Peugeot cars are well-known for their stylish design, advanced technology, and reliable performance. The cars are manufactured to provide comfort, aesthetics, and improved fuel efficiency. Whether you wish to buy a city car or an SUV, Peugeot offers multiple cost-effective financing solutions to all its customers.  

Perks of Buying Peugeot on PCP Finance

Anyone can get a Peugeot car on finance. Personal Contract Purchase (PCP) is the most effective way to finance a car. Another car financing option is Hire Purchase (HP). If you wish to own a Peugeot on HP finance, you will have to make an initial deposit followed by fixed monthly payments. Afterwards, you will become the owner of the car at the end of the contractual term because you will have paid the entire cost of the vehicle in two to three years. 

However, if you wish to purchase a car on PCP finance, you will have two options other than the car's ownership. You can opt to retain, return, or exchange the car. If you wish to retain the car, you will have to make a final balloon payment, also known as a Guaranteed Minimum Future Value (GMFV). It is a huge lump sum amount, which is due at the end of the PCP contract. If you do not wish to retain the car, you can return it without paying the final amount. Otherwise, you can exchange your car with a new one by signing a new PCP deal. 

A Peugeot PCP finance is the best way to get a car on finance without worrying about the total cost of the car. However, sometimes, people lack understanding of the PCP contract, and they become victims of mis-selling. If you think you have been mis-sold on a PCP car finance deal, you can make a Peugeot PCP claim. 

PCP Mis-Selling

If you are unfamiliar with the PCP scandal, here is some information for you. The Financial Conduct Authority (FCA) received thousands of complaints from PCP contract holders that they were mis-sold on their PCP finance that they signed before 2021. The authority started an investigation and found out that many lenders, car dealers, and brokers were charging hidden fees and commissions as part of the Discretionary Commission Arrangements (DCAs). This increased the total cost of the PCP contract, and the customers faced financial and psychological stress. The authority banned the practice of DCAs in January 2021 and is currently working on the PCP refund case. 

Thus, if you have purchased any car or Peugeot on PCP finance before 2021, you can apply for a PCP refund. However, there are some points to consider. 

There should be a valid reason for making a Peugeot PCP claim. For example, if you were overcharged on your PCP contract or your lender, broker, or car dealer did not showcase a complete breakdown of the total costs of the PCP contract, you can seek compensation. If your lender or the broker charged high interest rates or hidden commissions that you were not aware of, you can make a PCP claim.

Likewise, if you were not properly informed about the terms and conditions of a PCP contract, you can be mis-sold on your PCP deal. If you were not told about the final balloon payment, the car’s condition, and other mileage restrictions, you could be mis-sold on the PCP deal. Furthermore, if your salesperson pressured you to sign the PCP deal without giving you another option that would have best suited your financial condition, you can still claim it. In short, you can make a PCP claim if you were unfairly sold a car finance agreement. You have a right to review it, and with proper support and evidence, you can get compensation from your dealer. 

Claiming PCP Refunds

Making PCP claims is not a daunting task. You can seek professional support from your claim experts or solicitors. PCP claims process involves an eligibility check, a copy of the contract or some basic details, and a valid reason for a refund. If you purchased a car on PCP finance between 2007 and 2021, there is a high chance that you could be mis-sold on a PCP deal. 

It is better to seek professional support while making a PCP claim. There are many PCP and HP claim experts in the UK who provide free-of-cost or no-win, no-fee service to all PCP contract holders. You can get in touch with your favourite one and uncover details about your mis-sold agreement. If you have bought a Peugeot on PCP or HP finance, you can still make a PCP claim for Peugeot. It does not matter if you have paid the PCP instalments or your contract is old; you can be owed thousands of pounds on your mis-sold deal. Therefore, take a chance and get the compensation you deserve.