What’s Special About Toyota Car Finance?
Toyota has become a popular option for owning and leasing any vehicle in the United Kingdom. As one of the most prevalent options in the car finance industry, the company offers various car finance deals, including Personal Contract Purchase (PCP) and Hire Purchase (HP) to own a car. It offers the UK driver convenience and value. The car finance agreements offer low monthly payments, customizable deposits, and flexible payment options. Moreover, Toyota is a reputable brand, and customers choose it because of its reliability and sustainability. With online applications and easy customer support, anyone can make a claim against Toyota Financial Services.
Why People Choose Car Finance Deals?
Let us say, for example, you bought an Audi on car finance from Audi Financial Services and later found out that you were mis-sold the deal. You can make a claim against Audi Financial Services.
Car finance contracts are tricky and complex. It is not easy for everyone to understand the complexities of a car finance deal. In order to do so, you need help from trusted dealers, lenders, and brokers. A good car dealer will educate his customer on the terms and conditions of a car finance agreement. He will educate his customers about the minor differences between a PCP and an HP contract.
A PCP contract consists of an initial deposit followed by fixed monthly payments, which are later covered by the final balloon payment. Whereas, in an HP contract, the customer pays an initial amount which is followed by a fixed monthly payment plan for two to three years, and then he becomes the owner of the vehicle.
A PCP contract offers more end-of-term options compared to an HP contract. In a PCP deal, the customer can pay the optional final balloon payment and become the owner of the vehicle. If he wishes to return the car at the end of the contract, he can return it without paying any amount. Furthermore, if he wants to purchase a new car on a new PCP deal, he can sign a new agreement to get the new vehicle.
The HP agreement does not offer these end-of-term flexibilities, but both car finance agreements offer compensation for valid reasons.
How is a PCP Deal Mis-Sold?
Mis-selling can take place anywhere and at any time. It happens when a customer is mis-sold on an expensive item. The customer has the right to make a claim against the mis-sold deal. In the case of a car, the Financial Conduct Authority (FCA) has found multiple PCP contracts that were mis-sold to customers between 2007 and 2021. According to their reports, people who purchased cars on PCP contracts were charged excessively high interest rates as part of Discretionary Commission Arrangements (DCAs). The authority has banned the practice of DCAs to eliminate the recurrence of such cases.
However, people who purchased the cars on finance before 2021 on PCP contracts can seek PCP car compensation from their lenders, including Toyota Financial Services.
Furthermore, it is essential to understand that mis-selling can happen due to different reasons as well. Such as,
- The lender failed to provide a complete breakdown of the total costs of the contract.
- The broker charged hidden fees or commissions.
- The customer was not aware of the car’s condition and other restrictions.
- The customer had no idea about the payment plan and the final balloon payment.
- The customer was not offered the best financial deal suitable for his needs.
- The customer was not given enough time to understand the contract.
- The customer was pressured to sign the deal.
If you bought a car on PCP finance and think you were mis-sold the deal, you can make a mis-sold PCP claim.
How to Claim Against a Mis-Sold Car Deal?
Mis-selling claims might seem complex, but in reality, it is very easy to proceed with the claim appeal. You can make a claim against your car dealer, broker, or lender if you think you have a valid reason for mis-selling. If you are unsure about your eligibility to make a claim, you can visit our website and fill in the form to get an update on your status.
At Goodwin Rodgers, we are dedicated to handling all sorts of claim queries. We have a team of PCP and HP claim experts to identify your claim reasoning, gather evidence supporting your claim request, and then we will forward your claim request to the relevant department.
This process might seem long and tiring, but you do not have to worry about it, as you will not be charged anything until you win your money back. Foremost, you should have a copy of your PCP contract and monthly deposits. Then, you should have all relevant marketing materials, brochures, and emails present with you to make a claim. Once all information is available, we will forward your claim request and will regularly update you on your claim status. Our experts are eagerly waiting to assist you on your PCP claim journey.
For more details and updates, visit our website.