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Thread: Car leasing...next PPI?

  1. #1

    Car leasing...next PPI?

    Speaking to a chap today whoís coming out of a 3 or 4 year business lease which is due to end in November, he was talking about speaking to the lease company as he feels the value of the vehicle (2nd hand value) has now sky rocketed over the past few months and the estimated depreciation they would have worked out his monthlyís on is now far less. Not sure what heís hoping to achieve (probably some kind of compo) other than winding himself up but heís convinced that it has the potential to be the next PPI.
    Surely this is just a case of the lease companies good fortune that prices have gone up as the market dictates, when the lease was taken out it wasnít like that and prices could have gone vastly the other way.
    Anyone agree or is he just talking rubbish...I know my opinion.
    FFF

  2. #2
    Master
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    He's a sore loser. He hedged against prices crashing and ended up on the wrong side of the bet. Quite sure he wouldn't be rushing to offer more if the global economy had collapsed and car prices tanked like many did around 2008.

    No different to taking out a fixed rate anything and finding prices come down not up but being locked in, can't remember many successfully claiming compo for that...

  3. #3
    He has no chance.

    The leasing company may have worked out the monthly rentals based on estimated future value, but that wonít be in the contract. Heís signed a long-term hire agreement for a set monthly payment and thatís what he got. Itís as simple as that.

    In a contract hire/lease, itís never your car. You donít get the V5c and you donít pay the tax. DVLA checks will show the registered owner as XYZ Finance. A speeding ticket would go to the finance house first, who would them forward it to the customer.

    The value of that asset has nothing to do with him at any point.

  4. #4
    Grand Master Dave+63's Avatar
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    Not a chance but no doubt someone will try it.

  5. #5
    Master
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    He's probably more upset because he will be paying a lot more per month to get into exactly the same car he had before.

  6. #6
    Very bad form on his part. He made a decision on the basis of all available information as did the lease company. They got the better of it this time, but it could have gone the other way.

  7. #7
    Sounds like he rolled his dice and lost.
    It happens.

  8. #8
    Grand Master wileeeeeey's Avatar
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    Sounds like the sort of guy who "wants what it owes him" when selling a Bremont but "market price" when selling a Rolex.

  9. #9
    Craftsman
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    Ask the lease company if he can buy it from them. Theyíll have a laugh at least.


    Sent from my iPhone using TZ-UK mobile app

  10. #10
    Anyone got anything back from a bank / building society from a fixed rate term mortgage when the rates go against you - i think not..

  11. #11
    Master SeanST150's Avatar
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    Nothing has been mis-sold, so nothing to make a claim against.

  12. #12
    Master TKH's Avatar
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    Having been in the ‘eye of the storm’ with PPI, I can say the two have nothing in common….

    Man rents a car on long term basis from its owner…hands it back is pee’d off owner hasn’t lost his shirt….

    When forecasting residual values historical data is used combined with a bit of future forecasting on trends etc…..but ‘Minority Report’ it isn’t…..


    Renter to owner “I see values have tanked can I give you £2’500 to cover the gap” ?

  13. #13
    Master
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    I think you already suspect this FFF, but your customer is a typical 'manchild'.

  14. #14
    Quote Originally Posted by Franky Four Fingers View Post
    Anyone agree or is he just talking rubbish...I know my opinion.
    FFF
    I cannot imagine many - if any - agreeing with his gripe.

    R
    Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.

  15. #15
    Craftsman
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    I bet he's spent the last three years boasting about what a great deal he got too.

    People whose PCP deals are nearing term are the real winners, they can buy their car at the agreed GFV, probably several £k less than market value.

  16. #16
    Master Tifa's Avatar
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    Needs to adjust his medication.
    He simply needs to pay the final purchase price to take ownership, sell it on and then pocket the increase.
    He'd get on well with a CMC...they're mostly dickheads too.

  17. #17
    Grand Master Dave+63's Avatar
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    Quote Originally Posted by Tifa View Post
    He simply needs to pay the final purchase price to take ownership, sell it on and then pocket the increase.
    Thatís not an option on a lease; there is no purchase option unless the lease company choose to offer one. Even if they did, itís likely to be at market value rather than what it owes them.

  18. #18
    Master
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    A lot of people werenít even aware theyíd signed up for PPI. Presumably this person knows he leased a car!!

  19. #19
    Grand Master mart broad's Avatar
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    I assume that if the value had nose dived he would be happy with an additional charge on his final invoice.
    I FEEL LIKE I'M DIAGONALLY PARKED IN A PARALLEL UNIVERSE

  20. #20
    Journeyman
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    Quote Originally Posted by wileeeeeey View Post
    Sounds like the sort of guy who "wants what it owes him" when selling a Bremont but "market price" when selling a Rolex.
    Laughed out loud at this

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