Voluntary Termination Advice

Worty

Hi, I have a PCP with Mercedes and the car is in a lot of negative equity. I am way past the VT rule so on Wednesday 15th August 2018 I issued them a VT standard letter template saying I was invoking my rights; I did this by email(which I believe is fine) to their customer services email and go an auto-reply saying email being channelled to right department etc.


I gave them 14 days notice but have heard nothing back from them; I was wondering if I need to be doing anything more, I was going to email them and say if they do not respond then I will deliver the car back to the local dealership on the 15th day, please can anyone advise if I need to be doing more as I'm concerned I've not heard from them.


Thanks in advance.

jackieblack

Probably better to post on the Motoring or Consumer Rights boards...

A PCP with Mercedes and Old Style Moneysaving are unlikely natural bedfellows

VfM4meplse

jackieblack wrote: »

Probably better to post on the Motoring or Consumer Rights boards...

A PCP with Mercedes and Old Style Moneysaving are unlikely natural bedfellows

Very well put. Mods? :wave:

MallyGirl

Moved to Motoring as you might get better advice there

neilmcl

MallyGirl wrote: »

Moved to Motoring as you might get better advice there

I've sent you a PM. You may as well delete this thread as the OP has created a duplicate one in this forum anyway.

MallyGirl

sadly, now it is moved I can't change it as I don't have the rights in Motoring

Nobbie1967

Worty wrote: »

Hi, I have a PCP with Mercedes and the car is in a lot of negative equity. I am way past the VT rule so on Wednesday 15th August 2018 I issued them a VT standard letter template saying I was invoking my rights; I did this by email(which I believe is fine) to their customer services email and go an auto-reply saying email being channelled to right department etc.


I gave them 14 days notice but have heard nothing back from them; I was wondering if I need to be doing anything more, I was going to email them and say if they do not respond then I will deliver the car back to the local dealership on the 15th day, please can anyone advise if I need to be doing more as I'm concerned I've not heard from them.


Thanks in advance.

Are you sure you've paid half of the total amount owed, rather than just halfway through the payments? I ask because most PCPs seem to be structured that you are very near the end of the agreement before VT becomes zero cost.

AdrianC

Nobbie1967 wrote: »

Are you sure you've paid half of the total amount owed, rather than just halfway through the payments? I ask because most PCPs seem to be structured that you are very near the end of the agreement before VT becomes zero cost.

It's simply that very few cars depreciate 50% (even after the initial payment) during the PCP term... People don't seem to understand that they're borrowing the balloon.

Mercdriver

AdrianC wrote: »

It's simply that very few cars depreciate 50% (even after the initial payment) during the PCP term... People don't seem to understand that they're borrowing the balloon.

Or that they are paying interest on something that doesn't go down until the end of the term.

almillar

Hi, I have a PCP with Mercedes and the car is in a lot of negative equity

My question, in relation to this, is 'so what'? As in - so what if it's in negative equity? Hand it back at the end, there's a guaranteed minimum value, and walk away. Negative equity doesn't matter in PCP. Actually, if it's not just a sales tactic, and they did get their numbers wrong at the start, congratulations, you've just been driving a nice car for a few years, and paid less than you should have, good money saving!


Hand the car back (at the end) and move on. If you want another Merc, just go to a different dealership. You are not tied to this dealership, and certainly not if they try to squeeze a few more ££££ out of you at the start of your next car.