HELP PCP Advice

andyphllps

I took out a PCP car agreement on 30th November 2018. 

At the time I was in dispute with the dealer due to a serious fault with a new car that I had from them I wanted to return the car and end my custom with them as I no longer had faith in their product.

I was pressured in to accepting a new contract and given no option. This new contract was a lot more per month than my current contract. I told them at the time the payments would be too much and would put financial pressure on me. 

I have all of this correspondence saved as it was mainly over email. 

I am now in a position where I am struggling to keep up these payments.

At the time of the dispute I had recently been diagnosed with breast cancer and had just under gone a mastectomy, I just capitulated to the pressure put on me by the dealer and was not fit to make a sound judgement. 

I feel I was pressurised in to making this commitment by the dealership under duress.  

Is there any way I am able to terminate this contract. 

The opening balance was £24,729.83, after just over 2 years the balance is £20,080.52.

My payments are £360.00 per month.

Many thanks,

Nicola

sourcrates

Oh Nicola, you should have said no at the time, never make such decisions under pressure.

You say you were in dispute at the time over a fault with a new car, i take it this agreement replaced the original one, and came with a different car, is that correct ?

PCP agreements are not my area of expertise, but i believe you must have paid at least 50% of the contract in order to terminate it.

You can`t really complain about the finance now, as you have a 14 day period in which to change your mind, which for whatever reason you did not take advantage of, so you either wait until you`ve made 50% of the payments, then terminate, or if its unafordable, default on it, and have it repossessed, thats your choice`s  i`m afraid.

CSL0183

andyphllps said:

I took out a PCP car agreement on 30th November 2018. 

At the time I was in dispute with the dealer due to a serious fault with a new car that I had from them I wanted to return the car and end my custom with them as I no longer had faith in their product.

I was pressured in to accepting a new contract and given no option. This new contract was a lot more per month than my current contract. I told them at the time the payments would be too much and would put financial pressure on me. 

I have all of this correspondence saved as it was mainly over email. 

I am now in a position where I am struggling to keep up these payments.

At the time of the dispute I had recently been diagnosed with breast cancer and had just under gone a mastectomy, I just capitulated to the pressure put on me by the dealer and was not fit to make a sound judgement. 

I feel I was pressurised in to making this commitment by the dealership under duress.  

Is there any way I am able to terminate this contract. 

The opening balance was £24,729.83, after just over 2 years the balance is £20,080.52.

My payments are £360.00 per month.

Many thanks,

Nicola

You can sell the car and pay off the outstanding finance figure no problem. If you are still owe £20k, how much is your car worth? Can it be sold for £20k and then that is then used to clear the finance? It all depends on how much equity or negative equity there is in the car. If you are 2yrs into a 3yr deal, you may be close to VT, if it’s a 4yr deal, it’s likely you’ll be in some negative equity. 

You should get your car valued.