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Hi. Sorry if this has been discussed before but I can't find it anywhere. I'm in a bit of a situation with Ford Credit which I don't think is overly fair that has resulted in excess mileage charges of approx £1300.
long story short we had PCP using 'Ford Options' so a deposit. A loan. And then a final balloon payment. We routinely traded in our car after about 12 months for a new one and we were on our 4th car. Unfortunately Ford had so greatly miscalculated the level of depreciation that the car had a negative equity of about £3000 throughout the agreement, so we got railroaded into having to hand it back at the end of the agreement or pay £3000 just to get back to equity (or have this factored into the next PCP). As we'd routinely traded in we'd never been concerned about mileage limit as we'd never be in a position to pay it...
The balloon payment is about 65% of the total value of the car so we are well off the 50% to VT. I've argued miss-selling as we were forced into this position by their bad forecastion and the ombudsmen has obviously found in Ford's favour.
I'm arguing under contract law that excess mileage is a 'penalty' and statutarily limited to mitigate their losses incurred by my breach of the contract (ergo the difference in value between a car of 18000 miles and one of 30000). Is there anything else I can use to argue against the excess mileage, or does CCA only apply she you've paid over 50% and done a voluntary termination?
Many thanks
Joseph
long story short we had PCP using 'Ford Options' so a deposit. A loan. And then a final balloon payment. We routinely traded in our car after about 12 months for a new one and we were on our 4th car. Unfortunately Ford had so greatly miscalculated the level of depreciation that the car had a negative equity of about £3000 throughout the agreement, so we got railroaded into having to hand it back at the end of the agreement or pay £3000 just to get back to equity (or have this factored into the next PCP). As we'd routinely traded in we'd never been concerned about mileage limit as we'd never be in a position to pay it...
The balloon payment is about 65% of the total value of the car so we are well off the 50% to VT. I've argued miss-selling as we were forced into this position by their bad forecastion and the ombudsmen has obviously found in Ford's favour.
I'm arguing under contract law that excess mileage is a 'penalty' and statutarily limited to mitigate their losses incurred by my breach of the contract (ergo the difference in value between a car of 18000 miles and one of 30000). Is there anything else I can use to argue against the excess mileage, or does CCA only apply she you've paid over 50% and done a voluntary termination?
Many thanks
Joseph
