Advice needed on a mis sold car loan

missyp284

Hi guys. I bought a Nissan Juke 2 years ago. When I spoke to the car salesman I specifically told him I wanted HP type finance as I wasn't interested in changing my car in a couple of years, I didn't want to be locked into a specific mileage as my circumstances would be changing and I had no way of knowing what my mileage would be and also I like the idea if owning my car with no monthly payments at the end of the finance.
So, we went ahead and I bought the car.

I've just received a financial statement and on there it states I have a PCP. I had no idea what this was until a frI end of mine bought a car on PCP a couple of months ago.

It states my mileage as 5000 per year, which is based on the mileage of my old car. I've already done over 15000 in 2 years in this new car.

Can anyone offer any advice on how I should broach this?

I'm now self employed and there's not a cat in hells chance I can pay any penalties or balloon payments.

TIA

Pixie5740

What does your original finance agreement say? Does it state the annual milage and what type of agreement you have?

Gaz83

missyp284 wrote: »

Hi guys. I bought a Nissan Juke 2 years ago. When I spoke to the car salesman I specifically told him I wanted HP type finance as I wasn't interested in changing my car in a couple of years, I didn't want to be locked into a specific mileage as my circumstances would be changing and I had no way of knowing what my mileage would be and also I like the idea if owning my car with no monthly payments at the end of the finance.
So, we went ahead and I bought the car.

I've just received a financial statement and on there it states I have a PCP. I had no idea what this was until a frI end of mine bought a car on PCP a couple of months ago.

It states my mileage as 5000 per year, which is based on the mileage of my old car. I've already done over 15000 in 2 years in this new car.

Can anyone offer any advice on how I should broach this?

I'm now self employed and there's not a cat in hells chance I can pay any penalties or balloon payments.

TIA

If what you say is true, your problem is proving it.

After two years it's very much going to be a case of "he said, she said". You are saying one thing, and the garage are saying another. Unfortunately, from your point of view, they (and you) will be in possession of a signed piece of paper from you that backs up the garage.

Nearlyold

I've just received a financial statement and on there it states I have a PCP. I had no idea what this was until a frI end of mine bought a car on PCP a couple of months ago

Odd that if you didn't know what a PCP was, in telling the salesman what you didn't want, you described the features of a PCP. As Gaz83 says you'll have an uphill battle with this as all the paperwork you will have been given both before and after you signed will be very clear on the payment structure and mileage limits. As a point of detail most PCP agreements are in fact a form of Hire Purchase agreement with a few being conditional sale agreements.

foxy-stoat

Think you need to change the title to "how to get out of car finance I mis-bought".


Find out the 50% point to VT the car, then buy the one you want using the correct finance method, you should be able to dodge the excess mileage that way.


Good lucks

iolanthe07

Just buy the car after the PCP deal finishes.

missyp284

Nearlyold wrote: »

Odd that if you didn't know what a PCP was, in telling the salesman what you didn't want, you described the features of a PCP. As Gaz83 says you'll have an uphill battle with this as all the paperwork you will have been given both before and after you signed will be very clear on the payment structure and mileage limits. As a point of detail most PCP agreements are in fact a form of Hire Purchase agreement with a few being conditional sale agreements.

All I knew of at the time was an old fashioned 'lease' type agreement. Which is based on similar conditions. That is what I was saying I didn't want.

As for paperwork. I was never given a financial agreement as it was all done electronically. So I don't habe anything in writing which states what the milage penalties etc are. If I'd had that then I'd know what the implications are.

27cool

So, you say that you knew exactly what you didn't want. But was not interested enough to read the agreement (on paper or electronically) and check exactly what you were signing for. Doesn't sound much like misselling. More like missbuying.
The agreement must exist somewhere,or you could not have agreed to it.

MEM62

What evidence do you have to backup your conversation with the salesman?

The documentation that you signed when you purchased the car would have stated the type of agreement. Did you not read it? The T's & C's would have been available - even of signed electronically.

It has taken two years for you to discover the problem?

Sorry if my response is somewhat blunt but there seems to be no due diligence shown in terms of what you were getting yourself into. Signing a contract that where you have not read and understood even the basic terms is unwise and leaves you no comeback. Certainly there is no case of miss-selling. Surely the fact that the payments were much cheaper than HP would have offered some clue that this was not an HP agreement.

You have nothing to loose by speaking with the dealership and finance company and it is always worth a try. I hope you get a result but, unfortunately, I think that in the end you may be stuck with the arrangement.

takman

missyp284 wrote: »

Hi guys. I bought a Nissan Juke 2 years ago. When I spoke to the car salesman I specifically told him I wanted HP type finance as I wasn't interested in changing my car in a couple of years, I didn't want to be locked into a specific mileage as my circumstances would be changing and I had no way of knowing what my mileage would be and also I like the idea if owning my car with no monthly payments at the end of the finance.
So, we went ahead and I bought the car.

I've just received a financial statement and on there it states I have a PCP. I had no idea what this was until a frI end of mine bought a car on PCP a couple of months ago.

It states my mileage as 5000 per year, which is based on the mileage of my old car. I've already done over 15000 in 2 years in this new car.

Can anyone offer any advice on how I should broach this?

I'm now self employed and there's not a cat in hells chance I can pay any penalties or balloon payments.

TIA

If you had got a calculator and done a simple calculation of: Monthly Payments x Number of Payments, you would have seen it didn't even add up to the price of the car!.

Nearlyold

The documentation that you signed when you purchased the car would have stated the type of agreement. Did you not read it? The T's & C's would have been available - even of signed electronically.

To be fair to the OP the finance docs were probably headed "Hire Purchase Agreement" and if you didn't realise that PCPs are HP agreements (in most cases) then the OP might not have bothered to read any further. I really don't buy this didn't get any paperwork though.