Warranty buyback for faulty vehicle

natkirt

I took out PCP on a new Ford in Jan 2022. Since then, my car has shown faults that Ford have admitted they cannot fix and it's reached a point where I have been offered either a like-for-like car or buyback of my vehicle. 

Has anyone been through the buyback process before? Ford have been quite unclear up to this point as to exactly how it works and before my scheduled phone call with them I want to understand my consumer rights.

I've checked the value of my car through a few sources (We Buy Any Car, Autotrader, etc) and it is valued about £3000-£4000 more over the cost of my settlement figure, so I do not want to lose this equity that I would otherwise have if I sold it or used it for part-exchange. 

They have also mentioned a "mileage charge" (10p for every mile over 1000 miles) which would equate to a £2600 fee. This is despite the car being within my planned mileage within my PCP contract. 

Can anyone tell me what my consumer rights are in relation to all of this? Should I be entitled to the market value of the vehicle? Ford have said they have no direct dealings with my finance company nor the Ford dealership I initially purchased the car from, so I'm struggling to understand how the process works. 

Would I actually be better off getting the like-for-like vehicle and using this to part-exchange for a different car?

Nasqueron

When you did WBAC did you mention the unfixable faults? They are likely to offer more than the dealer yes, but that would still go down if/when they know about faults as they would struggle to sell it

Did the letter mention your mileage specifically and are you on course (if you could keep driving) to go over the limit?

facade

I think you need in writing what the offer is.

You would expect either

a) a full refund of the original price paid (not including credit fees) less a charge per mile driven to reflect the use you got out of it. They should pay the finance company their settlement and you get the rest as cash.

(The finance company can't charge mileage as you are settling the finance, not returning the car)

b) The current market value of a 2022 Ford with your mileage in good condition/no faults. There can be no extra mileage charge from anyone as the value includes the mileage reading. Again they pay the finance company their settlement and give you the rest.

c) a 2022 Ford that isn't broken (at the moment.....) with similar mileage as a direct replacement. Your finance company would have to agree to transfer the old pcp over to the "new" car and let you carry on, other wise you'd have a new agreement which might cost more.

!2 months ago b) would have been the clear winner, as a 2022 car (not EV) would have appreciated in value over the original price. Now the used car market has fallen, you'd need the actual figures.

There is no point in having a like for like replacement if you just want to trade it in on a new one.

natkirt

Nasqueron said:

When you did WBAC did you mention the unfixable faults? They are likely to offer more than the dealer yes, but that would still go down if/when they know about faults as they would struggle to sell it

Did the letter mention your mileage specifically and are you on course (if you could keep driving) to go over the limit?

No, I didn't mention the faults to WBAC for the valuation. My aim was to use the figure to show Ford what the car should be worth if it weren't faulty so that I wouldn't be left out of pocket as it was through no fault of my own. 

The letter wasn't specific to my mileage fee, it was just a set rate. I shouldn't be going over my agreed limit if I continue to drive it.

natkirt

facade said:

I think you need in writing what the offer is.

You would expect either

a) a full refund of the original price paid (not including credit fees) less a charge per mile driven to reflect the use you got out of it. They should pay the finance company their settlement and you get the rest as cash.

(The finance company can't charge mileage as you are settling the finance, not returning the car)

b) The current market value of a 2022 Ford with your mileage in good condition/no faults. There can be no extra mileage charge from anyone as the value includes the mileage reading. Again they pay the finance company their settlement and give you the rest.

c) a 2022 Ford that isn't broken (at the moment.....) with similar mileage as a direct replacement. Your finance company would have to agree to transfer the old pcp over to the "new" car and let you carry on, other wise you'd have a new agreement which might cost more.

!2 months ago b) would have been the clear winner, as a 2022 car (not EV) would have appreciated in value over the original price. Now the used car market has fallen, you'd need the actual figures.

There is no point in having a like for like replacement if you just want to trade it in on a new one.

Thanks, this is really useful. I have a call with them today, I wanted to understand what my expectations should be going into the phone call. 

Ultimate intention is to walk away from Ford altogether. My biggest concern was that they would offer to only cover the remainder of my settlement figure, take the car and call it a day, which is where the thought to take the like-for-like swap came from so I wouldn't lose out.

born_again

natkirt said:

Nasqueron said:

When you did WBAC did you mention the unfixable faults? They are likely to offer more than the dealer yes, but that would still go down if/when they know about faults as they would struggle to sell it

Did the letter mention your mileage specifically and are you on course (if you could keep driving) to go over the limit?

No, I didn't mention the faults to WBAC for the valuation. My aim was to use the figure to show Ford what the car should be worth if it weren't faulty so that I wouldn't be left out of pocket as it was through no fault of my own. 

The letter wasn't specific to my mileage fee, it was just a set rate. I shouldn't be going over my agreed limit if I continue to drive it.

I would not worry about what the car is worth now. You are looking for a like for like replacement for what you purchased in the 1st place.
So if it was a new Jan 22 car, you are expecting another 22 reg car.

Is this a dealer offer, or is it coming from ford themselves?
If ford you might even  strike lucky & get a new car..

natkirt

born_again said:

natkirt said:

Nasqueron said:

When you did WBAC did you mention the unfixable faults? They are likely to offer more than the dealer yes, but that would still go down if/when they know about faults as they would struggle to sell it

Did the letter mention your mileage specifically and are you on course (if you could keep driving) to go over the limit?

No, I didn't mention the faults to WBAC for the valuation. My aim was to use the figure to show Ford what the car should be worth if it weren't faulty so that I wouldn't be left out of pocket as it was through no fault of my own. 

The letter wasn't specific to my mileage fee, it was just a set rate. I shouldn't be going over my agreed limit if I continue to drive it.

I would not worry about what the car is worth now. You are looking for a like for like replacement for what you purchased in the 1st place.
So if it was a new Jan 22 car, you are expecting another 22 reg car.

Is this a dealer offer, or is it coming from ford themselves?
If ford you might even  strike lucky & get a new car..

This is coming from Ford themselves. Given the responses it sounds like best case scenario seems to be a refund for the initial price of the vehicle (less mileage fee for fair usage). This would be ideal and would probably offer me the highest value!