Car finance query

[ashleyhutch10]

So my partner was under the impression she had her car under a PCP that she got about 2.5 years ago. I mentioned recently does she know what her settlement currently is - she didn’t. Was seeking to find this out Vauxhall has advised her that she’s actually on a personal contract hire. Unorganised as she is she can’t find any of the agreements etc that she’s signed and has requested them from the dealer and queried it with them so we’re waiting to find out from them.

From an outside looking in I am surprised that it’s apparently a PCH

- it’s £198 a month in which she put around £2.5k down at the start (works out to nearly 12 months)
- she has the log book in her name and has paid the tax herself (however the handbook she has from the dealer says that they pay the car tax on a PCH)
- they phoned her about 16 months ago saying she had equity in her car and whether she wanted a new one (you don’t have equity in a PCH as far as I’m aware?)
- her financial compliance questionnaire clearly states the following questions and answers:

Do you want the option to own the vehicle at the end of the agreement?
Yes

Will you be Hiring or Leasing your new vehicle?
No

If we are to conclude once we get the agreements it is a PCH, are there any FCA regulatory breaches in the fact they have sold something that she has answered no about wanting to be provided with?

Appreciate any thoughts

[maz8062]

- If she has the log book in her name she can sell it.
- If the dealer said she has equity in the car she can sell it and pay off the finance and buy a new bag.
- How long is the agreement for?
- What is the settlement figure?
- What does she want to do at the end of the finance agreement.

It seems to me that you’re wasting a lot of time guessing and trying to find a way to complain when you should be chasing down the facts.

Her finance agreement will reveal all, a copy of which should be in her email inbox, spam folder or trash. That’s where you should start.

[Blue_star]

Vauxhall manufacturer does not give you loans. Is your finance with vauxhall finance company or with which finance provider? They have copy if contract available.

If u dont know - Check reference on bank statement. Once you have this you can find out quickly

Will you be Hiring or Leasing your new vehicle?
No - this refers to your wife (re-) leasing to someone else. For example giving car to me so I can uber pple around

Edited by Blue_star on Friday 7th April 08:35

[snuffy]

maz8062 said:

- If she has the log book in her name she can sell it.

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

[quinny100]

Make enquiries with the finance company, not the dealer. Trace them via the Direct Debit if necessary.

On the face of it, there would certainly be questions to answer around misselling if they sold a PCH based on those requirements.

Edited by quinny100 on Friday 7th April 09:15

[ZX10R NIN]

ashleyhutch10 said:

So my partner was under the impression she had her car under a PCP that she got about 2.5 years ago. I mentioned recently does she know what her settlement currently is - she didn’t. Was seeking to find this out Vauxhall has advised her that she’s actually on a personal contract hire. Unorganised as she is she can’t find any of the agreements etc that she’s signed and has requested them from the dealer and queried it with them so we’re waiting to find out from them.

From an outside looking in I am surprised that it’s apparently a PCH

- it’s £198 a month in which she put around £2.5k down at the start (works out to nearly 12 months)
- she has the log book in her name and has paid the tax herself (however the handbook she has from the dealer says that they pay the car tax on a PCH)
- they phoned her about 16 months ago saying she had equity in her car and whether she wanted a new one (you don’t have equity in a PCH as far as I’m aware?)
- her financial compliance questionnaire clearly states the following questions and answers:

Do you want the option to own the vehicle at the end of the agreement?
Yes

Will you be Hiring or Leasing your new vehicle?
No

If we are to conclude once we get the agreements it is a PCH, are there any FCA regulatory breaches in the fact they have sold something that she has answered no about wanting to be provided with?

Appreciate any thoughts

The simple answer to this one is to actually find out the facts & once you have them, you can make an informed decision.

[Mark V GTD]

snuffy said:

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

Indeed it simply means you are the Keeper of the vehicle and responsible for taxing it. That situation is not normally associated with a PCH agreement.

[HTP99]

Sounds like it's a PCP.

[maz8062]

Mark V GTD said:

snuffy said:

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

Indeed it simply means you are the Keeper of the vehicle and responsible for taxing it. That situation is not normally associated with a PCH agreement.

