Quick Guide:
Eligibility:
If you bought a Land Rover on PCP finance after 1st April 2014, you might be eligible for compensation.
Lack of Disclosure:
If commissions were not fully explained during your Land Rover PCP agreement, you could be entitled to refunds on interest and fees.
Compensation Potential:
Successful Land Rover PCP claims could lead to refunds on interest and fees.
How to Claim:
If you think you have a Land Rover PCP Car Finance claim, contact a finance claims specialist.
What is the Issue with Buying a Land Rover on a PCP Finance Agreement?
Many buyers of new or used Land Rovers use a Personal Contract Purchase (PCP) financial plan. When a customer signs up for a PCP finance agreement, it’s common for the salesperson or dealership to receive a large commission from the finance company. Customers are often unaware of these commissions, which effectively increase the cost of the car.
The Financial Conduct Authority (FCA), a government-backed watchdog, has recently banned car finance deals where car dealers and sales teams could earn more commission by signing customers up for more expensive PCP plans. This practice, known as ‘secret’ or ‘hidden commission’, meant that customers were unfairly paying more without knowing about the commission received by the sales team.
FAQs:
How Can I Determine if I’m Eligible for a Land Rover PCP Claim?
You might be eligible for a Land Rover PCP claim if the car salesperson promoted their finance as the ‘best option’ without suggesting you explore other options or presenting alternative choices. Another indicator is if the salesperson failed to disclose any commission they would receive from the finance company for your agreement. Additionally, if you were not informed about the exact amount of commission they would receive from the finance company, you may have grounds for a claim. These undisclosed commissions can significantly increase the cost of your PCP finance agreement, meaning you could have paid more than necessary. If these indicators apply to your situation, you might have a valid Land Rover PCP claim and could be entitled to compensation.
How Much Compensation Could I Receive for My Land Rover PCP Claim?
The amount of compensation you can claim for a Land Rover PCP claim varies depending on several factors, such as the terms of the finance agreement, the interest rates applied, the financed amount, and the 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 will depend on the specifics of your agreement and how much the undisclosed commission impacted your total payment. If you believe you have a Land Rover PCP claim, it is worth exploring your eligibility for potential compensation.
How Long Does the Processing of My Land Rover PCP Claim Take?
The duration of processing a Land Rover PCP claim varies depending on the specifics of each claim. If the dealership or finance company acknowledges responsibility for the alleged PCP mis-selling and commits to rectifying the situation, a compensation claim might be resolved within a few months. However, if the allegations are contested, the claim may be referred to the Financial Ombudsman Service (FOS), extending the resolution timeline to approximately 12 to 18 months. Additionally, opting for court proceedings, if deemed necessary, could also prolong the process, typically spanning between 12 and 18 months. Each case is unique, so the time frame can vary based on the complexity and cooperation of the involved parties.
How We Can Help?
If you’ve been wrongly sold car PCP finance on a Land Rover, we’re here to assist. Our team includes experienced solicitors ready to examine your position and suggest the most suitable steps forward. If you’re interested in learning more about making a claim for a Land Rover PCP, please contact us. We’re eager to discuss your choices and address any queries you might have. Filing a claim for a Land Rover PCP might seem complicated, but we’re here to guide you through it, providing support at every stage and ensuring you understand the process to achieve the best possible outcome.
Common Land Rover Models:
• Range Rover Sport
• Range Rover Evoque
• Land Rover Discovery
• Land Rover Discovery Sport
• Land Rover Defender
• Land Rover Defender 90
• Land Rover Defender 110