Tweet
HI,
I have a 4 year PCP with RCI Finance which I have 2 more payments to make before I can VT (Sept 2017). I have excess mileage of around 25000 which would currently equate to about £2.5k. My contract mileage is 5k per year. This is my second PCP with them and the first one was fine even though I did double the mileage (Same 5k allowance), that deal didn't land me in negative equity. They knew that I did at least 10k miles per year This new deal I am about £2.5 k negative equity at the moment. When I went in to the car dealer to discuss, they said they wouldn't sell me this deal now, so their selling practices have changed but are:
they couldn't offer me a solution.
The one thing I think has made a difference this time is the APR which is 10.39% which I didn't see at the time they showed me the figures but I did see later on when I signed to pick up the car. Car = £12,700. Interest = £3900.
My Options:
1) Carry on paying and buy the car for £6300 in July (currently worth about £5500 due 56k Mileage.
2) Hand the car back at the end and pay the negative equity of about £2.5k
3) VT in a few months time without paying the excess mileage charges.
The customer written summary does state: when the agreement ends (for whatever reason) you will be responsible for any excess mileage charges.
Can this be enforced?
There is no Voluntary Termination section that I can see, but i think i have to phone them if I want to do that.
Last year there was a mis-sold PCP kicking off but that's gone all quiet now. I was mis-sold this as they said they wouldn't sell me this again with that mileage.....
Many Thanks for any help.
Simon
I have a 4 year PCP with RCI Finance which I have 2 more payments to make before I can VT (Sept 2017). I have excess mileage of around 25000 which would currently equate to about £2.5k. My contract mileage is 5k per year. This is my second PCP with them and the first one was fine even though I did double the mileage (Same 5k allowance), that deal didn't land me in negative equity. They knew that I did at least 10k miles per year This new deal I am about £2.5 k negative equity at the moment. When I went in to the car dealer to discuss, they said they wouldn't sell me this deal now, so their selling practices have changed but are:
they couldn't offer me a solution.
The one thing I think has made a difference this time is the APR which is 10.39% which I didn't see at the time they showed me the figures but I did see later on when I signed to pick up the car. Car = £12,700. Interest = £3900.
My Options:
1) Carry on paying and buy the car for £6300 in July (currently worth about £5500 due 56k Mileage.
2) Hand the car back at the end and pay the negative equity of about £2.5k
3) VT in a few months time without paying the excess mileage charges.
The customer written summary does state: when the agreement ends (for whatever reason) you will be responsible for any excess mileage charges.
Can this be enforced?
There is no Voluntary Termination section that I can see, but i think i have to phone them if I want to do that.
Last year there was a mis-sold PCP kicking off but that's gone all quiet now. I was mis-sold this as they said they wouldn't sell me this again with that mileage.....
Many Thanks for any help.
Simon
