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  • in reply to: PCP – cancellation rights #66505

    Hi Stuart,

    Thank you for your swift reply. I totally agree with point 1, I read T&C’s cover to cover. The finance is in my partners name and i was out the country and she signed because she assumed everything was as stated from the beginning and i hadn’t had a chance to get my hands on the paperwork so that’s a learning curve on our part. I think from my point of view and taking your comments into account I am trying to do damage limitation at end of finance in terms of excess mileage which i factored in at the lower rate. Again lack of experience on my part in being able to negotiate mileage pre order which was never highlighted by the Sales Ex is a factor.

    Can I ask, if I have a 48 month PCP and changed the car after 36 months would the current mileage be a factor in terms of excess mileage charges?

    If I see through the remainder of the finance agreement and chose not to make the balloon payment and get a new car, do dealerships tend to take the excess mileage figure from the GMFV.

    Thank you for your help I’m just trying to get a better understanding of PCP which will help no end next time round.

    in reply to: PCP – cancellation rights #66494

    Hi Stuart, I bought a car on PCP and at the time i didn’t know what the process was. Nobody explained that i could decide on mileage. At the time when i received the paper work the excess mileage was 4 & 7 per mile on a 10k per annum limit. I was working away and my partner went to sign the paperwork. When i reviewed the paper work the pence per mile excess was now 7 and 15 respectively. On addressing this i was told that they had to go to another finance company. Now this is fine if that was the case however should they not have shown due diligence and informed us of the changes? On arguing the point i was told as long as i have paid half i could return the car. My questions are is this the case? Would it effect my ability to get car finance in the future because if not I have a good mind to do the mileage i need return the car at half way and finance a new car. If this is not the case would i be better phoning the finance company and upping the mileage? Any thoughts would be appreciated thanks.

    in reply to: PCP – cancellation rights #66410

    Thanks. That’s odd because when I was looking last year I made various inquiries for prices and Orangewheels confirmed the max deposit was 50% of the selling price before deposit contributions are subtracted. Then deduct the dealer and audi finance contributions from that 50% figure leaving you the balance you yourself can add in towards the deposit. They also stated they thought GFV could be as low as 2 or 3 payments so even down to £800-1000. Also when I have mentioned to a couple of dealers doing it this way none of them suggested it was not possible.
    If I can do it this way it knocks a couple of £k off the total cost doing it by HP over the life of the 3 year loan. As I want to keep the car for maybe 5-6 years all in it’s the total cost I care about not the monthly payments. It just seems so simple an idea that I wonder what I am missing. I may have to check with audi finance.

    in reply to: PCP – cancellation rights #66387

    Hi Stuart,

    I am looking at purchasing a new Audi. I have looked at HP which would be my normal route. I bought my last car that way through Audi but knocked them down to my bank rates. However I am now considering a new car rather than a used one because the £4500 or so dealer and finance contribution makes it cheaper than buying a nearly new one if I am prepared to go down the PCP route. I wouldn’t do this normally as I intend to keep the car after the 3 years of the PCP and it is an expensive way to do it if keeping the car. I also don’t want to go down the route of cancelling the finance within 14 days as I am not in a position to pay it off in full. I think I have found a solution but want to make sure I am not missing something. I was intending to pay the maximum deposit of 50% including possibly trading in my car (depends on the figure they offer) and pay the minimum GMFV. This then leaves me to pay the balance by the monthly payments which are more like an HP loan level than the usual PCP figures. I think with the dealer/finance contribution, and with minimising the balloon payment at the end, will mean that the overall cost to change is less than a simple HP loan. I may pay a little extra in interest than I would on an HP loan but that is more than outweighed by the £4500 deposit contribution by taking the PCP. By paying off the loan in the monthly payments and leaving a GMFV of less than £1500 I think I have managed to turn a PCP into virtually an HP loan but am I missing anything? Thanks

    in reply to: PCP – cancellation rights #66294

    Thanks for the advice, much appreciated.

    in reply to: PCP – cancellation rights #66277

    Hi Stuart, I have found the website very useful, and especially this thread. I was hoping you may be able to advise me. I am planning on buying a 6 month old Honda Civic from a Honda dealer. I could pay cash for it, but will probably pay via PCP to get the 3 years free servicing. I would then settle the PCP within the first 14 days. However, I am unsure if I would keep my free servicing. I have friends who have done this using VW finance and kept the free servicing, but unsure on Honda. Are you aware of other Honda finance customers who have done this? Thanks

    in reply to: PCP – cancellation rights #61093


    in reply to: PCP – cancellation rights #61091

    Thanks for the reply, I think they are saying that it might not be a manufacturing fault and the £200 is for them to open the gearbox to check the clutch. I have checked online (there are more than one instance of this problem) and it seems that the response has been that it is the driving style of the driver that has worn out the clutch. But unless you are a rally driver i would hope that a clutch would last more that 2 months :)

    Thanks again

    in reply to: PCP – cancellation rights #61087

    Hi Stuart,

    I am new to the forum so i hope this is the right place to post this question. My wife has had her car for around 6 months (hyundia i20 14 plate) and after 2-3 months noticed that there was a droning noise coming from the clutch, she took it back and they couldn’t find anything wrong. The problem has persisted and taking it back again the mechanic said it was the clutch (after 2 minutes of being in the car) and that they have had the same problem in the i30. The dealership is now saying that my wife will need to pay £200 for the to inspect the car and that the warranty team may deem that it may not be covered ?? If the dealership refuse to fix the car (if we refuse to pay the £200) are we within our rights to cancel the contract and demand a refund.


    in reply to: PCP – cancellation rights #32183

    Hi Stuart, a follow on from the quote from dubious. I am buying a new car with £1000 contribution from the manufacturer, was ready to pay cash but advice from salesman to take PCP and get a further £1000 contribution from the finance house who will recover that from the manufacturer. After a couple of months ask for settlement, pay that receiving £1000 minus the payments. He said this is possible but I am sceptical as the GMFV is based as you know on mileage 6000 and term 24 months. Is this practice possible and legal. I would welcome any thoughts on this matter. Very interesting site well done.Noel

    in reply to: #3490

    Congratulations Stu on your first bit of spam! Have to admit, your spam is far better than Autocars. I never clicked on links from Autocar… :-P

Viewing 11 posts - 1 through 11 (of 11 total)