Advice needed..

I've had a Jaguar F Pace for 2 and a bit yrs on pcp finance, not missed any payments. 
Broke down last week and mechanic says the engine has blown and he thinks multiple other problems..  says no fault of ours and its a common fault with this car......
Spoke to our finance provider (Santander) asking what our options are.  They say none!
If I sell the car for scrap, I have to completely pay the whole settlement figure straight away, if I  don't get rid of it, I just keep paying the monthly payments...
I understand I will have to pay until the loan is paid off but seems grossly unfair that I cant scrap it, pay a lump sum off and then keep paying the balance.
Insurance cant help either.
I'm on the verge of selling my home to pay it off....
If anyone has any advice, I would be very grateful.

Comments

  • tacpot12
    tacpot12 Posts: 7,830
    First Anniversary Name Dropper First Post
    Forumite
    If you have home insurance, check to see if you have Legal Expenses cover. If you do, you can get free legal advice from the Legal Helpline provided by your insurer. Ask them to review the PCP contract and give their opinion on whether any of the contract terms are unfair. 

    If it's a common fault with the car, you need a written report from the mechanic, and evidence of what the fault is. If you can trace it to the manufacturer, you might be able to sue Jaguar. Expect them to fight tooth and nail to avoid admitting that there is either a design or manufacturing fault.


    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Mildly_Miffed
    Mildly_Miffed Posts: 219
    First Post Name Dropper First Anniversary
    Forumite
    Diesel?

    The good ol' Ingenium engine problems. I presume it wasn't new when you got it - how old is it? What's the service history look like?

    As you say, you can buy yourself out of the PCP now - same as if it'd been written off.
    You'll obviously have to pay the full outstanding balance, including the balloon, but you will save a bit of interest. How long remains on the term?

    But what you want to do is keep the finance going... except it won't be secured against the car any more, because the car's dead. What's in it for the lender if you stop paying? They can't repossess the car. Effectively, you're wanting to turn it into an unsecured loan, but that's a higher risk than they signed up for.
  • daveyjp
    daveyjp Posts: 12,373
    First Post Name Dropper First Anniversary
    Forumite
    A good example why the advice is to avoid a PCP on a used vehicle with no manufacturers warranty.
  • Ganga
    Ganga Posts: 4,022
    First Anniversary Name Dropper First Post
    Forumite
    daveyjp said:
    A good example why the advice is to avoid a PCP on a used vehicle with no manufacturers warranty.
    How do you know it was a used vehicle ?
    ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!
  • born_again
    born_again Posts: 13,520
    First Anniversary First Post Name Dropper
    Forumite
    Ganga said:
    daveyjp said:
    A good example why the advice is to avoid a PCP on a used vehicle with no manufacturers warranty.
    How do you know it was a used vehicle ?
    I've had a Jaguar F Pace for 2 and a bit yrs on pcp finance, not missed any payments. 

    Is a bit of a giveaway

    If it was new, it would still be under warranty.
    Enjoy the reassurance of our three-year manufacturer’s warranty when you collect your new Jaguar.
    Life in the slow lane
  • ididgetwhereiamtoday
    ididgetwhereiamtoday Posts: 146
    First Post First Anniversary
    Forumite
    edited 12 February at 10:25PM
    It’s why they’re so cheap second hand. I feel for you. If it’s got a full service history I’d be dumping it at the jaguar dealer and quoting consumer law. 
    If you paid any part of it on a credit card the. Section 75 maybe of help?
  • Herzlos
    Herzlos Posts: 14,609
    First Anniversary Name Dropper First Post
    Forumite
    I understand I will have to pay until the loan is paid off but seems grossly unfair that I cant scrap it, pay a lump sum off and then keep paying the balance.
    You can always take out a loan and use that to pay off the finance, then you can pay it off as you go.

    If it's a known fault, I'd be pushing  JLR to do something with it, it's worth spending a bit of time on or potentially paying to repair.

Meet your Ambassadors

Categories

  • All Categories
  • 341.4K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.5K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards