PCP financed car had two engine replacements
my PCP financed Range Rover Sport had two engine replacements and spent 6 months at the dealership can I claim anything from the finance company.
When I was sold the car I was told to put a lower mileage than I suggested by the salesman. He stated that there were no second hand Sports on the lot that were under the £33,000 settlement fee and that the lowest 4 year old model was at £45,000. At the end of the agreement the vehicle has done 20,000 miles over the stated mileage of 40,000 miles and the car is worth £29,000 which is £4,000 less than the settlement fee. Either way I lose out. What are my options?
When I was sold the car I was told to put a lower mileage than I suggested by the salesman. He stated that there were no second hand Sports on the lot that were under the £33,000 settlement fee and that the lowest 4 year old model was at £45,000. At the end of the agreement the vehicle has done 20,000 miles over the stated mileage of 40,000 miles and the car is worth £29,000 which is £4,000 less than the settlement fee. Either way I lose out. What are my options?
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Compensation for engine failures and so on is separate, you would have to explain your losses such as hire cars or whatever. Compo for hurt feelings is a bit different
- the engine replacements (were these within your ownership of the car? - must be so fi the car was brand new when you got it)
- the settlement figure for returning the car
Are you looking to get rid of the car? If so, the engine stuff is probably lost in the midst of time and the "now" is more important.
So, you have a 4 yo car with 60k miles.
Settlement fee (MGFV) of £33k and have been offered £29k as the value, so the shortfall of £4k.
You don't have to pay the settlement fee and the "shortfall" is not to the current value of the vehicle but an excess mileage charge which should be defined in the PCP terms that you have from when you took out the deal. If the excess mileage charge was 20 ppm then 20k miles would make the £4k. What was the excess mileage charge in the agreement?
Have you enquired elsewhere to get a trade value for the car - WBAC or similar? If they offer you more than £29k (ideally more than £33k) you can sell to them and settle the finance that way.
The best quote I've had is the £29,000. I can afford to buy it an sell it privately but I feel annoyed that the engine. Both engines failed with the same issue, the turbo failed and sucked the oil out of the engine. Each time there were not indicator lights to say something was wrong until the engine failed. I had to pay 6 lots of £549 to have a car sit at the dealership which morally I feel the finance company should have to pay back even though I know it doesn't work that way.