Are the wheels about to fall of car finance?
Discussion
s m said:
4941cc said:
s m said:
4941cc said:
Ford introduced the PCP nearly 25 years ago, branded as Ford Options.
Ford Options - mid 90s
I also remember schemes before then
lord trumpton said:
Ares said:
lord trumpton said:
Ares said:
limpsfield said:
lord trumpton said:
Is obvs an anacraynim? Never heard that one
Is anacraynim a word? I can't keep up with the kids these days. 
"obvs"
I'm s
t. I'm off. 
After two years PCP of anguish over a dreadfully unreliable Polo, I managed to voluntarily terminate my PCP with a charge of £9.00. I was two years into three year agreement. I am now in a 2016 Octavia that I bought on a 3 year personal loan from my bank. I plan to keep the car for a long time as being a diesel will be considered the anti christ. Well built, spacious, comfortable, very good on diesel and handles well. What more do you need?
I would never ever have another PCP.
I would never ever have another PCP.
Threadbear said:
After two years PCP of anguish over a dreadfully unreliable Polo, I managed to voluntarily terminate my PCP with a charge of £9.00. I was two years into three year agreement. I am now in a 2016 Octavia that I bought on a 3 year personal loan from my bank. I plan to keep the car for a long time as being a diesel will be considered the anti christ. Well built, spacious, comfortable, very good on diesel and handles well. What more do you need?
I would never ever have another PCP.
How is the PCP an issue there? If you'd bought a lemon with a cash loan you'd still have had negative equity with a new car and a car that wasn't working for you. I would have thought your anger and disappointment would be directed at the VW group (you've gone and purchased another car made by them) not the finance house that merely facilitated the original purchase.I would never ever have another PCP.
djc206 said:
Threadbear said:
After two years PCP of anguish over a dreadfully unreliable Polo, I managed to voluntarily terminate my PCP with a charge of £9.00. I was two years into three year agreement. I am now in a 2016 Octavia that I bought on a 3 year personal loan from my bank. I plan to keep the car for a long time as being a diesel will be considered the anti christ. Well built, spacious, comfortable, very good on diesel and handles well. What more do you need?
I would never ever have another PCP.
How is the PCP an issue there? If you'd bought a lemon with a cash loan you'd still have had negative equity with a new car and a car that wasn't working for you. I would have thought your anger and disappointment would be directed at the VW group (you've gone and purchased another car made by them) not the finance house that merely facilitated the original purchase.I would never ever have another PCP.
djc206 said:
Threadbear said:
After two years PCP of anguish over a dreadfully unreliable Polo, I managed to voluntarily terminate my PCP with a charge of £9.00. I was two years into three year agreement. I am now in a 2016 Octavia that I bought on a 3 year personal loan from my bank. I plan to keep the car for a long time as being a diesel will be considered the anti christ. Well built, spacious, comfortable, very good on diesel and handles well. What more do you need?
I would never ever have another PCP.
How is the PCP an issue there? If you'd bought a lemon with a cash loan you'd still have had negative equity with a new car and a car that wasn't working for you. I would have thought your anger and disappointment would be directed at the VW group (you've gone and purchased another car made by them) not the finance house that merely facilitated the original purchase.I would never ever have another PCP.
A PCP's car can still be sold and the finance paid off early, but you also have a plethora of other options.
Ares said:
djc206 said:
Threadbear said:
After two years PCP of anguish over a dreadfully unreliable Polo, I managed to voluntarily terminate my PCP with a charge of £9.00. I was two years into three year agreement. I am now in a 2016 Octavia that I bought on a 3 year personal loan from my bank. I plan to keep the car for a long time as being a diesel will be considered the anti christ. Well built, spacious, comfortable, very good on diesel and handles well. What more do you need?
I would never ever have another PCP.
How is the PCP an issue there? If you'd bought a lemon with a cash loan you'd still have had negative equity with a new car and a car that wasn't working for you. I would have thought your anger and disappointment would be directed at the VW group (you've gone and purchased another car made by them) not the finance house that merely facilitated the original purchase.I would never ever have another PCP.
A PCP's car can still be sold and the finance paid off early, but you also have a plethora of other options.
Threadbear said:
I think I didn't explain myself correctly here! Because the car was a lemon, I had great difficulty rejecting the car as they continually fixed the faults . You are correct, the PCP has nothing to do with the reliability of the car. I guess in some ways the PCP did allow me to hand the car back after two years albeit under voluntary termination.
Your ability to reject wasnt impacted by the fact you had it on PCP?In fact it would have been greater, because you could have - and should have - asked the finance company to step in as they owned the car.
I cant see at all why you were relating a lemon of a car to "i'll never use PCP again"?
daemon said:
Threadbear said:
I think I didn't explain myself correctly here! Because the car was a lemon, I had great difficulty rejecting the car as they continually fixed the faults . You are correct, the PCP has nothing to do with the reliability of the car. I guess in some ways the PCP did allow me to hand the car back after two years albeit under voluntary termination.
Your ability to reject wasnt impacted by the fact you had it on PCP?In fact it would have been greater, because you could have - and should have - asked the finance company to step in as they owned the car.
I cant see at all why you were relating a lemon of a car to "i'll never use PCP again"?
FCA have, this morning, announced a review of the motor finance market. To be published in Q1 next year.
https://www.fca.org.uk/news/news-stories/our-work-...
https://www.fca.org.uk/news/news-stories/our-work-...
hyphen said:
FCA have, this morning, announced a review of the motor finance market. To be published in Q1 next year.
https://www.fca.org.uk/news/news-stories/our-work-...
And it starts.https://www.fca.org.uk/news/news-stories/our-work-...
I see Peter Hitchens of Mail on Sunday has written a bit about the issue of car finance http://www.dailymail.co.uk/debate/article-4743244/...
Also I was in the Republic of Ireland a couple of weeks back and their government is launching an investigation into the way pcp's are sold and the huge amount of credit owed on them. Seems the powers that be are getting twitchy
Also I was in the Republic of Ireland a couple of weeks back and their government is launching an investigation into the way pcp's are sold and the huge amount of credit owed on them. Seems the powers that be are getting twitchy
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