Car pcp payments

worried123

Does anybody know whether car finance companies are giving people struggling at the moment for whatever reason (80% not paid for some time) a break in payments.  I am with toyota finance - never had to tell anybody i could not pay for something before - has anybody else asked for a break in payments and what has their response be.  many thanks

Jeremy535897

I have no personal experience, but other posters have reported negative replies. I imagine this is because a car is a depreciating asset. You have nothing to lose by asking, I would hope.

worried123

Thank you. i have just emailed Toyota finance. can but ask...i have paid regularly for over 4 years - i am paying the balloon payment financed by them.
I have just asked if they would consider a break in payments.  i did read somewhere online and i dont know how valid it is that toyota are giving up to 90 days deferred payment. it may have been an american site.....if they do agree, i suspect they will make you pay for the deferment.

Jeremy535897

I wish you well in your endeavours. It is encouraging to see that a car company is offering deferment, although it could be expensive. Let's hope it is doing so in the UK.

Moonraker71

Hello, I also have a PCP plan with Toyota. I wonder if you received the email from Toyota Financial Services this week? It sounds fairly reassuring. I've pasted it below in case it's of any help:

"During these unprecedented times, we at Toyota Financial Services wanted to reassure you that we are doing everything we can to support our customers and we sincerely hope that your health and wellbeing is not adversely affected by the COVID-19 pandemic crisis.

We are aware that many of you may have concerns and questions you may wish to discuss with us.  As a result, we are experiencing unparalleled levels of calls into our customer experience teams.

Please can we ask that you don’t call us unless your problem is urgent, this will allow us to focus on our most vulnerable customers as our immediate priority.

These are very challenging times and we do ask for your help and patience as we work to deal with everyone’s queries. Should you need our assistance, we will work with you to assess your individual requirements which may not be immediate but may become more apparent in the coming weeks and months. In this way we will tailor a solution for the future, rather than commence any arrangement immediately. We will email you again in the next few days with a request and requirements form for you to complete and return to us if you believe you require a payment arrangement.  

If we agree to enter a payment arrangement with you during the current Coronavirus crisis, your credit history will not be adversely impacted. We will be sympathetic to all requests and rest assured we will prioritise our most vulnerable customers. 

As an alternative to calling in we would ask you to contact us by email us, see details below. Please only contact us if you consider your case to be urgent at this time, and we will endeavour to respond to you within 7 days.

Please do stay safe and well and thank you for your understanding.
customerexperience@uk.toyota-fs.com"

worried123

Wow, thank you so much moonraker.  Very reassuring....your post will also help others who are worried.  very helpful.

best wishes

worried123

Moonraker - they have notified me - it was in my spam box.  thank you again

Moonraker71

worried123 said:

Moonraker - they have notified me - it was in my spam box.  thank you again

No worries! Hope it works out.

neilmcl

Catholic666 said:

I bought a new VW from Lookers in Oct 2015 on a 4 year pcp. On 21st Nov 2019 I sold the car back to the dealer to avoid the balloon payment which would have been due 30th Nov 2019. They spent 30 mins checking the car & requested a settlement figure from VW finance (the provider/package they had sold me with the car.) 1 wheel needed refurbishing as I'd kerbed it and I was over the agreed mileage. Otherwise they were happy. The figure arrived from VW finance while I was waiting at the dealer. They said I'd need to pay £450 to walk away. I gladly did so on a debit card. They filled in the log book, tearing off section 9 for me to keep. It has their service manager's signature on it & I still have it along with debit card receipt. They said they'd pay the finance off immediately. I never could have imagined what was to happen next.
They phoned me early the next day & said they weren't buying my car, saying it had been in an accident. Other than the kerbed wheel, it had not, to my knowledge been in any accident. It had passed an mot less than a week earlier. They said I must come and pick it up. I refused. I reminded them I was going on holiday that morning and said I thought they'd already bought it. They said they had 30 days to change their mind, just like if I'd bought a car from them. They hung up. 5 minutes later they rang back. They said they'd do me a massive favour and still buy the car but that they'd have to auction it, not put it on the forecourt because of the damage. They said I needed to pay another £450 (to cover their losses) on a card over the phone and then I could forget all about it. I asked if there would be more paperwork to complete and they said no. I thought they were "trying it on" so I said I didn't have a card on me. My rationale was that if there was no more paperwork required to complete the sale, then the sale must already be complete. I went on holiday and didn't dwell on it.
To my surprise, on 28th January this year I started receiving text messages from VW finance regarding the outstanding balance on my account. I phoned them and explained several times what had happened. They had a record of the dealer requesting the settlement figure but no record of any payment. VW finance said they were still pursuing me for the balloon payment as the finance was in my name. They suggested me selling the car back to them. I clarified that I'd already sold the car to their agent. They stressed that Lookers had nothing to do with them. I said that as Lookers was the VW dealer who'd sold me the VW car & VW finance deal I considered them the same entity. Despite Lookers possessing the vehicle, signing the logbook and taking my £450 they did not pay the finance off. VW finance said they would investigate my complaint but that it could take a while (they said how long but I forget.) They said I could be black-listed in the meantime. I said that I wanted to raise a dispute. They have not asked me for any evidence (logbook, debit card receipt, bank statement). I am still receiving messages regarding the outstanding balance. I am very worried about this & I suffer from ongoing health issues that are stress-related.
I am baffled by this situation and I'm increasingly worried as I've read that Lookers are embroiled in some kind of a fraud scandal. I'm terrified that they are going to go "bust" whilst the situation is unresolved.
I have phoned a few no-win, no-fee solicitors but none seem interested. I'd be very grateful for any advice.

This has nothing do to with the Coronavirus situation. Can you please start your own thread in the Motoring forum section and please space your paragraphs as nobody likes to read a big wall of text.

worried123

catholic666 - i have just read your post and its terrible.  i am so sorry this is happening to you and is absolutely outrageous and disgusting.  I would be of no help - i dont have a clue...however, in a court of law you would come out shining from what you have written.  why dont you post this in the motoring section - maybe somebody can give their advice to you.  very good luck indeed.  best wishes