MIS SOLD PCP - Motorloan baloon - CANNOT VT?

[Corbyleek]

I Have found myself in a motor loan balloon agreement when I actually thought I was in a PCP as that is what got sold to me. I am wanting to Voluntary Terminate this contract but been told I cant do that with FIAT Financial Authorities as they have no financial interest on the car. I purchased the car from stone acre Doncaster. LOOKING FOR ADVICE? Thanks in advance

[Achal]

Hi
I have found myself in the same situation whereby I thought I had been sold a PCP. Called to arrange VT and cannot due to being on a Motorloan Plus by Stoneacre Lincoln.

I am not impressed have negative equity in the vehicle ,
extortionate monthly payments and wanted to get rid of the vehicle. Now I’m stuck with it and I’m convinced I have been conned!

Seriously considering contacting the financial Ombudsman to see where we stand.

[jeffster247]

Have you read the contract and related paperwork that you were given when you arranged the finance? If so, why did you think it was a PCP that could be VT'd and not a Motor Loan?

These are the questions any regulator would want answering before deciding if there was any wrong doing.

It's going to be difficult to argue any case if it's your word against a salesperson if you read and countersigned paperwork without reading it?