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Hello
Im coming to the end of a 30 month PCP agreement and need some advice. I went with PCP rather than lease as the salesman advised I would be better off, I would be creating a pot of equity from which to make my next move and the car would be worth more than the guaranteed future final value. At around month 12 my personal circumstances changed in that I would be doing more mileage than anticipated so I called for help and advice, dealership was not interested and fobbed me off to Land Rover financial services, they told me not to worry, I would only need to pay excess charges if the car was handed back, so as a fall back, I set up a separate standing order to make some over payments to reduce the impact of final charges. Approx 3 months ago the dealership called asking me to come in to discuss options, I mentioned I was looking to purchase at end of agreement but agreed to go look at options. I was quite taken aback at the 4K negative equity cost to change and confused at how the car had depreciated so badly and left the dealership with no real way forward. I’ve now had a letter from LRFS advising of agreement end date and options, the car is now valued at over 5k less than final payment, I feel I’ve been badly missold, I’m in a situation where I have no deposit to roll on to my next vehicle, a balloon payment to make which is over 5k more than car is worth or ridiculous charges to pay on excess mileage as a result of having to hand car back since neither option one or two are feasible. I called and discussed this with LRFS this morning but they are just not interested, any advice and help would be appreciated*
Im coming to the end of a 30 month PCP agreement and need some advice. I went with PCP rather than lease as the salesman advised I would be better off, I would be creating a pot of equity from which to make my next move and the car would be worth more than the guaranteed future final value. At around month 12 my personal circumstances changed in that I would be doing more mileage than anticipated so I called for help and advice, dealership was not interested and fobbed me off to Land Rover financial services, they told me not to worry, I would only need to pay excess charges if the car was handed back, so as a fall back, I set up a separate standing order to make some over payments to reduce the impact of final charges. Approx 3 months ago the dealership called asking me to come in to discuss options, I mentioned I was looking to purchase at end of agreement but agreed to go look at options. I was quite taken aback at the 4K negative equity cost to change and confused at how the car had depreciated so badly and left the dealership with no real way forward. I’ve now had a letter from LRFS advising of agreement end date and options, the car is now valued at over 5k less than final payment, I feel I’ve been badly missold, I’m in a situation where I have no deposit to roll on to my next vehicle, a balloon payment to make which is over 5k more than car is worth or ridiculous charges to pay on excess mileage as a result of having to hand car back since neither option one or two are feasible. I called and discussed this with LRFS this morning but they are just not interested, any advice and help would be appreciated*
