PCP financed car had two engine replacements

longtoe44

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?

SaverRate

Whos told you the car is worth £29k. Have you looked at the likes of Motorway or Webuyanycar?

[Deleted User]

Putting in a lower mileage means the GMV is higher, agreeing to do that is unfortunately always going to lead to a problem with excess mileage if you knew you would be driving more. I would buy it and avoid the mileage fee and just keep using it.

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 

superbigal

Pretty sure if you trade in for another PCP they will manage to wipe the excess costs and at least give you a Zero starting balance.  Haggle.

Grumpy_chap

longtoe44 said:

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?

There seem to be two unconnected matters here:

 - 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.

longtoe44

Yes these are two separate issue but part of the horror situation I've been through. I though buying a 60K premium car I would have had a better experience. 

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.

Grumpy_chap

What is the excess mileage charge in the PCP agreement?

SaverRate

longtoe44 said:

Yes these are two separate issue but part of the horror situation I've been through. I though buying a 60K premium car I would have had a better experience. 

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.

Were you provided with a courtesy car when yours was sat at the garage?

longtoe44

No Courtesy car for most of the first episode and all of the second. It worked out at at least three months without a car in total.

DrEskimo

You wouldn't get a payment if you had bought the car outright, so the fact you decided to pay it monthly with interest doesn't suddenly change things.

MEM62

longtoe44 said:

I though buying a 60K premium car I would have had a better experience. 

It should be but you chose a Range Rover.  Issues and failures with these vehicles are well known to the point that they should be expected.