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Hi - First of all can I extend many thanks for anyone who reads and responds to this post, I really am grateful.
My wife and I own a Nissan Qashqai which was purchased new under a PCP agreement and due to reach its 4 year conclusion December of this year.
We have now paid over 50% of the total amount loaned and intend to hand the car back under the VT procedure.
There is one small dent and some minor scratches to the car which are being repaired (at the time of writing) in advance of returning it.
Also, 3 of the 4 diamond cut alloy wheels are showing signs of corrosion, 2 of them can be blamed on scratching to the alloy, which we are also having repaired prior to VT however the 3rd appears to be without cause and most likely a manufacturing fault so I am reluctant to pay for that to be repaired.
We have gone over the agreed mileage by 7-8k however my understanding of this was the mileage arrangement was in relation to the trade-in value at the conclusion of the PCP and not so much in relation to the VT aspect, however I am keen to learn if this is correct.
The car is in my wife's name and last week she contacted RCI to enquire about VT. She was given some instruction with regard how to do this and they proposed, at the point she decided to begin the VT process, that they would conduct a telephone questionnaire with her where they would, as I understand, enquire as to the condition of the car and its mileage. They then said they would put together a document drawn up from her answers to said questions for her to sign and return. I understand they would then close the account (direct debits) and arrange collection of the vehicle.
My concern at this stage, prior to her embarking upon the questionnaire is that her answers could be legally binding and ultimately harmful to our position so therefore curious as to how we should approach this.
We have owned the vehicle for nearly 4 years, we have had it serviced as required and barring the small items of damage as described and unfortunate higher mileage we have otherwise taken good care of it. I feel we have been let down slightly by the selling garage given the car is now in considerable negative equity given it is a diesel and the slightly excess mileage, hence our desire to make best use of the VT process.
I am not seeking to escape realistic charges, in fact the cost of repairs described above are likely to be somewhere close to £500 however I would like to be in a position to walk away from the car and current deal which we feel is somewhat an uncomfortable and unwelcome weight around our necks, the PCP deal seems to have fallen short of what we expected (even taking mileage into account). In fact, this is the 3rd vehicle we have taken under PCP and have only seemed to shift the debt from one car onto the other and really want this process to end!
Should we be given an amount to pay for excess mileage under £500 then, combined with what we have paid for repairs, I would be happy to walk away from the car with the benefit of the experience (never to be repeated).
Please, therefore, could we be advised how best to proceed with the VT procedure based upon people's knowledge and experience of this. I have spent most of this evening reading various posts on this forum which I have found most helpful however none of which are as recent or similar in circumstance to the position we find ourselves in.
I have, as it happens, found a cheap replacement vehicle to tide us over whilst we deal with this. I am keen to buy this car and want to put the VT process in motion at the soonest opportunity so as not to pay any more costly monthly payments and get dangerously close to the 4 year conclusion of PCP agreement which I understand would cause further difficulty.
Again, thankyou to anyone who takes the time to read and respond to this post.
Best Regards
Trevor
My wife and I own a Nissan Qashqai which was purchased new under a PCP agreement and due to reach its 4 year conclusion December of this year.
We have now paid over 50% of the total amount loaned and intend to hand the car back under the VT procedure.
There is one small dent and some minor scratches to the car which are being repaired (at the time of writing) in advance of returning it.
Also, 3 of the 4 diamond cut alloy wheels are showing signs of corrosion, 2 of them can be blamed on scratching to the alloy, which we are also having repaired prior to VT however the 3rd appears to be without cause and most likely a manufacturing fault so I am reluctant to pay for that to be repaired.
We have gone over the agreed mileage by 7-8k however my understanding of this was the mileage arrangement was in relation to the trade-in value at the conclusion of the PCP and not so much in relation to the VT aspect, however I am keen to learn if this is correct.
The car is in my wife's name and last week she contacted RCI to enquire about VT. She was given some instruction with regard how to do this and they proposed, at the point she decided to begin the VT process, that they would conduct a telephone questionnaire with her where they would, as I understand, enquire as to the condition of the car and its mileage. They then said they would put together a document drawn up from her answers to said questions for her to sign and return. I understand they would then close the account (direct debits) and arrange collection of the vehicle.
My concern at this stage, prior to her embarking upon the questionnaire is that her answers could be legally binding and ultimately harmful to our position so therefore curious as to how we should approach this.
We have owned the vehicle for nearly 4 years, we have had it serviced as required and barring the small items of damage as described and unfortunate higher mileage we have otherwise taken good care of it. I feel we have been let down slightly by the selling garage given the car is now in considerable negative equity given it is a diesel and the slightly excess mileage, hence our desire to make best use of the VT process.
I am not seeking to escape realistic charges, in fact the cost of repairs described above are likely to be somewhere close to £500 however I would like to be in a position to walk away from the car and current deal which we feel is somewhat an uncomfortable and unwelcome weight around our necks, the PCP deal seems to have fallen short of what we expected (even taking mileage into account). In fact, this is the 3rd vehicle we have taken under PCP and have only seemed to shift the debt from one car onto the other and really want this process to end!
Should we be given an amount to pay for excess mileage under £500 then, combined with what we have paid for repairs, I would be happy to walk away from the car with the benefit of the experience (never to be repeated).
Please, therefore, could we be advised how best to proceed with the VT procedure based upon people's knowledge and experience of this. I have spent most of this evening reading various posts on this forum which I have found most helpful however none of which are as recent or similar in circumstance to the position we find ourselves in.
I have, as it happens, found a cheap replacement vehicle to tide us over whilst we deal with this. I am keen to buy this car and want to put the VT process in motion at the soonest opportunity so as not to pay any more costly monthly payments and get dangerously close to the 4 year conclusion of PCP agreement which I understand would cause further difficulty.
Again, thankyou to anyone who takes the time to read and respond to this post.
Best Regards
Trevor
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