Quick Guide:
Eligibility:
If you purchased a Honda on PCP finance after 1st April 2014, you might be eligible for compensation. Whether you acquired a new or used Honda vehicle, if it was financed through a PCP agreement during this period, you could potentially qualify for compensation.
Lack of Disclosure:
One indicator that you may be eligible for compensation is if commissions were not fully disclosed during your Honda PCP agreement. If the salesperson or dealership failed to provide transparent information about the commissions, they would receive from the finance company for arranging your agreement, you could be entitled to refunds on interest and fees. Lack of disclosure regarding these commissions can significantly impact the overall cost of your PCP finance agreement.
Compensation Potential:
Successful Honda PCP claims have the potential to lead to refunds on interest and fees. By addressing any lack of disclosure regarding commissions and other relevant factors, you may be able to recover overpaid charges, ultimately reducing the financial burden associated with your PCP agreement.
How to Claim:
If you believe you have a Honda PCP Car Finance claim, it’s essential to seek assistance from a finance claims specialist. They can evaluate your case, determine your eligibility for compensation, and guide you through the claims process. Taking proactive steps to address any potential issues with your Honda PCP agreement can help you secure the refunds and financial relief you deserve.
What is the Issue with Buying a Honda on a PCP Finance Agreement?
Many buyers of new or used Honda vehicles utilise a Personal Contract Purchase (PCP) financial plan. When a customer opts for a PCP finance agreement, it’s typical for the salesperson or dealership to receive a substantial commission from the finance company. However, customers are often unaware of these commissions, which ultimately inflate the overall cost of the car.
To address this issue, the Financial Conduct Authority (FCA), a government-backed watchdog, has recently intervened. They’ve prohibited car finance deals where dealers and sales teams could earn higher commissions by persuading customers to sign up for more expensive PCP plans. This practice, termed ‘secret’ or ‘hidden commission’, unfairly burdened customers with higher costs without their knowledge of the commissions received by the sales team.
FAQs:
How Can I Determine if I’m Eligible for a Honda PCP Claim?
If you’ve purchased a Honda vehicle through a Personal Contract Purchase (PCP) agreement, you might be eligible to file a claim under certain circumstances. You could have grounds for a Honda PCP claim if:
• The car salesperson presented their finance option as the ‘best choice’ without advising you to explore alternative options or presenting other choices.
• The salesperson failed to disclose any commission they would receive from the finance company for arranging your agreement.
• You were not provided with clear information regarding the exact amount of commission the salesperson would receive from the finance company.
These undisclosed commissions have the potential to significantly inflate the cost of your PCP finance agreement, resulting in you paying more than necessary. If any of these indicators resonate with your experience, you may have a valid Honda PCP claim and could be entitled to compensation. It’s crucial to seek advice from a finance claims specialist to explore your options further and determine the best course of action.
How Much Compensation Could I Receive for My Honda PCP Claim?
The potential compensation amount for a Honda PCP claim varies and is influenced by several factors, including the terms of the finance agreement, applied interest rates, financed amount, and duration since the PCP finance agreement was initiated. Despite these variables, you may be eligible for thousands of pounds in compensation. Each case is unique, so the exact amount you could claim depends on the specific details of your agreement and the extent to which undisclosed commissions impacted your total payment. If you believe you have grounds for a Honda PCP claim, it’s advisable to explore your eligibility for potential compensation with the assistance of a finance claims specialist.
How Long Does the Processing of My Honda PCP Claim Take?
The processing duration of a Honda PCP claim varies based on the specifics of each case. If the dealership or finance company accepts responsibility for the alleged PCP mis-selling and takes steps to rectify the situation, the compensation claim might be resolved within a few months. However, if the allegations are disputed, the claim may be escalated to the Financial Ombudsman Service (FOS), extending the resolution timeline to approximately 12 to 18 months. Furthermore, opting for court proceedings, if necessary, could also prolong the process, typically spanning between 12 and 18 months. As each case is unique, the timeframe can vary depending on the complexity and cooperation of all involved parties. Seeking guidance from a finance claims specialist can help navigate the process effectively and expedite the resolution of your Honda PCP claim.
How We Can Help?
If you’ve been misled into purchasing car PCP finance for a Honda, our team is here to assist you. With experienced solicitors on board, we’re ready to carefully examine your situation and recommend the most suitable steps forward. If you’re interested in learning more about making a claim for a Honda PCP, please don’t hesitate to contact us. We’re eager to engage with you, discuss your options, and address any questions or concerns you may have. While filing a claim for a Honda PCP may seem complex, rest assured, we’re here to guide you through the process, providing support at every stage and ensuring you understand the process to achieve the best possible outcome.
Common Honda Models:
• Honda Jazz
• Honda Civic
• Honda CR-V Estate
• Honda HR-V Hatchback
• Honda e Hatchback