I emailed Mercedes-Benz Finance exercising my wish to voluntary terminate my PCP, I included my agreement no. number plate etc.
Mercedes replied explaining they’ll send my vt pack out and will do the calculations to see if the monetary criteria is met.
Growing impatient I called Mercedes to get the final numbers and during the call, they explained I cannot VT the PCP because it’s a particular type of PCP that waives my right to VT.
They explained this should of been explained to me when I signed the deal but it wasn’t.
I wasn’t aware there are different types of PCPs.
What are my options in regards to executing a VT? I feel I was missold this PCP!
Mercedes have offered £100 as a goodwill gesture of the misunderstanding which of course I’ve refused.
Surely I should have been offered both PCPs or told about the different PCPs available!
Do I have a legal case here?
Hi Carl. As a first step, you’ll need to consult your finance contract. if you have VT rights, they should be clearly set out in the contract along with the exact amount payable to VT the car (which is half of the Total Amount Payable).
I’m not sure what they’re talking about with regards to a “particular type of PCP”. A PCP is a type of hire purchase and regulated by the Financial Conduct Authority.
The car is in my ltd company name and they are saying my contract is an unregulated agreement and no vt details are in the terms and conditions which indicates I can’t vt this agreement.
If the finance agreement is in your company name, you’re not covered by the normal consumer rights provisions, so they shouldn’t be referring to it as a “PCP” as the first P stands for Personal (as opposed to Business).
You can try arguing that you were not made aware of this at point of sale, but it will be difficult as you probably have no proof. And the finance company will simply keep referring you to the contract that you signed.