Rejection on a vehicle

sexysi

The problems have been with the fuel system, which has been admitted by the manufacture that was there from new. It was all replaced for 4k under warranty and then happened again. So has also been replaced again. Also the frame started rusting after 12 months.....not a happy experience.
Cheers si

sexysi

BoGoF wrote: »

12,000 in total for the 3 years? If so why when you clearly do more mileage?

If it was 12,000 for the 3 years then you are more than 10,000 miles over after 17 months in. At 17 months your allowance would be 17/36 x 12,000 = 5667. At 22,000 miles now you are over 16,000 miles over.

The intention was always to buy at the end of 3 yrs, but there have been so many problems with the bike, it has been a nightmare.

si

AdrianC

sexysi wrote: »

The intention was always to buy at the end of 3 yrs, but there have been so many problems with the bike, it has been a nightmare.

The thing to remember with a PCP is that you don't own it.

You are renting it for the duration, and promising faithfully to only cover 330 miles/month, else you'll pay 24p/mile for every one over.

There are a myriad of reasons that you might not take the contract all the way through to the end and buy it - and they'll all see you penalised for the fact you intended all along to cover nearly five times the mileage you contracted.

People get seduced by the low up-front figures, and don't bother to think through the "what if" scenarios.

sexysi

So can I off set a set of Honda spot lights, center stand and hand guards worth £450 from the £800 I owe.
Or do I loose out on these as well and Honda just keep them.

Its great that rejection of vehicle doesn't leave you out of pocket. If the bike was fine, I would still be riding paying my £125 and paying my 6.5k at the end of the term.

Si

sexysi

Fair enough Adrian, thanks for your input, at least I haven't been bitten for more than £800 which sees me away from the thing. I pity the next owner.

Cheers si

AdrianC

sexysi wrote: »

So can I off set a set of Honda spot lights, center stand and hand guards worth £450 from the £800 I owe.

They're part of the financed vehicle you rent. You just paid 100% of the price of them upfront

Its great that rejection of vehicle doesn't leave you out of pocket. If the bike was fine, I would still be riding paying my £125 and paying my 6.5k at the end of the term.

And if you owned it, you'd still be facing the initial steep depreciation. But if you were trying to sell an unreliable, scratty bike you'd get a lot less than the rejection settlement.

Remember, what you're doing is getting out of the vehicle early with no penalty for it being broken. You had a new vehicle, and you've given it 18mo and 22k miles of use.

sexysi

Adrianc. I have checked my contract and no where does it say 24p a mile. I have read though it states 4.91p a mile, which would put a total different spin on the money. Taking their claim for £2,400 excess mileage down to £500!!!!.

I am still waiting for the figures in writing as I was quoted 24p a mile over the phone and asked for it in an email. That was 6 hrs ago, email must be slow today...


Cheers si

sexysi

Ok first things first, a moan if I had gone with the advice on this forum I would have lost out on £800. But I didn't. I argued with Honda finance and they wrote the outstanding £800 off.

Bit of an update on my Crap ATAS, my rejection claim has been upheld and I return the V5 and the keys back to the dealer tomorrow. I still have a FOS claim going through for money back as Honda finance decided to use this HMRC figure to up the cost of my access mileage. Instead of 4.91p/ mile as stated in my contract. They raised the rate to 24p/mile instead. Using a Tax relief calculation......!!!!!!, but im sure the FOS will sort this out. Word of warning, don't trust any PCP deal now, because it seems to me that the finance company can change rates as they please. https://www.gov.uk/tax-relief-for-employees/vehicles-you-use-for-work

sexysi

Oh also Im getting my £200 spot lights back as well, as I owned them.