PCP customers being penalised
Customers don’t know enough about personal contract purchase (PCP) and are being hit in the pocket as a result, says Glass’s.
The vehicle data provider says that it is receiving notable anecdotal evidence from the trade that some customers are shocked to find that there are potential financial implications surrounding the vehicle’s return.
Rupert Pontin, director of valuations, said ‘There are many people with PCPs right now for whom their current contract is their first experience of leasing a car. They will perhaps know nothing about standards covering fair wear and tear.’
‘When they come to hand the vehicle back at the end of the lease period – perhaps with the odd small dent, scuffed alloys or a hole in the upholstery – they are shocked to find that they could be out of pocket by potentially hundreds, even thousands of pounds.’