Ford is renowned for its durability, performance, and innovation. It produces various types of cars, including trucks and conventional vehicles. Ford is It is well recognised for producing commercial vehicles for daily business activities. It has established a trusted name in the industry. Individuals and businesses buy Ford on car finance to reduce their financial stress and increase efficiency.
There are different types of car finance options prevalent in the UK market. People either buy cars on Personal Contract Purchase (PCP) or Hire Purchase (HP). If they get mis-sold on a car finance deal, they can claim a refund. For example, if a person bought a Volkswagen on a PCP contract, he can make a Volkswagen PCP claim for its mis-selling. Similarly, if you purchased a Ford on a PCP contract and were mis-sold on your PCP deal, you can make a Ford PCP claim.
Before that, let us discover ways to get Ford on different car finance deals.
How to Get a Ford on Car Finance?
Car finance options such as PCP and HP contracts are available for all Britishers. Every individual has a different need, and he chooses a car finance option that best suits his needs. Most people opt for PCP contracts. PCP contracts are user-friendly and offer great financial flexibility when compared to an HP contract.
A Hire Purchase agreement consists of an initial payment followed by fixed monthly instalments to pay the complete cost of the car. Once the payments are made, the contract holder becomes the owner of the vehicle. This usually happens in an average of two to three years. However, in a PCP contract, the buyer is given three different end-of-term options from which he can decide his next plan.
A PCP contract consists of an initial payment, lower monthly instalments, an optional final payment, or a balloon payment, also known as a Guaranteed Minimum Future Value (GMFV). This is an optional lump sum that is paid at the end of the contract when the buyer wants to get ownership of the car. If he does not want to become the owner, he can return the car without paying any amount. Thirdly, he can exchange it for a new car by signing a new PCP contract. These three options are available in a PCP contract, but not in an HP agreement. This allows the buyer to make an informed decision, whereas, in an HP contract, he pays the complete amount to become the owner of the car.
These are the two ways to get a Ford on car finance. However, if you bought it before 2021 on a PCP or HP deal, you might be mis-sold on the contract.
Common Mis-Selling Issues
If you purchased a car on a PCP deal before 2021, you can make a PCP mis-sold claim. According to the Financial Conduct Authority (FCA), people who purchased cars on PCP finance from various lenders might have been mis-sold on their car finance deals. The authority states that the lenders or the car dealers might have charged higher commission or interest rates on the PCP contracts as part of the Discretionary Commission Arrangements (DCAs). As a result, the buyer paid more than they should have. The authority banned the practice of DCAs in 2021. But those who purchased cars on PCP finance can make a claim for a refund.
Furthermore, people are also claiming PCP car finance mis-sold for different reasons. For example, the lender did not inform the buyer about the interest rate that was charged on the deal.
- The buyer was unaware of the hidden commissions charged on the deal.
- The buyer was not adequately informed about the terms and conditions of the PCP contract.
- The salesperson pressured the buyer to sign the deal.
- The lender or the broker did not offer the best financial product suitable for the customer.
- The broker did not run an affordability check on the customer.
- The buyer was not informed about the balloon payment and end-of-term options.
These are some mis-selling reasons for making a Ford PCP claim.
How to Make a Ford PCP Claim?
If any of the reasons mentioned above are true and happened to you, you can claim for compensation. The PCP claim process is simple yet time-taking. Many people do not have the time and expertise to handle the claim process themselves. You can hire PCP claim experts to manage your claim process.
We have a dedicated team of PCP claim experts at Drive Back Financial who tackle all sorts of PCP and HP claims. We do not charge any fees. Likewise, we gather all relevant details and information about your PCP contract and proceed with your claim. It is very important to identify the reason for mis-selling. Once we have found a valid reason, we can send your complaint to the lender for compensation. If he does not respond on time, we will take action to get back your money. This will take some time. So do not worry. Just visit our website or book a free consultation with our PCP claim experts to get insight into your mis-sold PCP contract.