Why Choose Mercedes-Benz Financial Services
Mercedes-Benz Financial Services offers tailored, flexible financial solutions to all car owners. The company offers leasing and loan options to meet the varying market needs. Individuals who are interested in buying the latest model of Mercedes-Benz can count on Mercedes-Benz Financial Services (MBFS) to get a car on finance. Personal Contract Purchase (PCP) and Hire Purchase (HP) finance are mostly used in the UK market. Individuals who bought cars on PCP or HP finance before 2021 can make a PCP claim Mercedes.
PCP claims are another trending topic in the UK financial market. According to the Financial Conduct Authority (FCA), people who purchased cars on PCP or HP finance before 2021 and after 2007 might have been mis-sold on their PCP deals. They think that many lenders and car dealers charged excessively high interest rates, hidden fees, and commissions unfairly on the PCP contracts. They did so under the Discretionary Commission Arrangement (DCA). This practice was later banned in 2021. Therefore, people who purchased Mercedes on PCP or HP finance from MBFS can make a Mercedes-Benz PCP claim.
How to Verify Your PCP Deal?
Let us dig out some details first.
It is not uncommon for sellers to charge hidden fees or commissions on PCP contracts. Most of the time, these commissions are mentioned in the contract to indicate a transparent deal. However, sometimes lenders or brokers charge more money to increase their profit gains. This can be undocumented and may lead to financial stress for the customer, who is ultimately the one paying for monthly instalments. Thus, if something sounds familiar, you should check your PCP contract and consult with your financial advisor.
Furthermore, it is also important to distinguish between a PCP and an HP agreement. A PCP agreement offers more financial flexibility to its users than an HP contract. In an HP contract, the customer pays an initial amount, followed by fixed monthly deposits. At the end of the contract, the customer becomes the owner of the vehicle. In a PCP agreement, the customer has three options from which to choose.
The customer can make the final deposit and own the car. He can return the car without making the final deposit. Or he can exchange it for a new model.
If you purchased a Mercedes from MBFS and at the end of the 3-year PCP contract, you want to retain the car, you will have to make an optional final balloon payment. This is often referred to as the Guaranteed Minimum Future Value (GMFV). This is a huge lump sum amount which the customer pays to get the ownership of the vehicle. This option is only valid for a PCP deal. If you were not informed about this option, you were mis-sold on the PCP deal.
Here are some other reasons for PCP mis-selling:
- The lender did not disclose the terms and conditions of a PCP deal.
- The lender, car dealer, or broker did not offer the best financial product suitable for the needs of the customer.
- The customer was forced by the salesperson to sign the contract.
- The customer was not offered second advice.
- The customer was not familiar with the final balloon payment, interest rates, or hidden commissions charged on the contract.
- The customer had no idea about the car’s condition, limitations, and mileage restrictions.
- There was a discrepancy between the agreement and its practicalities.
If you know someone who has been a victim of mis-selling, then you should seek expert advice to handle your PCP claim process smoothly.
Check Your PCP Claim Eligibility
The PCP claim process is simple and easy. It is not as complex as the PCP contract itself. There are some restrictions and limitations to follow but with the help of the right PCP claims expert you can get your PCP refund easily.
If you want to file a PCP claim Mercedes, you can book an online consultation with the best claim experts in the UK. There are many claim experts providing online free of cost services to the Britishers. Their process is simple and straightforward. They will require you to provide some basic details to identify your mis-selling issue and verify your claim eligibility. Once a valid reason is identified, the claim expert will proceed your matter to the relevant authorities. This may take some time, but in the end, you will get your refund. Your expert will guide you throughout the process. All you need to do is gather relevant details and documents of your PCP contract as supporting evidence. Afterwards, you will just have to wait for the final call.
So, if any of you is interested in filing an online PCP claim request, you can check for an online claim checking tool. You can do it yourself and check your claim eligibility easily.
