Returned Car After Finance - Ignored Complaint

Francey79

Hi - I've never used the forum space before, but need some help on my consumer rights after having no response to a complaint.

I filled out an online form on the company website to complain that when I returned a car at the end of my PCP agreement, the car was taken away and no discussion or option given to me on the value of the car, which may have been worth than my remaining finance (this wasn't a hire agreement). I received and automated acknowledgement and waited 4 weeks, then followed up to an email address I found on their website. I again received an automated response, but nothing more.

What are my options here, how long should I wait for a response and how do I escalate?

Could this be another 'misselling' can of worms, where car dealerships are taking keys at the end of agreements and not being open and honest on the value and taking the resale value profit in full without offering market value above the remaining outstanding finance payment?

PHK

Isn’t it normally your responsibility to contact them before the end of the agreement to discuss the possibilities? What does the contract say?

As for the complaint, it isn’t clear who you complained to. If it was the finance company then they have 8 weeks to issue a final decision regarding a complaint. 

Ayr_Rage

@Francey79 you seem to have misunderstood how a PCP works.

The finance company WILL have advised you of your options and you have obviously opted to hand it back.

If at the end of the term you do not pay of the minimum guaranteed value and just hand the car back then that's it done, they have no obligation to give you anything but you are liable for any damages or excess mileage charges.

If the car is worth more than the outstanding finance then the finance company win when they sell it, it there is negative equity they suck it up.

What you should have done is ascertain what WBAC, Motorway or any dealer would have offered to buy the car from you and if that was more than the outstanding finance they would pay it off and give you the excess.

Alternatively you could have traded it in and used any excess as a deposit against another vehicle with the dealer paying the finance company the settlement amount.

molerat

It is your responsibility, no one else, to decide if you want to hand the car back or keep it / sell it and pay off the balloon payment.  The finance co are not in the business of valuing the car, they simply take it back and put it into the market win or lose.  The finance co are not going to give you any excess they may make over the balloon payment value, neither are they going to chase you for any loss, that is not what you and they signed up to.   You have no grounds for complaint.

Ectophile

I don't think the finance company have done anything wrong.  At the and of a PCP, they should give you two options:

• Hand the car back, and that's the end of the finance agreement.
• Pay the balloon payment, and the car is yours.

There's actually a third option that you have:

• Sell the car to someone else, they pay off the balloon payment, and if there's any money left over then you get it.

You chose the first option, and handed the car back.  Why would they give you any money?