In recent years it has been discovered that Personal Contract Purchase and Hire Purchase agreements have been grossly mis-sold to consumers. This mis-selling is usually a result of undisclosed commissions received by the broker of the finance. but can also be related to
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Several other contributions to mis-selling include:
- Customers being pressured into a deal.
- Unrealistic milage estimation- usually not enough provided in the annual allowance resulting in avoidable fees.
- Being encouraged to borrow more than necessary.
- Unclear terms on the balloon payment- was the borrower made aware by the broker that until the balloon payment is made that they do not own the vehicle? (PCP only)
- Insufficient affordability checks as a result of inadequate or in some cases non-existent credit checks.
The lender’s overriding duty to ensure the broker accurately represents the true situation of the borrower could mean they are liable for mis-selling when any of the above have taken place.