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New PCP
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Taken out a pcp on a brand new car built to my specification. I know it arrived in the dealer 2 weeks ago however I still haven't had information on a collection date. I'm getting a peaved off as I call the dealer every day and get told the specialist is busy but will call me back. 2 weeks later I'm getting annoyed now, im happy waiting for my car however my first PCP payment comes out in 2 weeks time. Im I right in thinking this shouldn't come out until having the car for the first month?
I only have 2 more free dates I can collect (I have told the garage this 3 times) until I can collect until after Christmas & new year.
What grounds do I have to be compensated for the messing around?
I only have 2 more free dates I can collect (I have told the garage this 3 times) until I can collect until after Christmas & new year.
What grounds do I have to be compensated for the messing around?
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Comments
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You could call up and and say you no longer want the vehicle and would like to cancel the PCP as you have found a alternative vehicle.
Might get them round to delivering the car0 -
Cancelling the PCP deal and buying something with a loan so they actually have something to show for the £1000s a year they're paying out at the end of it would be a better idea.
I've come to a conclusion why people don't seem bothered about the pitiful mileage allowances you get with PCP, they can't afford the petrol to do any more.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Different people have different circumstances. I am in the position where I want to pay out every month to insure if anything goes wrong I am covered.0
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As you havn't yet taken delivery then surely the contract isn't yet 'complete'? Thus meaning that your payment 'clock' shouldn't start ticking until delivery?
But I would agree with post 2. Tell them that unless they give you a delivery date within the next 24 hours, you will walk.PLEASE NOTEMy advice should be used as guidance only. You should always obtain face to face professional advice before taking any action.0 -
They asked me to come in and sign the finance documents 2 weeks ago. I expected to get the car then but clearly not! I'm starting to wonder if something has gone wrong and they're trying to cover it up 🤔0
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Sounds like the car failed the dealer inspection and they are trying to get it fixed, most likely body work damage during delivery or once on site. Check it very carefully in dry daylight when they finally deliver.0
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Cancelling the PCP deal and buying something with a loan so they actually have something to show for the £1000s a year they're paying out at the end of it would be a better idea.
I've come to a conclusion why people don't seem bothered about the pitiful mileage allowances you get with PCP, they can't afford the petrol to do any more.
I've come to the conclusion most people don't understand PCP. There's no advantage in buying a car with a loan vs PCP. With either method the "cost" / amount of money lost is determined by the depreciation of the vehicle which is independent of the financing method.
Yes, with a loan you'll own the car at the end but then you'd have put in payments equal to the whole price of the vehicle plus interest whereas with PCP you'll have only paid the depreciation plus interest on the loaned amount. Or to put it another way - with PCP you don't keep the car at the end because you haven't paid for it.0 -
thescouselander wrote: »I've come to the conclusion most people don't understand PCP. There's no advantage in buying a car with a loan vs PCP. With either method the "cost" / amount of money lost is determined by the depreciation of the vehicle which is independent of the financing method.
And given the loan isn't secured on the car then unlike a PCP deal if you ever find yourself in trouble you won't lose the car if you don't make the loan payments or you can sell the car to pay the outstanding loan. With PCP you either lose the car or you're stuck making payments you can't afford with a massive penalty if you try to get out early. I wonder how many working people using foodbanks are there because they have a PCP deal.Yes, with a loan you'll own the car at the end but then you'd have put in payments equal to the whole price of the vehicle plus interest whereas with PCP you'll have only paid the depreciation plus interest on the loaned amount.
But at the end of the loan you're not then having to go get another car on finance because you can't afford the balloon payment. PCP is a trap, a massive monumental trap which basically entraps people into monthly car payments forever. Most people don't pay the balloon payment but just finance another PCP deal because why get a loan to cover the balloon payment and pay £200 a month for a car you've had 4 years when you can pay £200 a month and have a new one on PCP?
And that is even before we get into the pitiful annual mileage limits with quite expensive penalties for exceeding them, the penalties they'll try to get out of you for dings and scratches, the fact you can't do any modifications to the car because it isn't yours.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
The other thing to be careful of with loan vs PCP is that dealers use the monthly payment as the deciding factor to disguise the true cost.
The statement that people don't understand PCP is correct and this is deliberately used by sellers to disguise poor value for money.
So the big difference between loan and PCP is that with a PCP people are more likely to make a poor decision - often a wilful misunderstanding of what they are playing out - ignoring deposit and thinking a large balloon payment represents the high trade in value of the car rather than a larger hurdle to overcome. When we looked at buying we looked at PVP and Audi claimed their deal was better as they could match an independent' s offer as their monthly payment was the same and they had a much larger balloon payment.0 -
IanMSpencer wrote: »The other thing to be careful of with loan vs PCP is that dealers use the monthly payment as the deciding factor to disguise the true cost.
We've just had an example of that on this board. Woman looking to get a Fiesta or VW Polo on PCP. Payments apparently were £125 a month but when I calculated it including the deposit and the trade in value of her car it actually worked out that they were £200 a month. Also the cars were used, 17 plate and 66 plate. Looking around on Ebay there were the same ones for sale with lower mileage from main dealers for £2000 less than the place she was going to be paying so she could sell her car, get a three year loan and it would cost the same per month as the PCP deal but she'd have a car at the end of it.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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