Returning An Is300H On Pcp

Slickk · November 6, 2015

Hi guys,

Bought my IS300h F Sport (9,000 miles, white with rose red interior, premium navigation and all other goodies bar the ML speaker upgrade). I paid £5k deposit and the outstanding amount of £24k was on a PCP agreement.

I now need to get rid of the car as I've had an offer from abroad and I wouldn't be taking the car with me. I'm still within the 14 right of withdrawal period but this doesn't necessarily equate to just handing the car back and cancelling the PCP, whilst also being charged any administrative fees.

I called the finance company to query my so called 'right to withdrawal' and they told me to pay £25k and settle the issue and even then I wouldn't be able to keep the car - that's at the discretion of the dealer where I purchased the car from. So, I've decided to sell the car instead.

I've got a week or so to sell the car and recoup my money. Any suggestions??

DJP · November 6, 2015

Are you saying you're in the 14 day cooling off period, but have collected the car? If so you can repay the finance, i.e. the£25k and the car is yours. You can't hand the car back to the finance house until you have paid 50% of the total amount of the contract.

If you haven't taken delivery then you could withdraw but may well lose your deposit.

If you have the car trying to sell it within a week sounds a very tough ask, unless you are giving it away at a big discount. Maybe speak to the dealer and see if they will buy it back off you and resell. Clearly you will lose money either way I would have thought.

Hopefully the abroad offer was very attractive!

Slickk · November 7, 2015

Provisionally sold the car to another dealership, lost out on finance money as I will have to pay some money myself. All in all, owned the car for 1 week and lost near to £6k.