Filing a BMW PCP Finance Claim: All You Need to Know

BMW PCP Car Finance

Most BMW car enthusiasts in the UK buy cars on PCP finance. A personal contract purchase (PCP) is a car financing agreement that allows the customer to make a purchase on easy and flexible monthly instalments. This car financing option is the most widely used in the UK. Thousands of Britishers who bought a car on finance before 2021 claim that they have been a victim of PCP mis-selling. Those who purchased BMW on PCP finance are looking for a BMW PCP finance claim.

A PCP agreement might seem tricky, and therefore, some customers might need extra help from professionals to sign the best deal. Lenders, brokers, and car dealers have the duty to help customers navigate the best PCP deal according to their financial needs. If they do not inform the customer on time, then the customer has the right to claim compensation for the mis-sold PCP agreement.

Mis-Sold Car Finance Agreements

A mis-sold car finance deal means that the customer was not informed adequately about the agreement. This happened when thousands of Britishers filed complaints against the PCP contractors who charged excessively high interest rates as Discretionary Commission Arrangements (DCAs) in the PCP contracts. DCAs were not banned before 2021, and many lenders and brokers charged hidden fees and commissions as part of the DCA policy, which resulted in expensive PCP contracts for customers. Many people were not aware of this until 2021. But now, millions of customers are filing mis-selling PCP complaints. 

If you purchased a car, bike, van or any motor vehicle on PCP or HP finance before 2021, you can be eligible for a PCP refund. This does not pertain to BMW finance PCP claim only. Anyone could be mis-sold on their PCP contract. Here are some simple ways to identify a mis-sold PCP deal.

• The lender or the dealer did not inform you about the car’s condition, restrictions, and other mileage limitations. 
• The lender or the dealer did not inform the customer about the final balloon payment.
• The dealer did not offer the best financial deal to the customer.
• The salesperson pressured the customer to sign the PCP deal quickly.
• The dealer did not inform the customer about the extra wear and tear costs of the contract.
• The customer did not know the total breakdown of costs and commissions charged on the deal.

These are some valid reasons for a mis-sold PCP deal. The customer should be familiar with the terms and conditions of the PCP contract. He should be aware of the three end-of-term options in a PCP contract. He should know about the final balloon payment, which is an optional huge payment at the end of the contract to own the car. It is also called a Guaranteed Minimum Future Value (GMFV). The customer has to pay this amount if he wishes to own the car permanently.

If the customer wants to return it, he can do so without making any additional payouts. If he wishes to exchange it, he can do so by signing a new PCP deal. These three options are valid in a PCP car finance agreement, and all customers should be familiar with them to make the best decision.

Mis-Sold PCP Claims

Making a PCP claim is part of the refund policy. If the claim is genuine and the reason is valid, any customer can get compensated by his dealer. To proceed with the claim process, all customers should have a copy of the contract and any supporting documents. This will help to navigate the matter quite easily. 

Another step is to contact a good PCP and HP claims expert team to handle the process professionally. There are many PCP and HP claim experts in the UK; among them, Goodwin Rodgers PCP claim experts are quite well-known. They have a dedicated team of PCP solicitors who can handle individual cases very easily and professionally. 

Another way to get compensated for your mis-sold deal is to contact your dealership. If you send them a claim request, and they reply to you back, you can settle this matter easily. But usually, this process takes time. That is why customers opt for claim experts. They will handle this matter and take every action required to proceed on your behalf. You will not have to worry about it, and it will not cost extra money. Just give some details, and they will get back to you. This is simple and easy yet time-consuming.

Goodwin Rodgers on Mis-Sold Vehicle Money Cases

Any client who needs to make a PCP guarantee can assemble all records and visit the Monetary Ombudsman Administration (FOS) to clear his matter. Be that as it may, this will take time, as the vehicle vendor or the bank may not engage the solicitation right away and may decline his case. Consequently, it is smarter to counsel PCP guarantee specialists to expertly deal with your matter. Our group at Goodwin Rodgers is consistently prepared to help you. We have a devoted case specialists group to deal with a wide range of mis-sold vehicle bargains. Our cycle is straightforward and simple to follow. You simply have to accumulate all applicable data and records of your PCP bargain.

For marking a PCP guarantee, it is vital to have a duplicate of the agreement, messages, receipts, showcasing records and some other desk work. Then, at that point, the subsequent stage in the case cycle is to really take a look at your case qualification. We have a free internet based checker accessible on our site to really take a look at your case qualification. You can add your subtleties around there, then, at that point, our group will reach out to you. This is a simple task to work with our clients.

Besides, we charge nothing from our clients until and except if they win a case. That is to say, if you need to check your application status, you can do it for nothing. We have no secret expenses. Notwithstanding, when you win a discount, we will charge a modest quantity of our administration expense.