Terry Carey

[Terry Carey]

Seller beware!
Sold my beloved C4S back to Porsche Portsmouth after 2 years agreeing a price and receiving a settlement figure from Porsche PCP Finance. When requesting a settlement from Porsche finance you get a window of time in which to settle the agreed amount. So far so good, returned the car and completed the paper work and returned home to cancel my insurance and direct debit. After a week or so I started receiving final demand letters, emails and phone calls all threatening legal action etc.from Porsche finance, after many phone calls to both Porsche Portsmouth and Porsche finance it appears they do not talk to each other and the final settlement figure had not been paid by the dealer as they hold the funds until the last day of the agreed settlement figure. By cancelling my direct debit this signalled a payment default that after much heart ache has now been resolved with vailed apologies from both. Incidentally I wrote a letter the the principal of Porsche Portsmouth copying the finance manager and the salesman and did not even receive a reply! This was my fourth Porsche PCP purchase and the second from this dealership so loyalty means very little and a very different reception from the friendly welcome when you are making a purchase!!

 

[IndischRot]

I can’t imagine this was any fun - being accused of imminent default on a PCP contract; glad it appears to have ended without a black mark on your credit score.

That said it’s not clear what precipitated things. Did the OPC make the payment within the necessary time window, albeit at the very end?

What was the timing of the next direct debit payment as compared to the last day of the settlement period?

 

[Terry Carey]

I can’t imagine this was any fun - being accused of imminent default on a PCP contract; glad it appears to have ended without a black mark on your credit score.

That said it’s not clear what precipitated things. Did the OPC make the payment within the necessary time window, albeit at the very end?

What was the timing of the next direct debit payment as compared to the last day of the settlement period?

My apparent mistake was to cancel my direct debit, the Porsche finance system is that you leave everything in place until you get notification from Porsche finance that the debt has been settled and any excess payments would then be refunded!! The dealer kept the payment until the last day of the "window” and then it takes days to appear on the account. If the dealer had explained that when I return the car I would certainly not be happy with the policy but at least it would have saved a lot of stress

Edited to tidy up the quote.