Key Signs and Red Flags
Discover the tell-tale signs of a mis-sold car finance or PCP deal and protect yourself from the potential pitfalls of hidden commissions with SortMyCash and Chan Neill Solicitors.
With the growing number of mis-sold car finance and PCP deals, it’s crucial to recognise the signs of a potentially misleading agreement. This comprehensive guide will help you identify the red flags associated with mis-sold car finance or PCP deals, empowering you to protect yourself and seek the support you need from SortMyCash and our partner Chan Neill Solicitors.
Hidden commissions paid to brokers or dealers can significantly increase the cost of your car finance or PCP deal. A staggering 95% of dealers work on a commission model, so if it was not disclosed that they received commission, it’s highly likely to have been mis-sold.
Insufficient Explanation of Terms and Conditions
A significant indicator of a mis-sold deal is a lack of clear explanation regarding the terms and conditions of the agreement. If your lender or dealer failed to clarify aspects like interest rates, total cost, or penalties for early termination, you might have grounds for a claim.
High-Pressure Sales Tactics
High-pressure sales tactics, such as rushing you into signing an agreement or offering “limited-time” deals, can be evidence of mis-selling. A reputable lender or dealer should provide ample time for you to consider your options and make an informed decision.
Inadequate Assessment of Your Financial Situation
If a lender or dealer didn’t thoroughly assess your financial situation, including your credit history, income, and expenses, they may have placed you in a deal that doesn’t suit your needs. This oversight could constitute mis-selling.
Unsuitable Finance Options
If you were steered towards a specific finance option, such as a PCP deal, without a clear explanation of why it was the best choice for your circumstances, you may have been mis-sold. Lenders and dealers have a responsibility to provide impartial advice tailored to your individual needs.
If you suspect you’ve been mis-sold a car finance or PCP deal, don’t hesitate to seek expert advice and support. Click here to visit our main page now to learn more about how SortMyCash and Chan Neill Solicitors can help you determine if your deal was mis-sold and guide you through the claims process.