How Was PCP Car Finance Agreements Mis Sold?Reasons & Examples

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It is estimated that 10 million plus motorists in the United Kingdom may have been mis sold their car finance agreements due to poor customer service from brokers and car dealerships.  

Here at missoldcarfinance.org we have selected some of the main reasons and a couple of examples for the mis selling of pcp car finance deals. 

So, what are some of the main reasons for the mis selling of cars on finance? 

mis sold car finance blog post

BEING OVER OR UNDER VALUED FOR THE MILEAGE ON YOUR CAR 

One of the common reasons that put motorists of PCP agreements is going over the annual millage limit. 

Going over your annual millage will result in you paying extra. 

 

The lower the annual millage the less you will have to pay in monthly payments for your vehicle. 

But going over means you will have to pay when you exceed your limit. 

Example of being mis sold on your mileage

Let’s say for example you THINK you drive 10,000 miles a year  

But in reality, you drive 18,000 miles a year. 

 

You could be charged more than £2000 extra for them 8000 miles possibly more  

 

The average person is not going to know the mileage they drive not everyone keeps an eye on this. 

 

This needs to be made clear to you when taking out the agreement 

This should not be rushed as it could result in you paying thousand’s more for the pcp deal. 

Not properly informed about the PCP car finance agreement

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