Owner, keeper or whatever, surely if you have the log book book you can sell it. There may be finance on the car that should be cleared at the time of sale, but I can’t see what would stop a V5 holder from selling the car if it’s in their name.

[snuffy]

maz8062 said:

Mark V GTD said:

snuffy said:

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

Indeed it simply means you are the Keeper of the vehicle and responsible for taxing it. That situation is not normally associated with a PCH agreement.

Owner, keeper or whatever, surely if you have the log book book you can sell it. .

Not really, no.

[Mark V GTD]

No you can only sell the car if you legally own it, possession of the ‘logbook’ means you are responsible for taxing the vehicle as is normally the case with PCH agreements where the finance company retains it and taxes the vehicle. Although it could be argued these days, with the likes of Webuyanycar, that you can only ‘sell’ the car if you own it or are disposing or to an organisation that will settle the outstanding finance immediately.

[don29]

maz8062 said:

Mark V GTD said:

snuffy said:

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

Indeed it simply means you are the Keeper of the vehicle and responsible for taxing it. That situation is not normally associated with a PCH agreement.

Owner, keeper or whatever, surely if you have the log book book you can sell it. There may be finance on the car that should be cleared at the time of sale, but I can’t see what would stop a V5 holder from selling the car if it’s in their name.

Quite. I had a contract hire vehicle through Mercedes Benz Finance with the log book in my name. They also taxed it.

[snuffy]

don29 said:

maz8062 said:

Mark V GTD said:

snuffy said:

Having your name on the logbook does not mean you are the owner of the vehicle, and are therefore entitled to sell it, if that's is what you are implying of course.

Indeed it simply means you are the Keeper of the vehicle and responsible for taxing it. That situation is not normally associated with a PCH agreement.

Owner, keeper or whatever, surely if you have the log book book you can sell it. There may be finance on the car that should be cleared at the time of sale, but I can’t see what would stop a V5 holder from selling the car if it’s in their name.

Quite. I had a contract hire vehicle through Mercedes Benz Finance with the log book in my name. They also taxed it.

They wouldn't have been best pleased if you sold their car !

[ashleyhutch10]

Waiting on a response from the finance company and also the dealer in regards to the questions I’ve put above. Any idea if it has been sold as a PCH after the compliance questionnaire clearly stating that isn’t what she wanted if there’s any action that can be taken (I get it’s her fault for not checking what she was signing but surely from a customer compliance perspective that the FCA expect them work within)

[ZX10R NIN]

Again wait until you have some answers.

[The Rotrex Kid]

Very well could be a PCH deal, Vauxhall we’re smashing corsa out on a cheap PCH deal a few years back and most salespeople wouldn’t care/wouldn’t know the difference so would just get people into a car.

[Screenwash]

So she doesn’t know what she signed, and didn’t bother to keep a copy of the document? And now you are looking for financial redress from the dealership?!

It’s always somebody else’s fault…

[LON85_uk]

Screenwash said:

So she doesn’t know what she signed, and didn’t bother to keep a copy of the document? And now you are looking for financial redress from the dealership?!

It’s always somebody else’s fault…

Well said. We've taught people over the last few year that it is always someone else's fault, to the point that people now don't know what they're spending thousands of pounds on and genuinely think it's somehow someone else's fault.

[Dingu]

LON85_uk said:

Well said. We've taught people over the last few year that it is always someone else's fault, to the point that people now don't know what they're spending thousands of pounds on and genuinely think it's somehow someone else's fault.

Like this? https://www.pistonheads.com/gassing/topic.asp?h=0&...

[ashleyhutch10]

Screenwash said:

So she doesn’t know what she signed, and didn’t bother to keep a copy of the document? And now you are looking for financial redress from the dealership?!

It’s always somebody else’s fault…

Not looking for anything, just asking a question to see if anyone has any knowledge to share, yano like a forum is for? - she’s also had an earful from me for not keeping any of the documents.

Edited by ashleyhutch10 on Saturday 8th April 20:31