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Consumer watchdog the CCPC (Competition and Consumer Protection Commission) has been warning for some time now of the potential pitfalls of PCP (Personal Contract Purchase) finance packages, to which Irish car buyers have been flocking.
In order to try and improve buyers' understanding of how, precisely, a PCP works, Renault Ireland has set up a new website called MyPCP.ie, which is designed to inform and educate, and hopefully take the worry out of buying a car on a PCP.
Reanult, which has loaned €1-billion to Irish car buyers since setting up its own bank here in 2011, has acknowledged the CCPC's concerns that, while a majority of buyers find buying on a PCP to be a positive thing, there are worries that people aren't researching the ins and outs of a PCP properly, and potentially getting into a finance agreement that they don't fully understand.
Brian McNulty, Head of Sales & Marketing at Renault Bank Ireland: "Our objective is to inform consumers about how PCP actually works, explain the options at the end of the contract and dispel any myths they have heard about PCPs. PCP car finance is not for everyone, but it can be a positive product for a lot of people, making the difference between a car that they need and a car that suits their needs. The main point is for consumers to know their options and then decide if it's right for them. MyPCP.ie is a unique website designed to answer our customers' and potential customers' questions about the workings of PCP and to understand the pros and cons of this type of product."
Liz O'Gorman, Renault Group, Marketing Manager: "2016 was the largest market in almost 10 years and a key driver was the availability of finance and the growth of the PCP. There were over 32,000 PCPs initiated in 2016, which means that there are 32,000 consumers with a big decision to make this year. MyPCP.ie is designed to provide motorists with information that will help them to make an informed decision. It is as simple as that, and we want consumers to know their options and let them decide for themselves with clear and transparent information."