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PCP help, am I ruined?

The_big_1
The_big_1 Posts: 3 Newbie
in Motoring
Hi all,
Think I have been well coned and ruined!!!!
I had a car on PCP owening about £53,000.
I agreed a part ex against another vehicle with a garage.
They took the current car with agreement to pay off the PCP while taking out PCP on their car. They have since not paid off the PCP on the car they have taken!!! I now have PCP on two cars but only have one!!!!!
I have now to pay for a car I don't have and they do!!!!

Short of going bankrupt , do I report the car as stolen as it's taken and not paid for???
«1

Comments

  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    So just to be clear. You agreed to part-ex car A with dealer stating they would settle the outstanding finance and you'd purchase another car B, again on a new PCP deal, correct?

    What are the timescales to all this, how do you know that the dealer isn't in the process of settling the finance on car A? Was there actually any equity left in car A to use in part-ex for the new car? What has the dealer said about all this?
  • debtdebt
    debtdebt Posts: 949 Forumite
    £53000??!!!!

    How much is the total PCP on the new car and what car is it?
  • The_big_1
    The_big_1 Posts: 3 Newbie
    The dealer says they haven't the money at present to pay off the PCP on car A. The car was a C63s and was about £2000 negative equity. The deal was I give him car A, he sells me car B with PCP from their finance provider and he pays off the PCP on car A. The PCP payment on A is £900 A month. The dealer now has car A that I will still be paying for and I have to also pay for car B.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    You need a solicitor.
  • nicechap
    nicechap Posts: 2,852 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Mmm.... owns a £53K car but comes on the internet for legal advice.


    Even if this were true, the dealer hasn't broken any agreement as they haven't commited to a timescale in which to pay off the PCP
    Originally Posted by shortcrust
    "Contact the Ministry of Fairness....If sufficient evidence of unfairness is discovered you’ll get an apology, a permanent contract with backdated benefits, a ‘Let’s Make it Fair!’ tshirt and mug, and those guilty of unfairness will be sent on a Fairness Awareness course."
  • The_big_1
    The_big_1 Posts: 3 Newbie
    So I am stuffed then. Can not afford to pay both. Will have default on car A and have it repossess I guess?
  • motorguy
    motorguy Posts: 22,570 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 25 May 2018 at 6:57AM
    The_big_1 wrote: »
    So I am stuffed then. Can not afford to pay both. Will have default on car A and have it repossess I guess?

    I would have thought the dealer should be making the monthly payments at very least.

    But this matter seems very dark. Was your new car a mighty M3?
  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The_big_1 wrote: »
    The dealer says they haven't the money at present to pay off the PCP on car A. The car was a C63s and was about £2000 negative equity. The deal was I give him car A, he sells me car B with PCP from their finance provider and he pays off the PCP on car A. The PCP payment on A is £900 A month. The dealer now has car A that I will still be paying for and I have to also pay for car B.
    Timescales please, this is important.

    If the dealer can't/wont pay off the finance on the first car (sounds to me like he's waiting to sell it to pay off the settlement) then cancel the finance on the 2nd car and give it him back.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    The_big_1 wrote: »
    Short of going bankrupt , do I report the car as stolen as it's taken and not paid for???
    No, but you can launch a claim for the money they owe.

    Ultimately, the finance product on the old car is ENTIRELY your responsibility, so they owe you, and you owe the lender.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    That's a lot for a Yaris with no rear brakes.
This discussion has been closed.
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