Misold Car Finance PCP could lose £thousands
Hi,
Sorry this is a long thread but I bought a car from a Dealership selling the car I wanted 5K cheaper than maindealer, their website boasts they make the savings by cutting out the middleman. They go on to say that they will find the right finance for you. Their cars are UK registered. It all sounded good to me. I likened it to buy a tin of beans from M&S to buying them from ALDI - same product but vastly different in price.
I am a high mileage driver and therefore it costs be alot of money just to get to work and as I spend three hours a day in the car commuting I like to be in comfort.
Having spent £16,500k on a new car, financing £15k on a PCP, I left the showroom without signing the DD or getting a copy of my agreement.
(The DD was faxed to me the following day)
Its taken weeks for me to get the right paperwork -the finance company sent an old agreement from 2004 and the dealership insisted dAta protection prevented them from keeping any records. It wasn't until I said that there is a dealer copy as well as consumer and finance copy they managed to send a screen dump of the proposal which incidentally I never received and has a different charge for the mileage to that on my actual agreement.
In March I received letters from the previous finance company as the part-exchange car hadn't been paid off, selling the car 31st Jan and the dealer didn't pay until 12th March even though they said they had paid, I was being chased for missed payment etc.
I became a little un-nerved and did a HPI check on the vehicle, as the V5 only stated the colour and make of the car, all the detail was missing.
It took several weeks for Renault UK to realise they had the wrong car details logged against my registration and having insisted it wasn't an import they realised their mistake.
The car is worth 5K less than when I bought it because the main dealers have been undercut by this dealer and they value it far less.
I have a PCP which only allows 6000 miles a year, which I have emails I wrote to the dealer saying I do 100 miles a day but they replied.....
Morning,how are you.the mileage used to get to the finance payment of 257 a month is 6000 per annum.this is standard on all our quotes as with our vehicles being between 4 and 5 grand off uk list,nobody ever hands the car back to the finance co.(this is the only option the mileage banding comes into effect)if you decide on normal hp and not pcp the payment would be 312 per month,again done at a flat rate of 5%.if your friend wants to supply the finance for the car that wouldn’t be a problem,we have done deal at base rate and are not earning at all.ring me
I have rejected the vehicle on the basis that I was misold the finance and that the vehicle is an import having specifically asked the IMPORT question before I signed the agreement infront of my mother and daughter. I was told it wasnt an import and it came with three years warranty.
The value of this car in four years with 100,000 on the clock will be a couple of grand so I will have to pay 3p per mile for 96,000 miles or pay £6745 to buy the car. According to online car valuations a 2 year old car with 20,000 miles is worth £9K so knock off the £4-5K and I'm already in negative equity of £10K and will never catch up.
I understood the idea of PCP's is to offset the depreciation of a car allowing you to purchase a new car before the end of the agreement or at the end. I have purchased many new cars and the car has always been worth more than the Guaranteed value at the end. Sadly however this won't be the case.
I am fighting that I have been misold the finance, as the dealer tailored the package to suit my requirement of £250 monthly payment.
The finance company are suggesting I have had plenty of time to change the mileage plan and the matter is closed.
The FSA are sending out the complaint forms but that can take up to 8 weeks to investigate and I've already 4000 miles on this brand new car.
Can anyone help.
Similar Threads:
Reply With Quote
