Porsche - PCP Claims Group - Anything worth chasing?
Discussion
Not for me, but one of our family friends just handed back a Cayenne they had on a 3 year lease. This evening I saw an ad on Facebook for PCP claims group talking about buying Porsches on PCPs over the last 13 years.
Does anyone know if this thing is legit? I had a quick look around on the internet and couldn’t really see much about it. If it’s going off of how much people paid, I wouldn’t be surprised if they qualify - on a side note, it amazes me how much they pay a month - we have a 70k Q7 for the same duration, mileage and deposit but we’re paying £500 a month versus £1.1k for them...
Does anyone know if this thing is legit? I had a quick look around on the internet and couldn’t really see much about it. If it’s going off of how much people paid, I wouldn’t be surprised if they qualify - on a side note, it amazes me how much they pay a month - we have a 70k Q7 for the same duration, mileage and deposit but we’re paying £500 a month versus £1.1k for them...
johnjamesjack said:
Not for me, but one of our family friends just handed back a Cayenne they had on a 3 year lease. This evening I saw an ad on Facebook for PCP claims group talking about buying Porsches on PCPs over the last 13 years.
Does anyone know if this thing is legit? I had a quick look around on the internet and couldn’t really see much about it. If it’s going off of how much people paid, I wouldn’t be surprised if they qualify - on a side note, it amazes me how much they pay a month - we have a 70k Q7 for the same duration, mileage and deposit but we’re paying £500 a month versus £1.1k for them...
If they had a lease, then it won't be a PCP.Does anyone know if this thing is legit? I had a quick look around on the internet and couldn’t really see much about it. If it’s going off of how much people paid, I wouldn’t be surprised if they qualify - on a side note, it amazes me how much they pay a month - we have a 70k Q7 for the same duration, mileage and deposit but we’re paying £500 a month versus £1.1k for them...
Out of interest, what is the basis of making a claim against Porsche PCP?
It'll be something along the lines of:
There was a mistake made in some documentation that Porsche produced and the customer will have ended up paying an additional £1/year (or other really small amount - there will be no "customers were out of pocket by hundreds".
Most customers will not have noticed or really care. Large solicitor group will decide upon a class action because morally, do they have any choice? (Yes, and it's nothing to do with morals - but it makes a fantastic tag line).
Case will go on a while, probably a few years. Eventually a judge will probably decide that yes, Porsche did indeed mislead customers and they all paid an additional £5 (with interest) over the 3yrs they owned their vehicles. He will order compensation!
Solicitors will send out a lovely cheque to everyone involved in their class action. You'll get your £5 back, hey, you might get £10 back - make up for all the stress and loss.
Solicitor in the mean time will keep the 100's k or whatever for their "time and costs".
There was a mistake made in some documentation that Porsche produced and the customer will have ended up paying an additional £1/year (or other really small amount - there will be no "customers were out of pocket by hundreds".
Most customers will not have noticed or really care. Large solicitor group will decide upon a class action because morally, do they have any choice? (Yes, and it's nothing to do with morals - but it makes a fantastic tag line).
Case will go on a while, probably a few years. Eventually a judge will probably decide that yes, Porsche did indeed mislead customers and they all paid an additional £5 (with interest) over the 3yrs they owned their vehicles. He will order compensation!
Solicitors will send out a lovely cheque to everyone involved in their class action. You'll get your £5 back, hey, you might get £10 back - make up for all the stress and loss.
Solicitor in the mean time will keep the 100's k or whatever for their "time and costs".
I have no idea about what you saw. But in my limited experience, there is something about Porsche PCPs. The GFV feels set artificially low and they account for options in a strange way.
This has become more obvious since the PCP calculator was added to their website.
Swings and roundabouts if you intend to purchase at the end. But no one does, and Porsche don't want you to either - this way they get higher monthly payments over the term, give a low trade in and then get more money back the second time it is sold as approved used (or hopefully PCPd as one).
I suppose no one is forced to take the products or buy the cars.
This has become more obvious since the PCP calculator was added to their website.
Swings and roundabouts if you intend to purchase at the end. But no one does, and Porsche don't want you to either - this way they get higher monthly payments over the term, give a low trade in and then get more money back the second time it is sold as approved used (or hopefully PCPd as one).
I suppose no one is forced to take the products or buy the cars.
ExcitableBoy said:
I have no idea about what you saw. But in my limited experience, there is something about Porsche PCPs. The GFV feels set artificially low and they account for options in a strange way.
This has become more obvious since the PCP calculator was added to their website.
