Audi Finance is a quick and easy way to drive latest Audi models. It is a common practice in the UK to drive cars purchased on car finance agreements. This is beneficial for the customer and the car dealer as well. The car finance agreement allows both parties to mutually agree on some terms and conditions to make the process simple and easy.
The car financing agreements are complex and tricky to understand. Not all people who purchase cars on finance are familiar with the car financing deals, interest rates, commissions, and other financing options. Therefore, it is essential for all car dealers to explain the contract to their customers. If they fail to do so, this may cause stress and problems later on.
The Financial Conduct Authority (FCA) found out that thousands of people were making complaints about the Discretionary Commission Arrangements (DCAs) that were charged on car finance agreements before 2021. The authority banned the practice of DCAs and started an investigation. Until now, they have found that some car dealers and financiers charged DCAs, which were not mentioned in the contract. Thus, anyone who purchased a car from Audi Financial Services can also check his eligibility for a refund.
Audi Car Financing Options
Furthermore, it is important to understand the types of car finance options that are accessible to all customers. A Personal Contract Purchase (PCP) and a Hire Purchase (HP) contract are the two types of car financing agreements.
They are similar in nature as they allow the customer to get the car in easy instalments without paying the full amount at once. In an HP agreement, the customer pays an initial amount followed by a fixed monthly instalment plan. The HP contract helps the customer to get the car on instalment plan and transfer ownership in his name once the entire cost are paid off.
Whereas in a PCP contract, the customer pays an initial amount which is followed by a monthly payment plan and an optional final payment at the end of the contractual term. This optional final payment is known as the balloon payment and is a huge lump sum amount that is paid at the end to get the ownership of the car.
Otherwise, the customer can always opt to return the car or exchange it for a new vehicle. For instance, after a 3-year PCP contract, if the customer decides to return the vehicle, then he will not pay any balloon payment. If he wants to exchange it, he can sign a new PCP deal to drive a new car. These three end-of-term options are available at the end of the PCP contract and are known as retain, return, and exchange options. These options are not available in an HP contract.
These are some crucial points to consider before signing any car financing deal. If you purchased a Peugeot on a PCP contract and think that you were mis-sold on the PCP deal, you can easily make a Peugeot PCP claim. Similarly, if you purchased a BMW on finance before 2021, you can seek a BMW PCP finance claim.
How is Audi PCP Mis-sold?
Mis-selling can occur due to different reasons. A PCP or an HP contract can be mis-sold if the dealer or the lender failed to explain the terms and conditions of the PCP agreement. It can also happen if the customer is not informed about the final balloon payment, mileage restrictions, depreciation costs, and other expenses.
The customer can apply for a refund if the lender or the dealer does not offer the best financial product suitable for his needs. It is the duty of the dealer to run a complete background and financial check on the customer before signing any financial contract. If he fails to do so, the customer might become a victim of financial and psychological stress and, as a result, can make a mis-selling claim.
Another important reason of a PCP or HP mis-selling is undisclosed commissions and higher interest rates. This is the main reason why millions of Britishers are claiming for mis-sold PCP finance.
Claim for a PCP Refund
If you are one of the customers who signed a PCP contract before 2021 and think you were overcharged on your deal, you can make a PCP claim. If you purchased a car from Audi Financial Services, you can make a PCP or HP claim with Goodwin Rodgers.
The PCP claim process is simple and easy. It is not as complex as the PCP contract itself. You only need a trusted PCP claim expert to handle your PCP claim process smoothly and professionally. We are a team of solicitors and are adept at handling the PCP claim process for our clients. We gather all relevant information, documents, and receipts to identify your issue. Furthermore, we check your claim eligibility and evaluate your case. Once we get evidence that you were mis-sold on your PCP or HP deal, we will proceed with your case.
The claim process is time-taking, and it involves a lot of legalities. We will do all the hard work for you, and you do not need to worry about a thing. So, contact us to make a mis-sold PCP claim.