I want to take legal action — PCP Finance
Discussion
P4D said:
hornetrider said:
Is an 18 month old Abarth really only worth 7k? How much was it new?
Was £14,995 new. With the mileage taken into consideration, that's probably all I'll get. WBAC quoted £8k. hornetrider said:
I'm curious as to how the finance deal was constructed for you to be that far behind the game that you're 4k in the hole. You've paid a deposit and 18 months payments yet still owe £11.5k. Was it a small deposit and a big balloon?
Deposit was one months payment. Balloon is £6kliner33 said:
Yep might only be worth £8k but you've only paid £4k for it , not even close to the depreciation
PCP deals are great but you need to go into any finance deal with your eyes wide open , truth is if you have £200 per month spend on a car you should be in a £3k one not a £15k one
Huge lesson learnt I'll tell you. Never had a car on PCP before so went to the dealership, seen a car I liked and signed the contract all in the same day. No research was carried out prior which I massively regret. PCP deals are great but you need to go into any finance deal with your eyes wide open , truth is if you have £200 per month spend on a car you should be in a £3k one not a £15k one
liner33 said:
P4D said:
Huge lesson learnt I'll tell you. Never had a car on PCP before so went to the dealership, seen a car I liked and signed the contract all in the same day. No research was carried out prior which I massively regret.
We've all been there one way or another, we live and learn hornetrider said:
Aye. OP - you won't be able to hand it back but hopefully getting Abarth involved will resolve all the issues to your satisfaction and you'll have a decent little car to enjoy instead of a lemon!
It sounded a lot more promising speaking to them on the phone than it has speaking to my dealer.oceanview said:
Never mind PCP- I think the problem is F.i.a.t .
Stay away from rubbish in future!!
LOL I have driven A500s since 2009, 3 different cars and in that time, had a bent suspension lower arm thing in one then not very cold AC and a stiff seat in the current one, that's it, all repaired under warranty, Compared to my old Audi that used to destroy gearboxes like they were going out of fashion lol. Oh and the squeaky reversing brake thing they all do.Stay away from rubbish in future!!
Saying that a mate of mine got one roughly the same time as my 2nd one and no end of trouble with it.
Op what dealer is it? Your experience is vastly different to mine, they come and pick my car up if a courtesy car is not available!
Also might be worth checking that used value, it's about what I got for a 5 year old car with 40k miles!
nikaiyo2 said:
LOL I have driven A500s since 2009, 3 different cars and in that time, had a bent suspension lower arm thing in one then not very cold AC and a stiff seat in the current one, that's it, all repaired under warranty, Compared to my old Audi that used to destroy gearboxes like they were going out of fashion lol. Oh and the squeaky reversing brake thing they all do.
Saying that a mate of mine got one roughly the same time as my 2nd one and no end of trouble with it.
Op what dealer is it? Your experience is vastly different to mine, they come and pick my car up if a courtesy car is not available!
Also might be worth checking that used value, it's about what I got for a 5 year old car with 40k miles!
Mines from Arnold Clark, Salford. They were the closest dealer to myself that sold them. Saying that a mate of mine got one roughly the same time as my 2nd one and no end of trouble with it.
Op what dealer is it? Your experience is vastly different to mine, they come and pick my car up if a courtesy car is not available!
Also might be worth checking that used value, it's about what I got for a 5 year old car with 40k miles!
If you get really sick to the back teeth of it it might be worth talking to the finance company?
They may be receptive to changing to something else if you are prepared to be flexible - like being prepared to take something else they have kicking around. You can I think get all high and mighty with the finance company - keeping it civil may work better initially at least.
They may be receptive to changing to something else if you are prepared to be flexible - like being prepared to take something else they have kicking around. You can I think get all high and mighty with the finance company - keeping it civil may work better initially at least.
hornetrider said:
P4D said:
At this point i'll be out of pocket by about £4000. Being a student, this isn't an option for me i'm afraid.
I hate to be that guy - but my mind boggles. You're a student but running round in a PCP'd brand new Abarth at over 200pcm? And yet you can't afford to simply sell it because you're in over your head with the finance?When I was a student I had a £1500 Metro. There's no PCP on those.
Helicopter123 said:
hornetrider said:
P4D said:
At this point i'll be out of pocket by about £4000. Being a student, this isn't an option for me i'm afraid.
I hate to be that guy - but my mind boggles. You're a student but running round in a PCP'd brand new Abarth at over 200pcm? And yet you can't afford to simply sell it because you're in over your head with the finance?When I was a student I had a £1500 Metro. There's no PCP on those.
Helicopter123 said:
hornetrider said:
P4D said:
At this point i'll be out of pocket by about £4000. Being a student, this isn't an option for me i'm afraid.
I hate to be that guy - but my mind boggles. You're a student but running round in a PCP'd brand new Abarth at over 200pcm? And yet you can't afford to simply sell it because you're in over your head with the finance?When I was a student I had a £1500 Metro. There's no PCP on those.
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