PCP

[Nellie]

Hi Everyone,

i pick up my new Audi next week. Am a bit confused with regards to the PCP contract which i haven’t signed yet. It does not mention PCP any where on the agreement. But infact Hire Purchase not even Hire Purchase solutions? There is no mention of GFW but mentions a final payment. I have switched over from Mercedes whose finance was very clear. Am just wondering do they use a generic lease contract. 
Any advice much appreciated.

Thanks,

Nellie

Edited October 17, 2020 by Nellie
Correction

[Magnet]

 

Hello Nellie, 

I think you are right in questioning (everything) before signing anything. 

When you say you are picking the car up next week, we must assume that you have already signed something which links your name as a customer, to order a car for delivery. 

If you believed your were buying the car on PCP but now think it’s ‘purchase’ will be via. HP, then either the dealer hasn’t explained the mode of purchase in a way in which it has been adequate for you to understand, or you (understandably) simply don’t understand it. So at this point, you are wise in taking a step backward and doing some homework before signing any contract. 

If I were in your position, I would be first asking questions at the dealership - worth writing down what concerns you so you don’t forget to ask something which is important. Obtain a draft copy of what you will be expected to sign, and study it. My next port of call would be Audi UK and seek clarification on anything you are not absolutely sure about. Third port of call - CAB - armed with you draft copies, and answers to you homework questions, and seek their advice. 

Finally, if you are still unhappy/confused about anything, then delay collection and signing until you are fully equipped with the answers to all the questions which concern you. 

Yes, I know they will tell you you have a cooling off period, but better not to get yourself in the hot water in the first place. 

As I say, I think you are being wise at this stage. 

Kind regards,

Gareth. 

[Nellie]

6 hours ago, Magnet said:

 

Hello Nellie, 

I think you are right in questioning (everything) before signing anything. 

When you say you are picking the car up next week, we must assume that you have already signed something which links your name as a customer, to order a car for delivery. 

If you believed your were buying the car on PCP but now think it’s ‘purchase’ will be via. HP, then either the dealer hasn’t explained the mode of purchase in a way in which it has been adequate for you to understand, or you (understandably) simply don’t understand it. So at this point, you are wise in taking a step backward and doing some homework before signing any contract. 

If I were in your position, I would be first asking questions at the dealership - worth writing down what concerns you so you don’t forget to ask something which is important. Obtain a draft copy of what you will be expected to sign, and study it. My next port of call would be Audi UK and seek clarification on anything you are not absolutely sure about. Third port of call - CAB - armed with you draft copies, and answers to you homework questions, and seek their advice. 

Finally, if you are still unhappy/confused about anything, then delay collection and signing until you are fully equipped with the answers to all the questions which concern you. 

Yes, I know they will tell you you have a cooling off period, but better not to get yourself in the hot water in the first place. 

As I say, I think you are being wise at this stage. 

Kind regards,

Gareth. 

Hi Gareth,

Many thanks for your reply.

I have read the agreement and it is a PCP because there is a final payment - it does actually state Solutions on the header ( I must of missed that). If it was HP then i wouldn't have a final payment. With HP you own the car after the agreed period.  It is a very unclear contract in comparison to Mercedes finance but I suppose they all work in differently.

Am looking forward to driving an Audi :)

[Magnet]

Hello Nellie, 

Blinking heck, now you tell me after I have written all that! Only joking. 

Make sure you read the small print, and dare I say, the large print in your case. Small print contains large detail. 

Kind regards,

Gareth.