Early PCP Settlment

[berne902]

Hi,
So I have had to have my 2014 Merc repo. Four year PCP , due to personal unforseen -700 /m down recently.
Again the car gave operating problems , 1 week ago the car stalled and would not start. The Dealership here in Belfast say repair costs are 1500 or more, that was it for me, and repo process began.
The car is taxi. Bought at 45000 miles , now she has 107K miles on the odometer . PCP was a four year deal taken out in Jan 2015, so two years of the four completed , no missed payments. Leaving the car dealership they knew I was a taxi driver and I recall being asked how many miles I did per year and I replied about 30000 ( only last month upon reading the small print I see the contract limits me to only 10000 a year! Yes, and further inspection shows charges of 0.08 for 1st 10000 and 0.15/ mile after that!
Car is clean in and out. I know Im shy of the 50% mark, that will cost me 4800 to reach. I have been able to source another car to keep working.
Papers are in post to sign off on Voluntary Termination. I think I will sign the papers , BUT , I do not want to pay any mileage charges as Ive read the Consumer Act states that if I honor the 50% overall payment ( which I will over time ) then Im not liable to pay ANY overmileage charges.
If it takes me four years to pay off the 4800 @ 100/month then I will. Im asking re the mileage charges....does Barclays have any hold on me to pay the mileage charges?

The car was always in for repairs , but warranty covered most of them. Repairs cost me about 1500 over the two years I had the car ( +1500 or more if Id been fool enough ). Now I wait for Termination paperwork, get recovery truck to take car to next buyer site.
How about asking for a reduction in the 4800, not likely I guess. How about the repaying time period for the 4800?

All good advice welcome,

berne902

[berne902]

Anyone ?

Well...how about this: One has a PCP 4yr agreement . 430.m two years into the agreement personal circs deem VT. Car has been VT BUT has not reached the 50% stage. A value of 5K to reach the 50% VT mark. Car is given to finance company.
Car also is over 40K miles over agreed 10K per year...BUT ...purchaser was unaware of this? Purchaser told dealership that he was a taxi 30K / yr?

Car constantly giving running issues...Car was serviced regularly with MB and MB indo with all parts pruchased at MB parts dept.

Purchaser is alright with paying the VT 50% bridge costs of 5K, BUT does not want to pay ANY xcess mileage costs?

Anyone?

berne902

[R0b]

Hello

You said you were unaware that the contract stated 10,000 miles per annum, why didn't you read the contract before signing? Unless you had anyone to witness what was discussed and confirm you said to the sales advisor 30,000 miles then you are going to find yourself a bit stuck on that argument.

Excess mileage charges are well documented on here so I won't repeat myself but I would suggest you carry out a search for "excess mileage" and you'll find plenty of information. The argument no doubt Mercedes will rely on is that you failed to take reasonable care by exceeding the agreed mileage by some way. Your argument effectively is that the duty to take care means not causing physical damage beyond wear and tear and does not extend to causing financial loss.

You could counterclaim potentially for misrepresentation but as I said if it's your word against theirs then it could be difficult and the only thing you have going for you is the mileage which could be an indicator that it would be silly for you to say only 10,000 miles. I also assume they did a credit check on you so it might be helpful to find out what they put in as your occupation as that could also be indicative as showing a misrepresentation occurred, particularly if you told them you were a taxi driver.

[Joanna C]

Anyone ?

Well...how about this: One has a PCP 4yr agreement . 430.m two years into the agreement personal circs deem VT. Car has been VT BUT has not reached the 50% stage. A value of 5K to reach the 50% VT mark. Car is given to finance company.
Car also is over 40K miles over agreed 10K per year...BUT ...purchaser was unaware of this? Purchaser told dealership that he was a taxi 30K / yr?

Car constantly giving running issues...Car was serviced regularly with MB and MB indo with all parts pruchased at MB parts dept.

Purchaser is alright with paying the VT 50% bridge costs of 5K, BUT does not want to pay ANY xcess mileage costs?

Anyone?

berne902

What actual evidence do you have that you informed them that you were purchasing it for business use as a taxi driver? For example was it on your loan application form, did you provide them withan insurance cover note covering for hire and reward?

[berne902]

Hello all,

Many thanks for the good advice.

berne902

[berne902]

Hi Again,

How about this: So 2yrs of a 4yr PCP paid without any missed payments. I have still not reached the 50% stage of the total repayment I signed for, the shortfall to that point is almost 5K. I want to reach the 50% stage so I have to by law pay the 5K, so Im asssumming I must speak with the finance company and agree repayments over whatever period, and Im also assumming that I will not have full VT rights until the 50% point has been reached , which maybe 4yrs? In this interim term of paying to the VT point, Is it safe to say that Im not liable for any other costs? Do I have VT legislative protection from the date of the first agreed repayment to the VT stage ?

Agreement says 10000 per year I did 30000 a year for two years. Car is awaiting recovery to auction, finance company say they will take whatever the car sells for off my total amount owing......this is where I need advice.....taking early VT route....am I not able to walk away after paying the 5K over 4/5yrs and forget the whole issue?

All good advice welcome,

fonaspin

[SteveBourne]

Hi,

I have a 48mth PCP on a Kia Sportage 20,000 Miles per annum. I have currently completed 36mths in March 2018 with a Mileage of 75,000 to date and the Vehicle is in very good condition.
My question is if I VT now am I good to go without any charges.
The reason I am VT the vehicle is that I am moving to a new position abroad.

[Huxie]

Hi Again,

How about this: So 2yrs of a 4yr PCP paid without any missed payments. I have still not reached the 50% stage of the total repayment I signed for, the shortfall to that point is almost 5K. I want to reach the 50% stage so I have to by law pay the 5K, so Im asssumming I must speak with the finance company and agree repayments over whatever period, and Im also assumming that I will not have full VT rights until the 50% point has been reached , which maybe 4yrs? In this interim term of paying to the VT point, Is it safe to say that Im not liable for any other costs? Do I have VT legislative protection from the date of the first agreed repayment to the VT stage ?

Agreement says 10000 per year I did 30000 a year for two years. Car is awaiting recovery to auction, finance company say they will take whatever the car sells for off my total amount owing......this is where I need advice.....taking early VT route....am I not able to walk away after paying the 5K over 4/5yrs and forget the whole issue?

All good advice welcome,

fonaspin

If you want to exercise your right to Voluntary Termination then you must make the payment of £4800 immediately. You cannot pay this amount in instalments. The finance company will still chase/bill you for the repairs and excess mileage.

If you return the car without paying up to the 50% threshold then, in my opinion, it will be taken as a Voluntary Surrender and you will be liable for all the payments remaining on the PCP, minus however much the finance company realise from the sale.

[Huxie]

Hi,

I have a 48mth PCP on a Kia Sportage 20,000 Miles per annum. I have currently completed 36mths in March 2018 with a Mileage of 75,000 to date and the Vehicle is in very good condition.
My question is if I VT now am I good to go without any charges.
The reason I am VT the vehicle is that I am moving to a new position abroad.

Depends on whether the finance company try to pro-rata the mileage. Your agreement is 20,000 per annum so at the 3 year stage you're 15,000 over. You'll not know until you contact them, unless there's something in your contract?

[berne902]

Hi,

Many thanks, for the replies.

fonaspin