- 12 March 2017 at 4:45 pm #109553
I bought a new MINI in 2014 (£22,000), after paying a £5,000 deposit I was talked into taking out a PCP deal on 8000 miles per year despite informing the salesman that I did 25000 per year and this was likely to continue (which it has).
He convinced me that this would only be a problem if I wished to hand the car back and not having done much research (my fault but very excited about buying my first new car) I agreed. My GMFV was around £8,000 but clearly now with a car with around 70,000 on the clock it will be worth nowhere near this sum. Any suggestions would be appreciated as I would like to change my car sooner rather than later (not another MINI).
I was totally honest about my situation and mileage so I also feel a little ripped off (despite some of it being my own fault).
- 14 March 2017 at 12:18 pm #109715
Hi Chris. You probably have been ripped off, but unless you have anything in writing to prove that you told the salesman that you are doing 25,000 miles per year and he said that a PCP at 8,000 miles per year would be suitable, you’re not going to be able to win that argument. The salesman will swear on a stack of bibles that he never said such a thing and would never do so.
Your car is presumably worth less than your finance settlement figure. Basically, you can either sell the car and take a loss (the amount you owe the finance company is more than you will get when you sell it), or give it back at the end of the agreement and pay the excess mileage charges (these whould be spelled out in your contract, but are usually about 10p per mile, which is £100 per 1,000 miles).
- 14 March 2017 at 6:29 pm #109746
Thanks for the reply, no unfortunately I did not get the paperwork with my true mileage written on it. With regards to the gmfv im guessing that this will only be the guaranteed amount I owe not the guaranteed amount they will give for trade in?