Was I mis-sold a PCP?

prikklypear

I bought a new Corsa earlier this year on a 3 year PCP, my salesman said, and i can practically quote, "After 18 months you can hand it back and walk away without consequence."

This was his primary selling point with me as I have never had a car longer than 18 months - I usually buy second hand and change up regularly. So I signed the dotted line.

I have since found out that there will be a consequence to my credit rating that would impact my chance of further car finance.

I'm livid and now feel locked into a 3 year PCP I never wanted or thought I was obligated to have.

Was my salesman entitled to say this? Can I do anything about this?

Nearlyold

prikklypear wrote: »

I bought a new Corsa earlier this year on a 3 year PCP, my salesman said, and i can practically quote, "After 18 months you can hand it back and walk away without consequence."

This was his primary selling point with me as I have never had a car longer than 18 months - I usually buy second hand and change up regularly. So I signed the dotted line.

I have since found out that there will be a consequence to my credit rating that would impact my chance of further car finance.

I'm livid and now feel locked into a 3 year PCP I never wanted or thought I was obligated to have.

Was my salesman entitled to say this? Can I do anything about this?

The salesman should not have told you this - you can hand the car back at 18 months or any other time but you have to have paid 50% of the total amount payable (which includes all fees, interest and the lump sum due at the end) so unless you put in a big deposit equal to half the lump sum due at the end you will be nowhere near the 50% mark at 18 months

If you normally buy used cars why not just keep this one for 3 years then hand it back, it'll be no older than if you'd bought an 18 month old used car and kept it for 18 months.

You can try complaining to the dealer but the salesman will probably have either left or just deny telling you what you say he said.

Voluntary Termination, as it's called, is a Statutory right I'm not aware that it has much effect on your credit rating the most likely outcome (if any outcome at all) would be that the next time you applied for car finance you wouldn't be offered HP but would be offered a Personal Loan that has no VT rights

Tiddlywinks

I take it you read the contract BEFORE you signed? Plus did your own research?

Lungboy

"practically" quoting is no good, you'd need their exact words.

[Deleted User]

prikklypear wrote: »

I have since found out that there will be a consequence to my credit rating that would impact my chance of further car finance.

What do you mean by this? Settling a credit agreement within its terms shoudn't reflect negatively in your credit history.

poppasmurf_bewdley

What the salesman told you is of very little consequence.

What you signed up to when you read and signed the contract is what matters. You did read the contract, didn't you?

shayshay

Sadly its a trick used with the trade hence I got out and now do my own leasing...rules are much simpler and straight forward for both personal and business.


The dealership itself is unlikely to do anything as they just move bits of metal. Its the funder you need to speak too and let them liaise with the dealership. If its a manufacturer owned finance company get them involved too. Have to admit the chances aren't great however without trying you will never know. Do everything by email or post. Over the phone would be just as bad as the verbal from the sales person. Good luck

Brock_and_Roll

IF the OP has paid >= to 50% of the finance (inc charges) after 18 months then the OP can VT, hand the car back and there will be nothing adverse to go on the credit record.

In the sale way car dealers use the "walk away" as a sales pitch, they also try the old "your credit rating will be trashed" is you tell them you are thinking of doing a VT - in both cases they are being economical with the truth!