Pulling out of a PCP?

justry4n

Hi there,
So, I placed a deposit, and agreed to a PCP finance on a new Mercedes A Class, it has been delivered to the show room, but, my circumstances have changed which means I will have to pay large amounts to keep my recently passed away Mother's estate, so not in a situation to be taking on 300pcm finance.

I'm assuming I will just lose my deposit on the car, or is it worst? What are my rights in this situation?

motorguy

justry4n wrote: »

Hi there,
So, I placed a deposit, and agreed to a PCP finance on a new Mercedes A Class, it has been delivered to the show room, but, my circumstances have changed which means I will have to pay large amounts to keep my recently passed away Mother's estate, so not in a situation to be taking on 300pcm finance.

I'm assuming I will just lose my deposit on the car, or is it worst? What are my rights in this situation?

Firstly, sorry for your loss.

I would explain the circumstances, and as you say they're not obliged to return your deposit. They could in theory pursue you for any consequential loss over and above that, but i doubt they will

justry4n

Thank you. I'm hoping they will understand my circumstances.. can't really afford to lose anymore than the deposit.

neilmcl

Was this a factory build order, has the car been registered yet?

motorguy

justry4n wrote: »

Thank you. I'm hoping they will understand my circumstances.. can't really afford to lose anymore than the deposit.

I am sure they will be fine. Let the know as soon as possible.

Wont be the first time its happened and i am sure it wont be the last.

justry4n

Yes, factory order and no, the car hasn't been registered yet

Keep_pedalling

If you have just inherited your mothers estate, why have your expenses gone up? The estate pays any costs involved with winding it up not the beneficiaries or the executor.

neilmcl

justry4n wrote: »

Yes, factory order and no, the car hasn't been registered yet

In that case I think you maybe looking at losing the thick edge of your deposit, is it a large amount?

The PCP side you don't have to worry as I assume you haven't signed the agreement yet, and you'd have 14 days to cancel even if you had.

AnotherJoe

My commiserations on your mother's death, but as you have inherited her estate aren't you better off, not worse ?