MG4 PCP Expiry Date.

[Buster72]

I signed up to purchase my MG4 on 27th December on a PCP Agreement. I have subsequently been told by the dealer that the expiry date for this PCP expires on 27th March 2023. And that they are endeavouring to get the car delivered by then. But that if it is not, then that PCP Agreement would need to be resubmitted as it is done on behalf of MG by Santander.

I am sure that I am not the only one who could be in this position.
So I was wondering how many other prospective purchasers are in a similar position whereby the estimated delivery date for their car could be outside the applicability of their PCP expiry date.
Thank you.

 

[emmrecs]

I'm not an MG4 owner or even prospective purchaser (as my avatar shows) but yes, it is possible that the cost of your PCP can change between the date you sign the order for the car and the date the car actually arrives. The latter becomes the date on which the PCP is "active". You sign to place the order, not to guarantee the PCP cost.

When I ordered my car, I was quoted a PCP price which was correct on the date I signed the order and paid a deposit but I always understood that there was a real possibility that that price would change because of the delay in the car actually being available. I ordered in late October 2021 and by the time the car was delivered (late March 22) the PCP cost had increased because interest rates had been raised.

Another, perhaps less well-known, issue caused by the lack of availability of new cars.

 

[Cocijo]

I think that this is fairly standard stuff - usually after 90 days you need to reapply. The issue here of course is the increase in APR since your original agreement. Plus delivery time being uncertain
I hope that you can get your car by then - it would be a good saving compared to the new APR if you can.
It might be worth exploring any other cars/colours that they may have if it brings the deal within the 90 days.

 

[Buster72]

I'm not an MG4 owner or even prospective purchaser (as my avatar shows) but yes, it is possible that the cost of your PCP can change between the date you sign the order for the car and the date the car actually arrives. The latter becomes the date on which the PCP is "active". You sign to place the order, not to guarantee the PCP cost.

When I ordered my car, I was quoted a PCP price which was correct on the date I signed the order and paid a deposit but I always understood that there was a real possibility that that price would change because of the delay in the car actually being available. I ordered in late October 2021 and by the time the car was delivered (late March 22) the PCP cost had increased because interest rates had been raised.

Another, perhaps less well-known, issue caused by the lack of availability of new cars.

That is understood and thank you.
In the event that the delivery date is later than the PCP validity, I could have my deposit back. But that defeats the object of the exercise.

I think that this is fairly standard stuff - usually after 90 days you need to reapply. The issue here of course is the increase in APR since your original agreement. Plus delivery time being uncertain
I hope that you can get your car by then - it would be a good saving compared to the new APR if you can.
It might be worth exploring any other cars/colours that they may have if it brings the deal within the 90 days.

Good points thanks.

 

[Deleted member 10041]

There are members that have been waiting since September, the Apr has risen twice since then (1st October and 1st January) I would be interested to know if they have been told the same

 

[thejaybeeok]

There are members that have been waiting since September, the Apr has risen twice since then (1st October and 1st January) I would be interested to know if they have been told the same

I‘ve been waiting over 4 months and my dealer recently told me the APR is still the same as it was when I paid the deposit. He said he would let me know if that changes.

 

[Deleted member 10041]

I‘ve been waiting over 4 months and my dealer recently told me the APR is still the same as it was when I paid the deposit. He said he would let me know if that changes.

Buster if as has been said, some dealers are not changing PCP deals I would be having a chat with them.
I ordered a 4 on the 1st Oct, was told by the dealer February, that's over 4 months there was not mention of the PCP being subject to change

 

[Buster72]

Buster if as has been said, some dealers are not changing PCP deals I would be having a chat with them.
I ordered a 4 on the 1st Oct, was told by the dealer February, that's over 4 months there was not mention of the PCP being subject to change

Yes of course.

 

[tsedge]

Buster if as has been said, some dealers are not changing PCP deals I would be having a chat with them.
I ordered a 4 on the 1st Oct, was told by the dealer February, that's over 4 months there was not mention of the PCP being subject to change

Same for me, we ordered at the same time and the dealer wanted us to apply for the finance quickly to lock in the rate, which they repeatedly told us was why we should apply for the finance early.

I have confirmed to them our expectations including original price, finance rate and also that I expect the deal to improve in our favour since we have increased equity in our trade-in (also on a PCP).

Not a peep back, so we'll see what happens come collection but they know our expectations.

 

[Buster72]

Same for me, we ordered at the same time and the dealer wanted us to apply for the finance quickly to lock in the rate, which they repeatedly told us was why we should apply for the finance early.

I have confirmed to them our expectations including original price, finance rate and also that I expect the deal to improve in our favour since we have increased equity in our trade-in (also on a PCP).

Not a peep back, so we'll see what happens come collection but they know our expectations.

That is good.
I have searched the PCP Agreement for anything relating to a 3 months or 90 days validity and could not actually find that. So at the moment I am just waiting to hear from the dealer when my car is ready. And if it is later than that timescale, I will have to have a conversation with him.
Stress that there are rather a lot of people in the same situation with the same dealer. So lets wait and see.

 

[Mojomarm]

Ordered my Trophy in mid-Nov while the PCP rate was 7.9% with expected delivery on 20th March. While dealer emailed me last week with an update on delivery (they have no idea when it'll be yet unsurprisingly) I queried how long the PCP deal I was approved for at the time would last if it dragged on too long and was told:
'We have been told that MG4 orders will be both price, and APR% protected so you will still be receiving the financial figures quoted when you placed the order for the vehicle'
I no legal expert but there doesn't seem to be any wiggle-room in that if they suddenly try to change to current rates.