Now, we all know how fraudulent the PCP car finance deal or agreement was. Thousand of people lost their valuable earnings because of it and this begs the question, why so many people bought the car finance deal in the first place.
Personal contract purchase also known as PCP became popular just because of one big reason, it offered customers a mouth-watering payment method.
It gave potential buyers a way to pay monthly for the vehicle and at the end of their payment term pay a big balloon payment after which they will have complete ownership of the vehicle.
And there is another big thing worth mentioning, as a buyer, you can pay the balloon payment and get ownership of the vehicle or ditch it and buy another car finance deal and keep paying the monthly installments.
This not only didn't put financial pressure on the buyer but also gave them a little bit of authority to do what pleases them.
But then the downside of the pcp car fiance was revealed which was the commission intentionally hidden by the car dealers. This led to the thousands of PCP claims made by the people who bought the deal against the people who sold them.
If you were missold a car finance deal, it is within your legal right to claim compensation for it.