Voluntary Termination of Peugeot Finance, what can I expect?

mickburkejnr

Firstly if there is a dedicated area for car finance posts, I apologise that I didn't put this there. I couldn't find it!

Anyway, nearly 3 years ago I bought a Peugeot 3008 from a Peugeot dealership. The car was 4 years old at the time (registered 2010), and I took out a HP agreement on the car for 5 years. After the 5 years ended I'd keep the car.

Circumstances have changed, and the car is turning in to a money pit. I spent £1,200 on a new clutch and flywheel when it clocked 60,000 miles, and I've put 6,000 on it since. The car is always serviced by a garage as it's such a pig to self service. The air filter, for example, is right underneath the windscreen so unless you have small arms or a child you're not getting near it. Whats more, is that the front passenger wing was repainted before I got it, and there's now a dull matt look on it. I've sprayed clear laquer on it and I might as well have rubbed hand cream on it for all the good it did. Also the leather peels away from the steering wheel (known fault with the car) and the gear knob's leather has worn away from changing gear.

Anyway, I started the process with PSA Finance to hand the car back. It's taken 3 weeks just to get the paperwork, as the first request was noted but never actioned on their part. I've got the letter, and it says I have to pay the remaining balance of the GAP insurance that I was told had to be included with the agreement anyway. I don't mind paying it, it's one month of repayment of the car anyway. I'm over the 50% mark with repayments, so this is all I have to pay. It also says any damage must be repaired otherwise they'll charge me to "fix it". Is paint deterioration from a repair I haven't done classed as damage? Bearing in mind the car is 7 years old.

It's at this point the letter isn't exactly clear, or shows that it's a general purpose letter intended for more than one use. I've done some research on other peoples experiences in this situation, which has done my mind no world of good.

The process stated is as follows: once I send my letter saying I want to terminate, they will instruct their auction house/inspector to arrange a time to pick the vehicle up - within 3 weeks of the letter being received. They'll do an initial inspection, then take the car away. It's then subject to a 2nd "more thorough" inspection. There is no time frame for this, and this causes me concern.

The car won't be in my posession, and I won't be there for the 2nd inspection to see the work is actually done or how the car is kept. I don't want to have a letter come in the post a month or 6 months later saying there's a huge dent in the door and the turbo is broken, when neither of these occured when the car was with me.

From what I gather from researching the topic (all information seems to be around 2012 for some reason?) I've garnered a few things, which I'd like to clarify with someone before I possibly make an !!! of myself:

- The inspector will have a damage sheet with him, and if you sign it it means you'll be liable for damage shown up AFTER the car has been taken away
- After the 2nd inspection you will receive an invoice for damages to the car, which they will argue affects the value of the car. But the car is to be auctioned, there is no gaurentee of the value of the vehicle.
- If you're charged for work, you should request an invoice for the work actually being carried out

What confuses me is that the information I've seen relates to PCP finance deals where there's a balloon payment at the end. This isn't the same type of deal, and the car is now 7 years old. The front left hand wing's paint condition is a concern for me, as it's a deterioration of work that was done before I got the car. The steering wheel is also a concern, as it's a fault that commonly crops up on Peugeot forums etc relating to this car and others with this type of steering wheel.

Ultimately though the value of the car is less than what the finance company says is left outstanding on the vehicle - which is down to the conditions of the car market. But obviously this will affect the finance company, and I don't want to be in a position where they've taken the car away from me, and behind closed doors have come out with a list of defects on the car which they want to charge me to make up for this shortfall between what was left on the finance with what the car is worth now.

I have until the 14th March 2017 to send the payment and letter to get the ball moving, but I don't want to be under-prepared for this event either. I've never done it before, as I've had one car finance deal which was PCP and I kept the car at the end anyway. So if I could have good solid advice on what to do in the event defects are found, both exterior and mechanically, I'd appreciate it!