Mis-sold PCP?

charli_b

Hi there. I'm really hoping someone can help me.

I bought an ex-demo car from Mercedes in May of last year, on PCP and have just recently discovered that one of the conditions for the guaranteed future value of the car is that it must be serviced by one of their approved dealerships - if it isn't, there are substantial penalties. At no point when I was in the process of purchasing the car was I ever told this as I already pay a substantial amount of money each month for the car. They are trying to now push me into another large monthly payment to cover the cost of their servicing. I have gone over the paperwork and found only one piece of paper stipulating this condition and it has only been signed by the saleswoman as I had never even seen it before last week. I am absolutely furious and just want to give the car back. I was also told that the car would be worth more than the GFV at the end of the 42mths and so this equity would be a deposit for my next car. I have done my research and there is no way my car will be worth the GFV never mind any more than this. I am really really upset, angry and confused. Hope someone can help! Thank you

paddyandstumpy

Where is the mis-selling, you didn't read the paperwork?

The GFV is guaranteed as long as the car is returned in reasonable condition. If the market value is less than that then that's the dealer's problem, you'll still "get" the GFV.

harrys_dad

You have to have it serviced by main dealer, that doesn't mean paying for a service plan. Even that depends on what the paperwork says.

motorguy

charli_b wrote: »

Hi there. I'm really hoping someone can help me.

I bought an ex-demo car from Mercedes in May of last year, on PCP and have just recently discovered that one of the conditions for the guaranteed future value of the car is that it must be serviced by one of their approved dealerships - if it isn't, there are substantial penalties. At no point when I was in the process of purchasing the car was I ever told this as I already pay a substantial amount of money each month for the car.

You bought a Mercedes but werent expecting to service it, to maintain the warranty?

charli_b wrote: »

They are trying to now push me into another large monthly payment to cover the cost of their servicing. I have gone over the paperwork and found only one piece of paper stipulating this condition and it has only been signed by the saleswoman as I had never even seen it before last week.

They're trying to get you to take on a servicing plan rather than have a biggish bill when its due a service.

Were you seriously not expecting to have to service it? You do know cars need serviced, right?

charli_b wrote: »

I am absolutely furious and just want to give the car back.

You're furious because the car needs serviced regularly?

charli_b wrote: »

I was also told that the car would be worth more than the GFV at the end of the 42mths and so this equity would be a deposit for my next car. I have done my research and there is no way my car will be worth the GFV never mind any more than this.

Have you that in writing? I suspect not. Its nice if theres a bit left after you've paid the GFV for a deposit for next time, but noone guarantees that.

charli_b wrote: »

I am really really upset, angry and confused. Hope someone can help! Thank you

• Cars need serviced.
• New cars under warranty are best serviced by a main dealer to ensure that the warranty remains intact and to ensure the best possible chance of any goodwill gestures by the dealer / manufacturer for any repairs outside of warranty
• The GFV allows you to walk away at the end of term and hand the car back OR pay the remaining sum and keep the car.
• There are no guarantees that the car will be worth more than the GFV.
• Motoring forum threads that have "mis-sold" in the title usually transpire to be started by people who havent read the terms and conditions they signed up to.

AdrianC

charli_b wrote: »

I bought an ex-demo car from Mercedes in May of last year, on PCP and have just recently discovered that one of the conditions for the guaranteed future value of the car is that it must be serviced by one of their approved dealerships - if it isn't, there are substantial penalties.

They own the car, they can tell you where to service it.

At no point when I was in the process of purchasing the car was I ever told this

Really? It doesn't say this in the terms and conditions you signed that you agreed to?

as I already pay a substantial amount of money each month for the car. They are trying to now push me into another large monthly payment to cover the cost of their servicing.

That's a service plan - that's different. You don't have to pay monthly for the servicing - you can pay when it's done.

I was also told that the car would be worth more than the GFV at the end of the 42mths

Unlikely. They are far more likely to have explained that it MAY be worth more than that.

I have done my research and there is no way my car will be worth the GFV

Mmm. You see that "G"? That stands for "guaranteed". The contract says that your car WILL be worth AT LEAST that much, so long as you keep to your side of the contract. IF it's worth more, THEN you can use the rest as a future deposit. If it's worth less, then the GFV protects you by setting a contractual minimum. You simply hand the car back and walk away.

You DID read the paperwork before you signed it, right?

Mobeer

1) Presumably you signed a contract for this PCP, saying you had read the terms and conditions? Had you read the terms and conditions? Does the condition give an exact list of dealerships, or some other requirement?

2) Do you have it in writing "that the car would be worth more than the GFV"? You need some proof of who signed this on behalf of the dealer and by how much they promised in that document.