What I thought PCP was not PCP, anyone in the same situation?

[tonko]

I just realised that what I signed was not PCP but personal loan with guaranteed price after 48months. At the time of the purchase I was clearly told that I have options to return the car, or pay balloon payment or part exchange the car. It is also not very clear what this loan is called, but I was told my finance was PCP at the time of the purchase by the sales person who sold this car to me.

 

[N2STY]

I just realised that what I signed was not PCP but personal loan with guaranteed price after 48months. At the time of the purchase I was clearly told that I have options to return the car, or pay balloon payment or part exchange the car. It is also not very clear what this loan is called, but I was told my finance was PCP at the time of the purchase by the sales person who sold this car to me.

Sounds like PCP to me
Surely the numbers will speak for themselves PCP is a lot cheaper payments because of the balloon payment hp can be twice as much and PCP would have a max mileage linked to it

 

[tonko]

Sounds like PCP to me
Surely the numbers will speak for themselves PCP is a lot cheaper payments because of the balloon payment hp can be twice as much and PCP would have a max mileage linked to it

It does not say the term “PCP” anywhere at all, even though it has annual max mileage, and T&C states the possibility to appoint Santander to be a sellar of the car concerned at the end of 48months. I do hope this is PCP…

 

[RobinH]

A PCP (Personal Contract Purchase) is a loan for an agreed depreciation value over the contract period, with options at the end of the period to buy outright at at pre-agreed price, use the difference between actual value and pre-agreed price as a deposit on your next car, or walk away.
If that's what the contract does then it's a PCP regardless of what the paperwork calls it.

 

[tonko]

I called Santander and they confirmed that I have all three options available. Thank you so much