PCP Nightmare - Advice please

motorguy

AdrianC wrote: »

Sure, VT is different. But from the driver/borrower's perspective, they were driving old car, now they're driving new car, money drips out of bank monthly.

The salesperson in principle was doing the right thing though and attempting to save the O/P £2,000 by VTing the car. They either didnt check the figures or did their sums wrong before giving that advice.

If it hadnt went the VT route, then yes, the salesperson could probably have rolled in the negative equity by propping up the car value with discount the O/P would otherwise have received.

GF2

She had absolutely nothing to gain in that situation in fact she was losing out by telling me to persue the VT

motorguy

GF2 wrote: »

She had absolutely nothing to gain in that situation in fact she was losing out by telling me to persue the VT

Did she tell you you should pursue the VT idea or that you could VT based on the figures she had in front of her?

I do think you need to cancel the new car though, unless you're happy to pay the VT amount to get out of the other deal.

missile

How did this start. Did saleswoman contact you? or did you go in wnating a shiny new car?

motorguy

missile wrote: »

How did this start. Did saleswoman contact you? or did you go in wnating a shiny new car?

Why does it matter?

Why the snide "shiny new car reference"?

The salesperson mis-advised the O/P. The O/P needs to take evasive action to correct it. End of.

GF2

I hit two years on my contract and was sent my settlement figure by post. She had my figures in front of her and told me to go for VT. So I made my decision to go for a ‘shiny new car’ based on this.

k3lvc

GF2 wrote: »

I hit two years on my contract and was sent my settlement figure by post. She had my figures in front of her and told me to go for VT. So I made my decision to go for a ‘shiny new car’ based on this.

Genuine question - is an annual statement with VT values now provided automatically (I've not had a PCP for 2yrs) ? Or has the dealer been sneaky and requested one on OP's behalf to start a thought process on changing ?

motorguy

GF2 wrote: »

I hit two years on my contract and was sent my settlement figure by post. She had my figures in front of her and told me to go for VT. So I made my decision to go for a ‘shiny new car’ based on this.

The two year marker is irrespective. Its 50% of the total contract value, not 50% of the way through the contract.

Even if its a 3 year PCP, its often months 28-33 before the half way point is reached.

motorguy

k3lvc wrote: »

Genuine question - is an annual statement with VT values now provided automatically (I've not had a PCP for 2yrs) ? Or has the dealer been sneaky and requested one on OP's behalf to start a thought process on changing ?

No, VT values would not be provided automatically. It is wholly not in the finance companies interest to encourage a VT.

If the O/P had been in the dealers and the dealer (or the O/P) had got a settlement figure (by phone or online) then theres usually a follow up letter by post.

Markp0766

Hi my daughter has same problem she is £900 of the 50% if she pays that in a lump sum could she then ask to trigger VT?