Car Finance Agreement

danielle_mackay

Hello..

I took out an agreement through Arnold Clark on a Vauxhall Mokka X back in August 2017. Since getting the car I have had nothing but bother with it and it doesn’t matter what I do, Arnold Clark just don’t seem interested in fixing the issue. Whenever I drive the car, halfway through a journey it’ll suddenly tell me to stop the engine because of oil pressure.

I have also recently been going through the contract that I was handed before I got the car and have realised that some of the statements are different from others. The first page states that the agreement I have (which is through Black Horse Ltd) is a Personal Contarct Purchase (PCP) but the pages that follow state I have a HP (hire purchase) agreement. I was always under the impression that these were two slightly different things. This is the biggest issue I have with the contract.

I am just looking for some advice about all this because I feel that my contract isn’t exactly valid if it states that the agreement is two different things. I understand that it is something I signed and agreed to and many people will probably be wondering why I haven’t noticed it until now but it’s just something that I want to try and get sorted as quickly as possible now that I have highlighted it. I’m looking to see where I can take this as I have been in several disputes with the finance company over Voluntary Termination and payments etc.

I really appreciate any feedback. Thanks!

Nearlyold

The majority of PCP agreements are Hire Purchase agreements - the bits that make it a PCP are just tweaks to a standard HP. (some are Conditional Sale and some are Fixed Sum/Term Lonas (basically hybrid personal loans).

Any HP based PCP agreement will always have a statement along the lines of "This is a Hire Purchase Agreement regulated under the etc" so there is nothing to worry about re your PCP agreement, all is fine.

danielle_mackay

Are they not two different things though? I spoke to my previous car dealer who explained that they were different but I’m not really sure what to do..

neilmcl

danielle_mackay wrote: »

Are they not two different things though? I spoke to my previous car dealer who explained that they were different but I’m not really sure what to do..

A PCP is indeed a Hire Purchase agreement but with just the option of deferring a final payment to the end of the agreement.

Nearlyold

danielle_mackay wrote: »

Are they not two different things though? I spoke to my previous car dealer who explained that they were different but I’m not really sure what to do..

You don't need to do anything as there is nothing wrong, your agreement is correct you have an HP based PCP - because it's HP based its a regulatory requirement the agreement tells you it's a Hire Purchase agreement. If it was Conditional Sale based it would have to tell you that and if it was Fixed Sum/Term Loan based it would have to tell you that. All three finance products mentioned above could come as a PCP variant,

(I worked in Motor Finance Compliance and produced training courses on Motor Finance so I can assure you there is no problem with the agreement) The issue with the car itself is of course a different matter.

System

danielle_mackay wrote: »

Hello..

I took out an agreement through Arnold Clark on a Vauxhall Mokka X back in August 2017. Since getting the car I have had nothing but bother with it and it doesn’t matter what I do, Arnold Clark just don’t seem interested in fixing the issue. Whenever I drive the car, halfway through a journey it’ll suddenly tell me to stop the engine because of oil pressure.

Not meaning to be insulting but have you checked the oil level?