Personal Contract Purchase Mileage

KenTurner61

I started a PCP agreement with Jaguar Financial Services in October 2019. The monthly price I am paying is based on the annual mileage I anticipated covering, but due to Coronavirus, health concerns about visiting elderly relatives and the Government imposed restrictions this mileage is no longer going to happen. JFS have said it is not their policy to revisit the PCP terms once signed, but this seems very unfair. Does anybody have a similar experience or advice on how I can proceed?

Grumpy_chap

There have been some other threads in a similar vein and, to be honest it looks like it is just tough luck!.
It is also a bit of a gamble to argue for a discount as, when the vehicle is returned, if the demand for used cars is much lower (because no-one is driving to the same extent as before coronavirus so no-one wants a car), then the used value will be lower at the end despite the lower mileage.
I also imagine that the used value of this lower mileage car will not be enhanced as it will not be unusually unique when you return the car as there will be many people who just did not use the car for 3 or 4 months out of the lease period and also just do less miles in the future.

Time2Go_25

Well at least you shouldn't get hit for an excess mileage charge.

Galloglass

JFS have said it is not their policy to revisit the PCP terms once signed

Strange comment by the finance company as it would usually be a blank refusal. It may be that there is some wriggle room but you would have to read and quote the guidance from the Financial Conduct Authority on the matter

https://www.fca.org.uk/publications/guidance-consultations/motor-finance-coronavirus

This guidance builds on Principle 6 ('A firm must pay due regard to the interests of its customers and treat them fairly').

If you have a bit of time on your hands and you don't mind putting some effort in, then try an appeal under Principle 6 and then take it all the way to the Financial Ombudsman. JFS may decide to make a "commercial decision" and offer something.