Anyone know the background behind the Times story?

[Soleith]

Saw a headline from The Times saying someone dropped 140k on a db11 from stratstone but won't get it. It's behind a paywall though and wondering if anyone here knows what happened?

[Soleith]

Ah right, thanks guys. Doesn't sound as bad as the headline made out then. Someone just not understanding how PCP works which is a shame, they can be a useful tool but it's not great that people are taking these financing arrangements out without understanding the full details.

[Soleith]

Ah, interesting. Having read up a bit more about balanced payments, actually there is no option to return the car at the end of the term, you have to make the final balloon payment, it's not optional! That may explain the forced to pay part, still not sure how he'll never own it though. Someone had pasted the article yesterday but looks like it's gone now. BP is unregulated so no recourse through the FCA etc, sounds like a simple case of the guy not understanding the contract he was signing.

[Soleith]

Big Ry said:

^^^^^

If Stratstone or any other dealer had genuinely miss sold somebody finance, then the FCA could and would be down on them like a ton of bricks. You can't get away with stunts like that in this day and age.

Actually I don't think that's correct, it's an unregulated agreement so apparently the FCA has no jurisdiction over it.