To ask for help on car purchase (PCP)?

[PCPQ]

I know I am being unreasonable for posting in AIBU for traffic (sorry) but I am in a bit of a flap and hoping for traffic (and people telling me I'm stupid but I'm OK with that - I agree!).

I'm in the process of exchanging my car and I'm worried I've made a mistake. I purchased a brand new car three years ago on PCP, and this is my first experience of having a car on PCP and exchanging it at the end of the finance period.

I visited my local dealer a few days ago to try and find a replacement car. This time I want a used car on PCP rather than brand new as I can't afford a new one with interest rates + general increase in prices over the last three years. No issue with this, I've had used cars all my life!

Anyway, at the dealer they "struggled to find" a car in my monthly payment bracket and there was a lot of two and fro-ing, and haggling, etc. Eventually agreed on a car with monthly payments I could afford, and I paid a £2k deposit (on credit card). However it was for a car I haven't actually seen yet as it was at another site. But I did get the impression it wasn't a done deal until I'd seen the car and agreed I was happy, but the deposit was to secure it.

I've now been sent a video of the car and I'm a bit underwhelmed. It may be the video but it appears to have a lot of chips on the paintwork. I don't know how I feel about it. Given it's at the top of what I can afford, I want to be 100% happy with it.

I've also been looking online at used cars from the same dealer group and found a slightly newer car, slightly lower mileage, looks in better condition and the monthly payments (even with a lower cash deposit) are much more along the lines of what I ideally wanted to pay monthly. Obviously only based on an online valuation of my car but I put the condition as average (when I think it's probably good). The sales bloke did have a quick look at my car, but he really only checked mileage and had a quick look at it.

I've also realised, with hindsight, that in the moment I didn't ask a lot of questions I should have (where the "stupid" part comes in)... I find sales situations really overwhelming and awkward and honestly my mind went blank. I feel light a right twat now but I didn't ask important things like the value of the car I'm meant to be buying, the valuation of my car that I'm part exchanging (I know it still has equity remaining but not sure how much)...

So now I'm not sure what to do. I don't know if my 2k deposit can be transferred towards another vehicle if I'm not happy with the one I've technically agreed to buy.

I was planning to email the sales guy (before calling him so I'm not put on the spot) and say:

I have seen the video - not sure about the condition, want to see it in person before proceeding...
I've found this other car which seems more in line with the monthly payments I want to pay, can I look at that one too (it's at the same branch)?
How much equity is actually left in my current car?
For him to email me a detailed finance breakdown for the car he wants me to buy so I can fully review it...

Is this reasonable? What are might rights?
Don't worry about being kind, I feel like a dick.

I can only answer based on my experience (my PCP is up in May)

They should have given you a future value when you took the PCP agreement out. They then inspect your car to ensure that it hasn't been 'devalued'

If you look through your paperwork it should have the balloon payment value.

Also, you should have received some paperwork when you were nearing the end with the info on.

You have a 14 day cooling off period so you can cancel it altogether if you can’t find a car you’re happy with or they’re difficult.

PCP often ends up more expensive for a used car due to higher interest rates, definitely shop around. As you've not seen the car in person your deposit is refundable.

Ex dealer here. The salesman will want to sell you something. Email, say you’re not happy with the car now you’ve seen it and you do not wish to proceed . Ask for the structure of the deal including your balloon payment amount. You can also request this from the finance company. The fact you’ve paid on a cc is great, but assuming you’ve done all of this outside of the dealership, distance selling regulations apply so you have an additional layer of protection. Do not worry.

i’m going to throw a curve ball in here and ask why will don’t just refinance the balloon payment On maybe straight HP and keep your existing car? Is anything wrong with it? Your existing lender will be able to quote you without the dealership being involved.

PCP deals will always be worse with a used car than a new one as the finance company won’t finance cars past a certain age or mileage range. And if you do any sort of deferred payment “balloon” always get one with a guaranteed future value ‘GFV’ which means if the market collapses, you can walk away and hand the keys back.

You have a 14 day cooling off period, call the dealership you signed up with, they WILL do everything they can to distract, dissuade and confuse you, whatever it takes to get you to accept the car you signed up to. DO NOT let them do this. You may have to wait a bit for a refund, probably even a charge back, but you will get the money eventually.

Forget PCP on a used car, just take out a personal loan, find the car you want and buy it outright.

Thank you all for your replies and for being kind. I have calmed down a bit now.

I have pinged off an email to the sales person saying I really need to see the car in person as it doesn't look ideal from the video. I have also asked for the info I feel I am currently missing. He did say he would email copies of paperwork but nothing has been forthcoming.

So I have at least set the scene that I am not entirely happy. But I have not mentioned the other car yet as don't want to confuse matters.

To answer a few questions...

We're not refinancing the original car because our circumstances have changed and we need a different vehicle.

Deposit paid on credit card, but we did actually visit the dealership, it just happened they didn't have the car on site yet, so not sure if distance selling applies really.

I know how much my balloon payment is. I have used this info online to look at cars/finance options (with the same dealership) and that is where some confusion is coming in for me, because the other car I saw is coming out with lower monthly repayments. Even with 50% lower cash deposit... so something is not adding up to me somewhere. Hence I want to see the numbers! Maybe they have decided my car doesn't have any equity left, but ballpark it should have around 2k...

I wish I had done it all online now, and will do if I am here again in the future!!

It's the lack of transparency that I am now questioning. But also kicking myself for not asking a lot more questions at the time.

Nevermind... live and learn...