I’ve been getting a lot of cold calls from these claim companies, they are now all over Facebook & running adverts on my regional itv channel. It seems this could be another PPI scandal? I have had 5 pcp’s with bmw & 2 with Blackhorse since 2008 so looked into it a bit more, all the companies seem to be solicitors trading under a catchy “pcp claim type of name” no win/no fee but may take up to 50% of any compensation you are awarded. There are a few key things you are supposed to be told up front & one of them is supposedly the amount of commission the dealer receives for getting you to take out the finance agreement. This is the key part for me as if this is true I personally have never been given this information on any of the 7 finance deals I have had, including my current one.

Anyone had any dealings with these type of companies & if so any success?

Cheers

Malc

I signed up with pcpclaimsgroup.co.uk yesterday. Not sure if I can claim anything back yet but they do it all for you for 35% + vat so if I get anything it's a nice bonus. I wasn't told anything by the dealer when I took my pcp other than the rate they gave me and all my costs. Nothing about what they get.

Will wait and see if I get any money back but they did say Blackhouse were one of the worst for hidden costs that you pay. 2017 SVR. SVO Scafell grey Ebony interior
2012 3.0 SDV6 Autobiography santorini black with ebony/cirrus interior. Gone

As above with Smarttech - signed up to the same company - I’ve had 5 RRS on PCP since 2014 ( over £210k worth of Landrovers ) I could be entitled to over £20k apparently  16MY Estoril Blue SVR.............
17MY Autobiography Dynamic - Corris Grey - WOW.
14MY Autobiography Dynamic - SDV6 - Fuji White
12MY Autobiography - SDV6 - Santorini Black - Dual View - Rear Entertainment - Sunroof.
12MY Autobiography - SDV6 - Orkney Grey - awesome ;(
2005 Java Black - 4.2 V8 Supercharged First Edition- will never be forgotten ;(

They told me it could be up to £15k just on what I paid on the SVR !

Before my current RRS I've never had finance on any of my cars so this is the only one I can claim for. 2017 SVR. SVO Scafell grey Ebony interior
2012 3.0 SDV6 Autobiography santorini black with ebony/cirrus interior. Gone

Interesting topic, I have never used PCP before but I am considering it at the moment.

My next car is probably going to be electric and then are expensive and have a question mark over future values.

Is there any guidance on how to negotiate a new PCP with the benefit upfront of these savings? 2023 P440e SE Dynamic on order -cancelled

2022 HSE Dynamic P400e

2017 Discovery 3.0 HSE Silicon Silver Nimbus interior and a few extra toys SOLD

2013 HSE Black, Orkney Grey, Ebony Seats and Ivory Interior SOLD

2006 HSE

Plus a few other cars inbetween!

Smarttech - my first phone call was advising me of a potential £9k windfall after their commission on my current SVR finance package  16MY Estoril Blue SVR.............
17MY Autobiography Dynamic - Corris Grey - WOW.
14MY Autobiography Dynamic - SDV6 - Fuji White
12MY Autobiography - SDV6 - Santorini Black - Dual View - Rear Entertainment - Sunroof.
12MY Autobiography - SDV6 - Orkney Grey - awesome ;(
2005 Java Black - 4.2 V8 Supercharged First Edition- will never be forgotten ;(

Between PCP's & diesel emissions that car companies are due us, we are all going to be minted

PEACHY wrote:

Smarttech - my first phone call was advising me of a potential £9k windfall after their commission on my current SVR finance package

Just be careful if you go down this line... My wife works in the sector (Thankfully not for these ambulance chasers) and they have a nasty habit of requiring a lot of time / effort from you that you are not expecting and then when you drop out, YOU are liable for their fee.

They actually make more money from this than they do from legitimate claims.

On a personal note, if you go through a PCP deal and don't think the dealer is getting a kickback, you need to go back to school! Why would you think the dealer offers you additional discounts for going through finance....the goodness of their heart?

Be careful out there.... Now
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2022 SVR
2021 Bentley Continental GT
2020 Defender 110
2022 Defender 90 V8
Plus 16 other toys!

Rich,

Expected & understood on my part, the point is though if the dealers legally have to tell you in writing they get commission & how much, as per other financial deals & they have not been doing this, then it sounds highly likely there will be compensation due. I’ve not signed up to anyone yet but the 2 options I have looked at both maintain this is one of the key miss selling issues that they can get you compensation for.

I think most of us understand the dealers make money from our finance deals but no one probably understands they should be told the exact details of the commission the dealers receive, until now of course.

Malc

Tbh, if they had told you what they were getting, would you have walked away.......I’m guessing the answer in 99% of cases would be no. If everyone claims then prices will go up or PCPs will disappear and we’ll all be worse off.....just my humble opinion. Joined the X5 45e club
1994 Defender 90 300 tdi

I just don't feel morally right chasing after a dealer who have been otherwise excellent, based on a slight technicality that, I wager, will have made no difference to a single PCP customer.
You know they are benefiting, you were happy to go ahead. Do i need it spelling out to me....no.

Either way, i'm certainly not going to go through the pain of a legal process when i don't feel aggrieved. Let alone the longer term impact on the PCP market, on which lots of genuine buyers rely.

m13lky wrote:

Rich,

Expected & understood on my part, the point is though if the dealers legally have to tell you in writing they get commission & how much, as per other financial deals & they have not been doing this, then it sounds highly likely there will be compensation due. I’ve not signed up to anyone yet but the 2 options I have looked at both maintain this is one of the key miss selling issues that they can get you compensation for.

I think most of us understand the dealers make money from our finance deals but no one probably understands they should be told the exact details of the commission the dealers receive, until now of course.

Malc

 Now
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2022 SVR
2021 Bentley Continental GT
2020 Defender 110
2022 Defender 90 V8
Plus 16 other toys!

Dave-t wrote:

Tbh, if they had told you what they were getting, would you have walked away.......I’m guessing the answer in 99% of cases would be no. If everyone claims then prices will go up or PCPs will disappear and we’ll all be worse off.....just my humble opinion.

Totally agree, the cost of the claims from CMC's, the increased car hire costs, the increased legals etc, all go to insurers paying more and ultimately us paying more premiums. Insurers have increasing motor premiums for last few years now and mostly due to this (and value of / higher repairs of vehicles as toys costs more to repair).

I assume people get commission from what I buy, ultimately my view - if I am happy with the price I am paying, what do I care what someone else gets - good luck to them!

Just before Christmas, my friend ended up with her Ford Kuga on its roof due to another driver. Despite being injured and unable to drive for a few weeks, her insurer delivered within two days an unasked for, almost new Evoke which sat on the drive for two weeks unused. Of no benefit to anybody but at considerable expense to someone.
This type of practice plus many others as per replies above are a good reason why premiums go up. RRS HSE Dynamic SDV6 2014

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