Nissan is a globally recognised Japanese brand known for producing a range of vehicles, including cars, trucks, and SUVs. It is considered a leader in the automotive industry because it commits to high-quality, safe, and sustainable vehicle manufacturing. Its diverse vehicle types cater to various customer needs across the UK. Businesses and individuals own Nissan to meet their various transportation needs. Nissan vehicles are costly, so they are available on different car financing deals. Britishers can buy Nissan on car finance from different lenders, including Black Horse and Moto Novo. If they are mis-sold on their PCP deal, they can make a Moto Novo PCP refund. Otherwise, they can also make a Nissan PCP claim.
Let us cover the two main types of car finance agreements in detail.
Different Types of Car Finance Agreements
Personal Contract Purchase (PCP) and Hire Purchase (HP) are the two types of agreements prevalent in the UK market. They are almost the same but have some major payment differences that differentiate their target market. For instance, an HP agreement consists of an initial fixed monthly payment, and after completing all the payment plans, the buyer becomes the owner of the car.
In a PCP contract, the format is the same. The PCP buyer pays an initial amount as a fixed deposit, then he pays monthly instalments for a specific time period. After making all these payments, the PCP contract holder is presented with three different end-of-term options, which are:
- To retain
- Return, or
- Exchange the car
If the buyer wants to own the vehicle, he has to pay the remaining amount as a final balloon payment. This is an optional payment, also known as a Guaranteed Minimum Future Value (GMFV). By making this payment, he will become the owner of the vehicle.
Otherwise, the contract holder can return the vehicle without making this optional payment. Similarly, if the buyer wants to renew his car, he may sign a new PCP deal in exchange for his vehicle. These three options provide flexibility to PCP contract holders which are not present in the HP agreement. That is why most people opt for PCP deals to buy their desired cars. But sometimes, they are mis-sold on their PCP contracts.
How is a PCP Contract Mis-Sold?
Recently, the Financial Conduct Authority (FCA) has witnessed an increase in PCP claims for cars that were bought on PCP contracts before 2021. The authority has discovered a series of mis-sold PCP deals that took place between 2007 and 2021. They found out that many lenders, car dealers, and brokers charged hidden commissions and higher interest rates on PCP contracts in order to earn more profits. The Discretionary Commission Arrangements (DCAs) were not banned before 2021, and many took advantage of them, causing financial stress to customers. Now, PCP holders are claiming a refund. The investigation is still ongoing, but if you purchased any car on finance between 2007 and 2021, especially a Nissan, you can make a Nissan PCP claim as per FCA PCP mis-selling news.
Besides that, many customers complain that they were mis-sold on their PCP contracts as they were not informed about the terms and conditions of the PCP agreement. They claim that they had no idea about the final balloon payment and hidden commissions that were charged on their car finance agreement.
Furthermore, some claim that they were not financially evaluated before signing the deal and that the broker did not offer the best deal that was suitable for their financial needs. They also claim that the salesperson pressured them to sign the deal and did not inform them of the mileage costs and other limitations. These are some of the most common reasons for a mis-sold contract, and if the same thing happened to you, you should seek help from PCP claims solicitors.
Make a Nissan PCP Claim
The PCP claim process might seem like a tricky game, but it is not. Anyone can make a PCP claim if the reason for the mis-selling is legitimate. The above-mentioned reasons are valid for claiming a refund. The PCP claim process is time-consuming and involves regular updates. Therefore, contacting our PCP claim experts at Revive Solutions will ease the matter for you.
Our PCP claims experts are trained to handle all sorts of claims processes professionally. We have a complete breakdown of our claim processes on our website. We start off by identifying your mis-selling issue, gather the relevant details and supporting documents, and send an official claim report to the relevant authorities. Once we get feedback, we will inform you. So you have to wait and be patient until you win your money back. Moreover, you can visit our website and make a free claim.