Dealer extended PCP to accommodate new car without consent, now stuck
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Why don't you VT? At 41 months you're probably past 50% of total amount owed and it will not cost you anything at all. VT is not big issue and it won't cause you problem. It looks like you're trying to make it difficult for yourself.
And of course continue with your complaint, as dealer shouldn't extend the lease on your behalf.0 -
I know that I won!!!8217;t get a !!!8216;black mark!!!8217; but VT!!!8217;s are taken into account by lenders when making decisions. I work really hard to keep a good record, and I don!!!8217;t see why I should have to put myself in that situation. I guess a lot of it is about principal, maybe that!!!8217;s not the right approach.
There won!!!8217;t be any fees as I have already paid the 42 payments, so I may reconsider. Depends if I make any progress with my complaint!0 -
I assume you already have new finance approved for next car (again from VWFS) or not taking finance at all. After couple of years it will be in the past and no one will care. My friend VT'ed her previous car and since then got two new cars on finance, took mortgage, loan, applied for credit cards, etc. There was absolutely no consequences of VT.
I would be expecting investigation from finance company how they allowed this extension and some compensation for you.0 -
Deep down I think you are right. It isn!!!8217;t going to be the end of the world. I am just still seething about it.
I do have finance agreed on the new one, but haven!!!8217;t signed the agreement yet.0 -
Sorry about all the weird characters - its converting apostrophes into rubbish0
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I sympathise with you Medders, and I too would be seeking for a resolution from the first dealer that they reinstate the original PCP agreement to allow you to hand back the car for the GFV originally quoted.
Failing that, see if the new dealer would want to take the car at £10,500 P/X on the new car, explaining the details pf what happened with the original dealer and order. As you say, even at £10,500 it might turn some profit for them.
I still have some doubts over either your estimation of the sale price on the open market (if I understood you correctly, you have £9,500 trade in valuations, and dealers are selling the same car for £11,300), since the differential between the trade in and the dealer sticker prices you have quoted is relatively small, but valuing a used car is certainly not an easy task, and finding a private buyer is not easy either...so leave it to you whether you want to explore that option further to minimise your losses on your current car.
The worst case scenario is you VT. Whilst I can't vouch for the accuracy of this article, it does suggest it should have no impact on your ability to obtain future credit:
"Other finance companies will be able to see that the agreement was terminated early, but they won!!!8217;t know why. As a result, a voluntary termination should not affect future finance applications with other lenders. It should also have no effect any other form of credit application such as a mortgage, credit card or personal loan."
https://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/2/
Best of luck. Hope you get the original dealer to agree to resolve the situation, as what they did wasn't right!0
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