If you’re baffled by car leasing jargon, you’re not alone!
PCH; PCP; HP – help! Do you know what this all means?
64% of respondents felt that car leasing jargon or abbreviations created a barrier to communication and only 10% could adequately describe all of them!
2,000 people were asked about the following terms:
- Hire Purchase
- Residual Value
- Personal Contract Hire
- Salary Sacrifice
- Contract Hire
- Finance Lease
Over half of the respondents agreed that they have sometimes been left more confused than beforehand when using abbreviations or jargon, according to the survey by LeasePlan.
In fact, 38% agreed that finance or motor industry jargon actually put them off purchasing a product or service. When it came to asking for help to understand jargon, 39% of male and only 28% of female respondents said they felt very confident to ask for advice.
Matt Dyer, managing director of LeasePlan, said “We know that jargon can lead to misunderstandings, leaving drivers exposed to unforeseen costs and risks.
“It is alarming to see how industry abbreviations and jargon are putting customers off purchasing products or services that could be beneficial to them or the business they work for. As an industry, we need to realise when this could apply and take responsibility for explaining anything complicated to customers in a clear and simple way.”
Matt continued: “Terms used in the world of motoring can be confusing to those who do not use them on a regular basis.
“That is why we have introduced a clearer, jargon-free way of communicating with customers. To achieve this, we have implemented a company-wide training programme for our staff, from seasoned veterans to our newest recruits.”