End of PCP car is mine!
Discussion
Have a question, I had a PCP over 4 years paid without issue, the company call them "A" sent over the final balance which was incorrect by £130 which I explained to them. After some backward and forward they said OK you will need to sign this official document that you agree to this and they would not release the fund unless I did. I created a response but added to it the official document a new clause that they needed to collect the car by the end of the PCP otherwise the car would become mine and signed the new changed form. They paid the difference (so agreed) but never collected the car or contacted me even though I attempted to call them sent them letters and emails many times asking what's happening. No response! So the Car is now mine for their mistake! The moral to the story is that company "A" should read all that anyone sends them.
djdest said:
You already have the V5 in your name?
I know that’s technically proof of ownership, but good luck doing anything without it
The V5 will be in his/her name as it's PCP.I know that’s technically proof of ownership, but good luck doing anything without it
What I am confused about is if there was a "final balance" then surely the OP has paid the GFV and is now celebrating 'duping' the finance company in to seeing through a sale that has been a contractual optional all along?
Hopefully things will become clearer....
Nickp82 said:
The V5 will be in his/her name as it's PCP.
What I am confused about is if there was a "final balance" then surely the OP has paid the GFV and is now celebrating 'duping' the finance company in to seeing through a sale that has been a contractual optional all along?
Hopefully things will become clearer....
Full and final payment up to the collection date possibly as it sounds like he was handing it back because it is worth less than the GFV.What I am confused about is if there was a "final balance" then surely the OP has paid the GFV and is now celebrating 'duping' the finance company in to seeing through a sale that has been a contractual optional all along?
Hopefully things will become clearer....
ETA: My boss once changed a contract to add a clause that the other party would take him and other attending staff to a restaurant of his choice after every meeting and pay the bill. He never tried to collect, he was just curious as to whether they would spot it. The moral is always run a comparison check on a returned contract.
Edited by Toltec on Tuesday 5th June 16:47
No this is a bit of an unusual one as they owed us money first and made us sign"In blood" that they would pay us and not take it any further. The thing we changed was we added a new clause that they could agree or not. They agreed to the clause we added, paid us the owed money. We were ready for them to collect the car, but nothing happened, we called them and sent messages emails, post still nothing until 4 weeks later.
Toltec said:
Nickp82 said:
The V5 will be in his/her name as it's PCP.
What I am confused about is if there was a "final balance" then surely the OP has paid the GFV and is now celebrating 'duping' the finance company in to seeing through a sale that has been a contractual optional all along?
Hopefully things will become clearer....
Full and final payment up to the collection date possibly as it sounds like he was handing it back because it is worth less than the GFV.What I am confused about is if there was a "final balance" then surely the OP has paid the GFV and is now celebrating 'duping' the finance company in to seeing through a sale that has been a contractual optional all along?
Hopefully things will become clearer....
vignamic said:
No this is a bit of an unusual one as they owed us money first and made us sign"In blood" that they would pay us and not take it any further. The thing we changed was we added a new clause that they could agree or not. They agreed to the clause we added, paid us the owed money. We were ready for them to collect the car, but nothing happened, we called them and sent messages emails, post still nothing until 4 weeks later.
Haha! It will be very interesting to hear what happens (if anything). If the finance company get in contact wanting to collect the car, what will your plan of action be, stick to your guns?vignamic said:
Have a question, I had a PCP over 4 years paid without issue, the company call them "A" sent over the final balance which was incorrect by £130 which I explained to them. After some backward and forward they said OK you will need to sign this official document that you agree to this and they would not release the fund unless I did. I created a response but added to it the official document a new clause that they needed to collect the car by the end of the PCP otherwise the car would become mine and signed the new changed form. They paid the difference (so agreed) but never collected the car or contacted me even though I attempted to call them sent them letters and emails many times asking what's happening. No response! So the Car is now mine for their mistake! The moral to the story is that company "A" should read all that anyone sends them.
Paying the difference is not the same thing as agreeing to enter into a new contract. Unless you have a formal written release from the original PCP contract terms (you don't) what you've done is no better than me writing to H.M Government with a postal order for a pound and a signed bill of sale and telling them if they don't respond within 28 days I will be the new legal owner of the nuclear submarine fleet.I suggest you stop reading the freeman of the land guides before you do yourself a mischief.
BTW - under the terms of your contract you may find you are obligated to return the car to a place of their choosing, not the other way round. But crack on, when you don't pay the balance or return the car you'll be in breach of contract and likely incur both costs of recovery and a default notice on your credit record for your 'cleverness'.
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