Pulling out of a PCP?

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justry4n
justry4n Posts: 50 Forumite
in Motoring
Hi there,
So, I placed a deposit, and agreed to a PCP finance on a new Mercedes A Class, it has been delivered to the show room, but, my circumstances have changed which means I will have to pay large amounts to keep my recently passed away Mother's estate, so not in a situation to be taking on 300pcm finance.

I'm assuming I will just lose my deposit on the car, or is it worst? What are my rights in this situation?

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  • motorguy
    motorguy Posts: 22,473 Forumite
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    justry4n wrote: »
    Hi there,
    So, I placed a deposit, and agreed to a PCP finance on a new Mercedes A Class, it has been delivered to the show room, but, my circumstances have changed which means I will have to pay large amounts to keep my recently passed away Mother's estate, so not in a situation to be taking on 300pcm finance.

    I'm assuming I will just lose my deposit on the car, or is it worst? What are my rights in this situation?

    Firstly, sorry for your loss.

    I would explain the circumstances, and as you say they're not obliged to return your deposit. They could in theory pursue you for any consequential loss over and above that, but i doubt they will
  • justry4n
    justry4n Posts: 50 Forumite
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    Thank you. I'm hoping they will understand my circumstances.. can't really afford to lose anymore than the deposit.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    Was this a factory build order, has the car been registered yet?
  • motorguy
    motorguy Posts: 22,473 Forumite
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    justry4n wrote: »
    Thank you. I'm hoping they will understand my circumstances.. can't really afford to lose anymore than the deposit.

    I am sure they will be fine. Let the know as soon as possible.

    Wont be the first time its happened and i am sure it wont be the last.
  • justry4n
    justry4n Posts: 50 Forumite
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    Yes, factory order and no, the car hasn't been registered yet
  • Keep_pedalling
    Keep_pedalling Posts: 16,628 Forumite
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    If you have just inherited your mothers estate, why have your expenses gone up? The estate pays any costs involved with winding it up not the beneficiaries or the executor.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
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    justry4n wrote: »
    Yes, factory order and no, the car hasn't been registered yet
    In that case I think you maybe looking at losing the thick edge of your deposit, is it a large amount?

    The PCP side you don't have to worry as I assume you haven't signed the agreement yet, and you'd have 14 days to cancel even if you had.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    My commiserations on your mother's death, but as you have inherited her estate aren't you better off, not worse ?
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