- 16 January 2017 at 11:05 am #105100VanessaGuest
I recently signed a pcp contract deal on a Brand new car. The dealership valued my current vehicle at £5,500, I have an existing finance agreement on my current vehicle that is due to end in March. My final settlement fee at the time of signing the new contract was £4,604.80 but at the end of my term (March) it will be £4,040.00. My new car will not be here until March therefore they will not settle my finance until then, therefore the final settlement figure will be the less than the amount quoted on my order form.
The sales man I dealt with is now saying that when the times comes to exchange, my part exchange value will not increase due to the lower settlement figure as my car value will have decreased. Is this right?
Surely if my contract states they will part exchange my car for a specific amount they should honor this when the time comes to settle my finance on my current vehicle, therefore meaning more to add to the part exchange part.
- 16 January 2017 at 10:30 pm #105162Stuart MassonKeymaster
Hi Vanessa. It will depend on what is written on the contract. If the dealer has not written that the car will be re-valued, and it’s not written in the T&Cs on the back of the contract, you can hold them to the price as stated.
March is not that far away, so it shouldn’t be a real problem for them. If they have any brains, they would have valued the car based on a March handover anyway.