Land Rover is a distinguished marque in the automotive world. It is a luxury and off-road prowess. Land Rover has carved out a niche by combining rugged durability with refined elegance. It offers its customers unparalleled comfort and sophisticated design. The brand consistently delivers an exceptional quality and superior-performing luxury car. It has retained its market share in the UK with a good name and loyal customers. So, anyone who wants to buy a Land Rover will purchase it irrespective of the costs.
The price is generally high; therefore, multiple car financing options are available to customers. Customers can own a Land Rover on PCP or HP contracts. However, these contracts are complex in nature and require a great understanding of the agreement. Otherwise, the customer may file for a Land Rover PCP claim. This usually happens when a customer believes he has been mis-sold on the car finance.
PCP (Personal Contract Purchase) and HP (Hire Purchase) are the two most effective car finance options available to the Britishers. A PCP agreement consists of an initial depository, monthly payments, and a final lump sum. Whereas, an HP agreement does not include a final deposit. PCP contracts are mostly preferred by customers due to their unparalleled benefits.
Benefits of a Land Rover PCP Contract
In a PCP contract, the total cost of the car is dispersed over a time span of two to four years. This sounds great to most customers. They do not have to pay the entire amount at a time to own a Land Rover. Secondly, the monthly instalment amounts are lower compared to other finance deals. However, at the end of the contractual term, the customer has to pay the remaining amount also known as Guaranteed Minimum Future Value (GMFV).
This implies that by signing a PCP contract, the customer will enjoy:
- Lower Monthly Payments
- End of term Options
- Easy Access to a New Model
- Flexible Payment Schedule
Lower Monthly Payments:
Land Rover customers enjoy the benefit of paying less every month. If a customer buys a used car on a PCP contract, the monthly payment amount is further reduced.
End-of-term options:
A Land Rover PCP finance offers the customer three end-of-term options.
- Pay the Balloon Payment: The customer pays the final lump sum or the GMFV.
- Return the Car: The customer returns the car without paying anything. This is possible when the vehicle is in good condition and has not exceeded the agreed mileage. Otherwise, excessive charges may apply.
- Exchange the Car: For the remaining credits, the customer can exchange the car for a new or used Land Rover.
Easy Access to a New Model:
By signing a PCP deal, any customer will get the advantage of driving a new vehicle at the end of the contract. The customer will not have to worry about lump sum payments and can sign a deal for a new or used model.
Flexible Payment Schedule:
A PCP contract offers a very flexible payment schedule based on customer needs. It is on the customer if he wants to sign a two-year Land Rover PCP contract, or he can distribute it over a five-year plan.
Alongside these advantages of PCP finance, there are some associated drawbacks as well.
Drawbacks of PCP Contract
PCP contracts are becoming a popular source of car financing in the UK. Mostly, all Britishers purchase luxury cars on PCP deals. However, only a few understand the complexities of a PCP agreement.
Here are some of the common disadvantages of a PCP contract.
- Balloon Payment
- Mileage Restrictions
- Wear and Tear
Balloon Payment:
The primary disadvantage of the PCP deal is that it involves a huge payment at the end of the term. Regardless of the low monthly instalments, customers must pay the remaining amount at the end of the contract if they have opted for it.
Mileage Restrictions:
A PCP contract comes with a mileage limit. Every customer has to follow the mileage instructions mentioned in the PCP contract, or otherwise extra charges may apply.
Wear and Tear:
Every PCP holder should keep the car in proper condition. Excessive wear and tear or damage to the vehicle may result in unwanted costs.
Car financing agreements are very tricky in nature. Many customers who purchased cars during 2007 and January 2021 on PCP finance were mis-sold on their PCP deals.
When to Make a Land Rover PCP Claim
According to the experts, the Financial Conduct Authority (FCA) has recently analysed that most of the PCP contract holders were mis-sold on their car finance. This means that anyone who purchased a Land Rover on PCP finance between 2007 and January 2021 might have been mis-sold on their finance deal.
With the passage of time, this investigation is making breaking news in the finance industry. PCP finance holders are also filing for PCP claims. Similarly, a person who bought a Land Rover on a PCP agreement may file for a Land Rover PCP claim.
However, before filing a PCP claim, it is crucial to understand its reasons. A customer can make a PCP claim if,
- The dealer or the lender failed to inform the customer of all the terms and conditions of a PCP contract.
- The dealer or the lender overcharged the interest rates.
- The dealer or the lender did not disclose the hidden fees or commissions earned on the deal.
- The dealer used pressuring sales tactics to sign the deal.
- The dealer did not run a proper financial check on the customer.
If you think you had a similar PCP experience, you might be eligible for a PCP refund.
Make a Land Rover PCP Claim with Goodwin Rodgers
Many customers are claiming PCP refunds. Other than Land Rover owners, if you purchased an Audi on a PCP finance, you may be eligible for an Audi PCP claim. The PCP claim process is simple, yet time-consuming. It is free until you win your refund amount. It requires expertise and attention to detail. Therefore, if you are looking for a PCP refund, you should seek help from a PCP claim expert.
Goodwin Rodgers offers expert PCP claims service all across the UK. We professionally handle all mis-sold car finance deals. Our process is uncomplicated.
- Check your claim eligibility from our website with our free claim checker.
- If you qualify for the PCP claim, gather all evidence, documents, receipts, and emails for the claim process.
- Identify the reasons why you think you have been mis-sold on the car finance.
- Our claim experts will explain the process to you.
Meanwhile, it is essential to note that the claim process is time taking. It is a legal process, and it requires reasons, supporting evidence, and patience. So, do not hesitate to ask for help from our claim experts for free.