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What is PCP car finance and could you have been mis-sold?

PCP (Personal Contract Purchase) car finance is a popular method of financing a vehicle where customers pay a deposit followed by monthly payments, with the option to purchase the car at the end of the term or return it. However, there have been concerns about mis-selling, particularly around the transparency of commissions paid to car dealers by finance companies. The Financial Conduct Authority (FCA) has been investigating these practices, and a High Court ruling in 2021 found that lenders must disclose these commissions, leading to potential compensation claims for affected customers. Claims management companies are now actively pursuing cases where customers believe they were mis-sold PCP finance due to undisclosed commissions, with potential payouts estimated to be significant. Consumers are advised to check if they are eligible for compensation and to be cautious of the fees charged by claims firms.

Read the Full Talksport Article at:
[ https://talksport.com/shopping/3127564/what-is-pcp-car-finance-mis-selling-explained/ ]