The jargon jungle of the car industry

By Pye Motors

Are you one of those people who can traverse through the jargon jungle when it comes to car finance terms? If you are then Congratulations! you are part of a very exclusive group.

However, if not, please be reassured you're not alone.

Research shows that when it comes to car financing terms, only 1 in 10 people know what the salesperson is actually saying. Adermal Car Finance were the ones who conducted this interesting piece of research, with 2500 participants given a term and 3 options of what it could mean.

How will you fare?
HP
PCH
MSRP
GFV
PCP
APR

HP = Hire purchase (30% knew this)
PCH = Personal Contract Hire (20% selected correctly). What is even worse, 24% thought PCH was a hallucinogenic drug and 15% assumed it was a completely made up term.

Here are some of the best responses the research discovered:
MSRP (Manufacturer’s Suggested Retail Price) – a food additive (32%)
GFV (Guaranteed Future Value) – gluten free vegans (23%)
PCP (Personal Contract Purchase) – a sexually transmitted disease (11%)
APR (Annual Percentage Rate) – London-based football club (6%)
This survey was conducted to bring to light the feeling consumers have when these acronyms and jargon are used with Scott Cargill, the chief executive of Admiral Financial Services Ltd saying “47% of respondents also said that they got frustrated when companies use acronyms when describing products, we wanted to raise awareness of the confusion and hope to inform more people on what the terms stand for.”

Want to talk?

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  • Pye Motors Barrow 01229 842323
  • Pye Hire 01524 598641
  • Accident? Repair Centre 01524 847962

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Pye Motors Ltd subscribes to the Motor Industry Code of Practise for New cars, Service and Repairs. Motor Codes can provide certified an Alternative Dispute Resolution (ADR) service should a consumer remains dissatisfied with an outcome of a dispute in relation to the New Car Code or Service and Repair Code by visiting http://adr.motorcodes.co.uk or calling their advice line on 0800 6920 825.

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Pye Motors work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers: Ford Credit PLC, Black Horse Ltd, Ford Lease, Barclays Partner Finance, Close Motors Finance, Evolution Funding Ltd and Mann Island Finance.
Pye Motors is a limited company registered in England. Registered office: Ovangle Road, Morecambe LA3 3PF. Registered number: 204727. VAT number: 153686543

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