Car PCP - Incorrect Termination Value - Leasing Company Arguing

[chuck]

Today, 15:09:PM
I have a Termination Value expressly written in the agreement that was excuted by the lease co and myself in 2018. I have exceeded the sum paid shown as the Termination Value where the vehicle can be handed back. However, the lease co is saying that their calculation is incorrect, and that if I do terminate I will have to pay an outstanding balance of £3.8k, since it was an error in their calculation.

Can I argue on the basis of change of contract after the signature, or that it's just not a valid reason? Any advice appreciated.

[R0b]

I'm a bit confused by what you mean by the termination value, do you mean the 50% mark?

I would say you have good grounds to argue that you shouldn't pay, on the basis that the fault lies with the lease co. and they should have ensured all terms were correct prior to issuing the contract and signing it. They can't simply say that they made and error and now want to charge you for an additional amount which is a fairly significant chunk. You relied on the contract as being correct and it would be unfair for them to suddenly impose it now you want to exercise your VT right (I am assuming this is what you want to do?). It would be a fundamental change to the contract so I doubt they would be able to enforce that as there would be no legal basis for doing so.

Suggest you keep your correspondence in writing moving forward

[chuck]

Hi Rob.

Thank you for your reply. The termination value was written as an expressed value and made reference to half of the payments being made. However, the lease co is saying that their maths was incorrect and the value on my agreement is wrong. As I understand, any change would be a breach of contract. What's to stop them changing the payment amount?

All correspondance is being kept, thanks.