PCP help

Larnaaa

Hi i bought my car through motor range in Nov 23 on PCP and since December 2023 i have had nothing but issues with this car to the the point i could not drive it for 3 months. I have finally had the car fixed in may and the finance company covered the costs, but only 5 months later i am now having issues with the car again and been told i need to pay £500+ 
Can i get out of the PCP agreement early due to having all of these issues? 

Thanks 

MEM62

How about some context?  New?  Used?  What car is it?  Why did the dealer not arrange & cover the cost of the repairs?   

Larnaaa

Used, Peugeot 5008 2019
The dealer refused to make any repairs as i only had a 1 month warranty which ran out in the December even though i had a product recall on one of the parts they still refused to help 

motorguy

No, you cant get out of the finance because the car is proving unreliable.

MEM62

Larnaaa said:

Used, Peugeot 5008 2019
The dealer refused to make any repairs as i only had a 1 month warranty which ran out in the December even though i had a product recall on one of the parts they still refused to help 

Based on your feedback I would not think that you had any comeback against the finance company.  You may have been able to hold them to account of there had been a breech of contract by the garage that sold the car, but, as you are aware, it only came with a one month warranty.  They are not responsible for the car being unreliable or having issues. 

There have been previous comments on other threads about the risks of taking PCP on a car that is out of warranty.  Perhaps this is an example of why that is unwise.   

Goudy

MEM62 said:

Larnaaa said:

Used, Peugeot 5008 2019
The dealer refused to make any repairs as i only had a 1 month warranty which ran out in the December even though i had a product recall on one of the parts they still refused to help 

There have been previous comments on other threads about the risks of taking PCP on a car that is out of warranty.  Perhaps this is an example of why that is unwise.   

I would not say that this is a problem associated solely with PCP finance, the same could be true on any financed car.

Any financed car that has a problem outside of warranty generally means the repayments and repair are your problem.

The only difference with a PCP is that with a PCP the option of handing it back at the end of the contract and not paying the final payment (the GFV) is subject to the vehicle being in an acceptable condition.

Though I guess there's a lot more finance hanging over you because you might have bought a more expensive car than you would have if you just HP'd a car as the monthlies were lower, so PCP could be exaggerating the size of the problem.

Generally speaking new cars on finance, either PCP or HP have a lot longer warranties (and less worn parts) so this issue isn't as common as with used, though there are problems with new cars that warranties won't cover for various reasons.

born_again

Larnaaa said:

Used, Peugeot 5008 2019
The dealer refused to make any repairs as i only had a 1 month warranty which ran out in the December even though i had a product recall on one of the parts they still refused to help 

As Motor Range are not a Peugeot dealer, they have nothing to do with recalls. That would require you to take it to a Peugeot dealer for the recall work.

You might have a S75 claim against the finance co. All you can do is ask them..

This is one of the issues with PCP when manufacture warranty has run out. You can end up still paying for a car that has been scrapped. 

MEM62

Goudy said:

MEM62 said:

Larnaaa said:

Used, Peugeot 5008 2019
The dealer refused to make any repairs as i only had a 1 month warranty which ran out in the December even though i had a product recall on one of the parts they still refused to help 

There have been previous comments on other threads about the risks of taking PCP on a car that is out of warranty.  Perhaps this is an example of why that is unwise.   

I would not say that this is a problem associated solely with PCP finance, the same could be true on any financed car.

Any financed car that has a problem outside of warranty generally means the repayments and repair are your problem.

The only difference with a PCP is that with a PCP the option of handing it back at the end of the contract and not paying the final payment (the GFV) is subject to the vehicle being in an acceptable condition.

Though I guess there's a lot more finance hanging over you because you might have bought a more expensive car than you would have if you just HP'd a car as the monthlies were lower, so PCP could be exaggerating the size of the problem.

Generally speaking new cars on finance, either PCP or HP have a lot longer warranties (and less worn parts) so this issue isn't as common as with used, though there are problems with new cars that warranties won't cover for various reasons.

A very good point.  For the sake of laying my cards on the table, I will say that I am not a fan of financing vehicles.  If you can't pay for it you can't afford it and too many people financially stress themselves to have a shiny motor.  That said, at least with a straightforward loan you can write the car off and avoid further expense if that is the financially prudent thing to do.  As you state, with PCP you must repair it as you don't own it and it must be handed back in good working condition.