Voluntary termination of PCP
Discussion
stepmeek said:
Butter Face said:
PM me the reg and I'll do a quick HPI for you.
Thank you, PM sentTime to dig out your agreement, selling dealer should have made it clear that it is a personal loan NOT hire purchase!
Butter Face said:
Finance is with Santander, recorded against VRM/VIN but does show as Personal Loan. You don't get VT rights under personal loan terms.
Time to dig out your agreement, selling dealer should have made it clear that it is a personal loan NOT hire purchase!
Oh for f*** sake. Totally misleading then as even the paperwork has PCP headers all over it. We were lead to believe it was a PCP when we bought the car. I didn't know personal loan could be had with a car and a balloon payment at the end was even possible, is this quite common?Time to dig out your agreement, selling dealer should have made it clear that it is a personal loan NOT hire purchase!
stepmeek said:
Butter Face said:
Finance is with Santander, recorded against VRM/VIN but does show as Personal Loan. You don't get VT rights under personal loan terms.
Time to dig out your agreement, selling dealer should have made it clear that it is a personal loan NOT hire purchase!
Oh for f*** sake. Totally misleading then as even the paperwork has PCP headers all over it. We were lead to believe it was a PCP when we bought the car. I didn't know personal loan could be had with a car and a balloon payment at the end was even possible, is this quite common?Time to dig out your agreement, selling dealer should have made it clear that it is a personal loan NOT hire purchase!
But this does look like PL with a Balloon rather than PCP. Would need to see the finance docs to confirm.
essayer said:
Is it one of these
https://www.santanderconsumer.co.uk/finance-that-f...
Yes, looking at that, it seems exactly what it is. Note right at the top of the page it says: https://www.santanderconsumer.co.uk/finance-that-f...
"A Fixed Sum Loan with Guaranteed Final Payment is not available as a standard product choice. We may offer you this product as part of our underwriting conditions. Your dealer will make you aware of this after your application for finance has been received and assessed by us."
So my wife has applied for PCP, not got it for whatever reason (I find it hard to believe she failed a credit check as she has a mortage in her own name), and we have then been refereed to a loan deal. At no point were we told about this change.
Who should I contact in the first place to complain about this. Volvo, Santander or the car dealership?
Butter Face said:
Not overly common. Done a few with Santander over the years. Not a fan of doing PL stuff at all really, makes more sense for the customer to get their own finance from the bank!
But this does look like PL with a Balloon rather than PCP. Would need to see the finance docs to confirm.
Thanks for the help. Would you mind if i sent you a PM with a picture of the document. The issue I am having with it is that we have an explanation document for a "fixed sum loan" with a customer copy agreement stapled to the back that looks to me as if it is for PCP.But this does look like PL with a Balloon rather than PCP. Would need to see the finance docs to confirm.
essayer said:
Is it worth getting a loan to pay off the finance then sell privately/WBAC etc?
stepmeek said:
Butter Face said:
Not overly common. Done a few with Santander over the years. Not a fan of doing PL stuff at all really, makes more sense for the customer to get their own finance from the bank!
But this does look like PL with a Balloon rather than PCP. Would need to see the finance docs to confirm.
Thanks for the help. Would you mind if i sent you a PM with a picture of the document. The issue I am having with it is that we have an explanation document for a "fixed sum loan" with a customer copy agreement stapled to the back that looks to me as if it is for PCP.But this does look like PL with a Balloon rather than PCP. Would need to see the finance docs to confirm.
Mattt said:
I guessed Volvo as my OH had exactly the same thing, and it wasn't explained what the implications were.
She had good credit scores too, so doubt she'd fail a credit check.
It's really poor. My fault for not going through the paperwork more thoroughly and questioning it. However the way it is worded with final payment and mileage charges etc it looks to be a PCPShe had good credit scores too, so doubt she'd fail a credit check.
HTP99 said:
I seem to re-call; this was a while ago now, 10 or so years, Fiat started to use personal loans as opposed to HP or PCP on their cars as too many were being VT'd halfway through the agreements, costing Fiat rather a lot.
yeah it's probably what they have done, if they aren'e making people aware at the point of sale though then that is not right.stepmeek said:
Mattt said:
I guessed Volvo as my OH had exactly the same thing, and it wasn't explained what the implications were.
She had good credit scores too, so doubt she'd fail a credit check.
It's really poor. My fault for not going through the paperwork more thoroughly and questioning it. However the way it is worded with final payment and mileage charges etc it looks to be a PCPShe had good credit scores too, so doubt she'd fail a credit check.
ETA: there is even a section in the FAQ for the linked Santander finance which goes into VT - it's definitely a PCP if it's that.
Jobbo said:
If there's no right to return the car at the end of the agreement, why on earth are there mileage charges? That Santander link clearly states you can return the car at the end of the agreement, so surely it's a PCP secured on the car?
ETA: there is even a section in the FAQ for the linked Santander finance which goes into VT - it's definitely a PCP if it's that.
Although it also says that you OWN the car from the start.ETA: there is even a section in the FAQ for the linked Santander finance which goes into VT - it's definitely a PCP if it's that.
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