Here at PCP Mis-Sold, we delve into issues where PCP (Personal Contract Purchase/Personal Contract Plan) has been mis-sold by unscrupulous dealers, and we attempt to advise potential customers on what to look out for in order to prevent being ripped off. Here, we will highlight some of the top issues which consumers have complaints about when it comes to PCP, and how to avoid these becoming pitfalls for any future agreements that you may have.
The first concerns mileage. We covered this in a recent blog, but suffice it to say that the agreed mileage can not only place serious restrictions upon the amount of driving you can do every month, since you’re capped to not exceed a certain number of miles, but it can lead to harsh financial penalties should you exceed it, which can be in the mid-hundreds or even higher. Any agreed mileage should be compatible with your circumstances and reasonable based on your everyday travel; it should not be something which prevents you having weekend drives with the family or travelling around the country during the summer, but unfortunately this is an issue for those who have been unwittingly convinced to sign up for a PCP plan that only allows for low mileage.
The second concerns cost. It is common sense to only sign up for a plan that is not going to put you in financial peril. However, you will have a better plan if you pay more; harking back to our previous point, you will be allocated greater mileage if you pay more money. The obvious downside, though, is that you’re essentially balancing between a costly plan that allows for more driving, and a cheaper plan which greatly limits what you can do. But the biggest issue of all is that dealers are overcharging customers in far too many cases, or they are placing massive gaps between different plans, so you either pay extremely minimal money for an extremely minimal plan, or you have to pay way over the odds for a standard plan (which of course is often dressed up as being “premium”). More than anything, you don’t want to give yourself any financial problems through any plan that you sign up to, but you also don’t want to put your family out by only being able to provide very limited driving for them.
And part of this stems from the biggest complain that customers have: pressure from the dealer. Oftentimes, a driver will ask for time to think over the plans they have been presented with, allowing them to analyse the situation and then decide whether to give it the green light. But how many times have you been warned that you only have a small number of days or even hours to decide, or that you’re given the feeling of guilt by the dealer (“you want to make sure that you have a car for your family, don’t you?”), or that you’re potentially blowing a huge opportunity by not signing up? It is when people are under pressure, and not given sufficient time to think, when they make the mistake of signing up to a poor PCP plan. And in the case of a particularly shady dealer, that is exactly why they don’t want to give you time to think about it, because what they are offering is so unfair that it wouldn’t stand up to any reasonable scrutiny if one is able to logically break things down.
These are the main complaints and, consequently, the biggest factors in PCP being mis-sold. But you can learn more by visiting our news page today ==>> www.pcpmissold.co.uk/news