Swings and roundabouts if you intend to purchase at the end. But no one does, and Porsche don't want you to either - this way they get higher monthly payments over the term, give a low trade in and then get more money back the second time it is sold as approved used (or hopefully PCPd as one).
I suppose no one is forced to take the products or buy the cars.
Niether are they forced to accept the dealers px valuation - although I suppose the kind of person takes a Cayenne on a 3yr PCP at £1.1K/mth isn't the kind of person who would be bothered the pay the GFV and then sell the car themselves.This has become more obvious since the PCP calculator was added to their website.
Swings and roundabouts if you intend to purchase at the end. But no one does, and Porsche don't want you to either - this way they get higher monthly payments over the term, give a low trade in and then get more money back the second time it is sold as approved used (or hopefully PCPd as one).
I suppose no one is forced to take the products or buy the cars.
ExcitableBoy said:
I have no idea about what you saw. But in my limited experience, there is something about Porsche PCPs. The GFV feels set artificially low and they account for options in a strange way.
This has become more obvious since the PCP calculator was added to their website.
Porsche Finance is the central VWFS finance system branded for Porsche (same system for all companies in the group - VW, Seat, Skoda, Bentley, Lamborghini, Bugatti, Ducatti). It's a bit of an antiquated system, it was only a few years ago they migrated off of using fax to send proposals to the mothership in Germany. Originally it never residualised options, only the base vehicle spec, this was functionality added a few years back. The system was undergoing replacement at the time the emissions scandal hit, and the project got canned. Since then it's been "enhanced" rather than replaced, but it's all sticky tape and plasters. I'm fairly sure a low GFV is intentional but it wouldn't surprise me if there was a bug with the residualised options.This has become more obvious since the PCP calculator was added to their website.
Surely it can't be the low GFV thing?
It's just a guaranteed value "we say it will be worth at least £x on this date...", so why can't they set it at any value they want?
The customer pays interest on whatever price they agreed for the car (less deposit), regardless of what the GFV is.
If they don't like the offer at the end of the term they can pay it off and sell elsewhere.
I'm struggling to see how 'incorrect' GFV could give rise to a claim?
It's just a guaranteed value "we say it will be worth at least £x on this date...", so why can't they set it at any value they want?
The customer pays interest on whatever price they agreed for the car (less deposit), regardless of what the GFV is.
If they don't like the offer at the end of the term they can pay it off and sell elsewhere.
I'm struggling to see how 'incorrect' GFV could give rise to a claim?
johnjamesjack said:
Yup - it was specific to Porsche. And as others said, they are definitely not the type to just buy out the car and sell it privately, although they said the Porsche dealer seemed very glad to be getting the car back probably because they could sell it for about 6k more than the GFV
Yep. The spread between trade in and retail is massive. Far more than other brands that I can see (aside from exotics). And let's be honest, there isn't an alternative to going back to the dealer. If I wanted a 30k mile, 3year old Cayenne, I would never buy it from a private seller, no one would. Even if it is 8k cheaper than an approved used. He won't offer me PCP, a warranty, or call me "Sir".
I had a 911 on a PCP back in 2009 to 2011, some time after the agreement ended they wrote to me saying they had made an error and hadn't informed me of my rights to terminate under the agreement (IIRC that the issue they addressed in the letter) and sent me a cheque along with the letter equal to 24 months interest payments.
Wills2 said:
I had a 911 on a PCP back in 2009 to 2011, some time after the agreement ended they wrote to me saying they had made an error and hadn't informed me of my rights to terminate under the agreement (IIRC that the issue they addressed in the letter) and sent me a cheque along with the letter equal to 24 months interest payments.
I recall BMW doing something similar as they hadn’t been sending annual statements as required by law (or something like that).Mattt said:
Wills2 said:
I had a 911 on a PCP back in 2009 to 2011, some time after the agreement ended they wrote to me saying they had made an error and hadn't informed me of my rights to terminate under the agreement (IIRC that the issue they addressed in the letter) and sent me a cheque along with the letter equal to 24 months interest payments.
I recall BMW doing something similar as they hadn’t been sending annual statements as required by law (or something like that).Anonymous-poster said:
Mattt said:
Wills2 said:
I had a 911 on a PCP back in 2009 to 2011, some time after the agreement ended they wrote to me saying they had made an error and hadn't informed me of my rights to terminate under the agreement (IIRC that the issue they addressed in the letter) and sent me a cheque along with the letter equal to 24 months interest payments.
I recall BMW doing something similar as they hadn’t been sending annual statements as required by law (or something like that).Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff