Car finance plans have become common in the UK. It has allowed individuals to commute comfortably and luxury with their loved ones. However, PCP is leasing the cars, but leasing does not allow you to own the car, whereas PCP plan has the option to buy the car. The PCP plans are flexible and economical for the ones who cannot afford the full price of the car. The fun fact about PCP plans is that you can experience driving different types of cars. With a PCP agreement, PCP claims also come.
Should I Choose a PCP Plan?
You can choose PCP plans if you want a car but do not have enough money to buy one. Therefore, you opt for the PCP scheme and pay monthly for the borrowed car. The PCP packages differ from manufacturers to independent dealerships. However, reasons for choosing PCP plans are that those packages are easy to understand and have cheaper payment methods.
How Does the PCP Plan Work?
Before you buy a car on a PCP plan, you must understand the payment procedure. Also, you should kno other conditions in the PCP. Many people think that having a car through PCP means that the driver owns the car. It is not true. Drivers make PCP claims because the sellers have misled them. You can buy the rights to the car if you make a balloon payment before the PCP contract expires. A balloon payment is paid much higher than the other monthly installments to have complete rights to the car and no longer be a part of the PCP plan.
Can I Change My Car with PCP Claims?
It is possible that you can be compensated for the vehicle that you may have borrowed from the PCP plan. Your PCP claims are taken care of by the solicitor. The PCP compensation allows you to have monetary benefits, and if you are not satisfied with the vehicle according to what you have been paying for, you can request them to change the car. Another option to change your vehicle is to wait for the PCP contract to end and then borrow a new car with the new PCP plan.
Car’s Value in the PCP Deal
When you have bought a car in the PCP plan, the seller will tell you its value that is depreciated till the end of the agreement. You can make that payment before the PCP contract expires to own the car at the end of the day. However, GMFV benefits you because if the car’s worth has increased, you can pay the equity as a deposit and renew your PCP deal.
PCP Claims for My PCP Plans
If you think that a vehicle was mis-sold to you or were misguided about car finance options, you can make PCP claims. It is better to hire an experienced solicitor who does not know the car industry and claims, but they should have better experience dealing with PCP claims for their clients. You can look for solicitors in your nearby areas.
Also, the best choice of solicitors can be made through recommendations. Your PCP claims solicitor should know how to get you a successful compensation.
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