If you can give more information about your agreement, the finance company will locate and verify your details faster on their systems. This would also help in ensuring that in a later stage there are no requests for further information that can delay the claim decision.
Dealers use PCP finance to attract customers who are looking to change their car every few years. Interestingly, based on available data, it was found that 73% of new cars in the year 2014 were bought using PCP. This makes it the most popular vehicle finance product in the market.
It is mandatory for all car finance companies in the UK to keep records of all transactions of their customers for at least 6 years.
There is a misconception around car finance that the product that is on sale is a car. This is partly true because the main product on sale is a financial product for the vehicle. The car deflects the public attention away from car finance details. Plus, this financial sector is not under as much scrutiny as mortgages.
The average timeframe for the claim process is between 3-9 weeks from the date of starting a claim to a final decision being made.