compensation. 

Don’t you know that the Financial Conduct Authority (FCA) has started an investigation into mis-sold car deals? Well, yes, many individuals have filed complaints against their car dealers and financiers regarding mis-sold car finance agreements. The customers claim that they were mis-sold on their PCP and HP contracts. They claim that they have been overcharged on their PCP deals. They paid more interest and hidden commissions on their contracts. This violates the terms of the financial agreement. Thus, they are claiming refunds. 

If you purchased an Audi on PCP finance, you can file an Audi PCP claim against your lender or the car dealer.

PCP contracts are very complex. It is nearly impossible for customers to understand the contractual terms themselves. They need proper professional guidance and assurance on all financial deals. It is the legitimate duty of the car dealer, the financier, or the broker to explain the terms, benefits, and costs of all car finance agreements. 

In terms of a PCP contract, the customer should be aware of the final balloon payment plan and the other two end-of-term options. In an HP contract, there are no options at the end of the contract period. In a PCP deal, the customer can choose to retain, return, or exchange the vehicle. So, all must be aware of these choices beforehand.

If you want to get ownership of your Audi, you must make an optional final balloon payment to retain the vehicle. This is a huge lump sum amount due to all customers who are seeking complete ownership control.  This amount is also referred to as a Guaranteed Minimum Future Value (GMFV). This is only paid in a PCP deal. Otherwise, you can opt to return the car without making any payments. If you want to exchange it, you have to sign a new PCP deal.

How to Avoid PCP Mis-Selling?

Audi car finance claims are a hot topic in the UK’s financial market. The lenders or the banks are worried about Audi PCP claims. However, many people are still confused about this PCP claims topic. So, let us discuss it in detail.

It is all about PCP mis-selling. A mis-sold PCP contract is when the seller, lender, financier, or broker does not follow the contractual terms and conditions of the agreement while making the deal. If they withheld important information or details about the contract that would have impacted the customer’s decision, this can be considered a mis-sold deal. For instance, the salesperson did not offer the perfect or ideal financial deal suitable for your needs. They pressured you to sign the deal. They hid some costs or fees from the deal. Furthermore, they did not provide a transparent breakdown of the cost of the contract. This could all lead to mis-selling. 

PCP is an important document. If it is not sold properly to the customer, the customer can be subjected to financial or psychological stress. Therefore, dealers should always provide complete and factual information about the contract, fees, and conditions. Sometimes, the customer is not aware of his rights. As a result, he becomes a victim of mis-selling. 

In order to avoid PCP mis-selling, you should always take the time to read and understand the PCP contract. You should evaluate all other possible financial options before signing a PCP contract. You should check your car’s condition and understand the mileage limits and other restrictions that you may have to accept. This will save you from further stress.

What to do with a Mis-Sold Audi PCP Deal?

So, what to do next?

If you have identified a mis-selling reason in your PCP deal, you can make an Audi PCP claim. The PCP claim process is very simple and easy. It is not as complex and intricate as the agreement itself. All you need to do is to gather relevant details and proof of mis-selling.

If you are not sure on how to proceed, you can make a claim request with the help of PCP claim experts in your area. There are many PCP and HP claim experts in the UK providing online free of cost services to all Britishers.

Most PCP claim experts offer free advice, consultation, and eligibility check to their clients. They are experts in handling the PCP claim process and have the latest news and insights into the case. Therefore, hiring one of them will eventually help you speed up your claim process. It is important to note that the PCP claim process might take some time but at the end if your request is filed properly, you will definitely win a refund. So, get in touch with your PCP claim experts and get compensation on your mis-sold Audi.