Car Dealer wanting to change P/Ex value day after transaction is complete

IndependentWSU · Apr 9, 2016

I purchased a RCZ for £9990 with a Part Exchange value given of £6000 on my vehicle. I drove to the Main Dealer in my P/EX vehicle it was inspected by Salesman and Dealership Manager. After negotiation the value (£6000) was agreed. The balance of £3990 was settled by £1000 (card payment) and the remainder on finance (2990) all agreed and completed on the day. I left the dealership with signed paperwork / invoice with all values agreed. My P/Ex vehicle remained with all documentation at the dealership. I am due to collect my RCZ in 4 days.
The Peugeot dealership called me next day to inform me they have misvalued the car (P/ex vehicle) and wish me to pay the difference in their valuation or they will cancel the transaction. The difference is in excess of £1500 so they claim!!

I am amazed at the phone call received and am even more amazed that this good be legal?

Anyone help as to where I stand?

Publius Ovidius · Apr 9, 2016

Tell them to foxtrot Oscar and you want every penny of your money back..and oh btw, this experience is on its way to bbc south east, the local newspapers and the Nationals.....they love shysters like this!

Pavilionaire · Apr 9, 2016

That'll teach you to leave a Little Mix CD in the glove compartment.

Goldstone1976 · Apr 9, 2016

Legally - you need to read the small print of the documentation. What does it say?

Morally - even if they've made a genuine mistake, it's their mistake so they should take the hit.

£1500 out of £6000 is a very big mistake to make. How surprised were you that they offered £6k? What is the "book" price of the car you traded in? It'll be easy enough to prove one way of the other whether a mistake has been made.

Superseagull · Apr 9, 2016

I would suggest as both parties signed paperwork and payment made there is sweet FA they can do now. If you paid by credit card then you should have some legal protection available to you via your credit card company.

Good luck!

Raleigh Chopper · Apr 9, 2016

No expert.
But the signed papers are a contract in court they would never win, call their bluff the ball is firmly in your court you can either get your money back and start again or carry on and have the car at the agreed price.
Like many companies they play on the hope that you are weak and will tow the line, car dealers can be shisters and just want more money after the sale rather than not get the sale due to quoting you a price you would not be happy with at the time.
They know they are wrong and would never go to court over this.
A very similar thing happened to me with upvc sash Windows, the rep made a cock up with the quote by £000's but I signed the contract (very quickly) they tried everything to get out of it but I threatened to take it further, they gave in as they all do. A signed contract is a signed contract and cannot be changed.
But you have to stand up to these people with threats and evidence.

beorhthelm · Apr 9, 2016

its a bit hard for them to argue that both salesman and manager misvalued it by such a large amount, shirley?

Goldstone1976 · Apr 9, 2016

A signed contract is, of course, binding - providing consideration has passed, which here it has. The question however is what does that contract say?! If, for example, it says "...the dealer has the right to vary the valuation of a p/ex up until the point that the car the customer has bought is physically collected...", then the dealer us within their rights.

Again - read the contract. What does it say?

Diablo · Apr 9, 2016

as said if you have signed paperwork they can`t change deal now..

studio150 · Apr 9, 2016

IndependentWSU said:
I purchased a RCZ for £9990 with a Part Exchange value given of £6000 on my vehicle. I drove to the Main Dealer in my P/EX vehicle it was inspected by Salesman and Dealership Manager. After negotiation the value (£6000) was agreed. The balance of £3990 was settled by £1000 (card payment) and the remainder on finance (2990) all agreed and completed on the day. I left the dealership with signed paperwork / invoice with all values agreed. My P/Ex vehicle remained with all documentation at the dealership. I am due to collect my RCZ in 4 days.
The Peugeot dealership called me next day to inform me they have misvalued the car (P/ex vehicle) and wish me to pay the difference in their valuation or they will cancel the transaction. The difference is in excess of £1500 so they claim!!

I am amazed at the phone call received and am even more amazed that this good be legal?

Anyone help as to where I stand?

You can get a guide price for your RCZ on Parkers and similar sites. Unless your vehicle has really high mileage or extensive accident damage I would of thought that £6k sounds reasonable and £4.5 is just trying it on.

IndependentWSU · Apr 9, 2016

Cheers for help.
All small print read and all seems in my favour, there are no clauses, cooling off periods or the like. The book price is 5000ish to 6500ish depending on mileage and condition etc. So expected valuation.
I will expect to collect my car on Wednesday as agreed.

I have concluded that this is a ploy in order to extract a further wedge from me.

Appreciate input

IndependentWSU · Apr 9, 2016

Little Mix? no idea what you are talking about.

IndependentWSU · Apr 9, 2016

studio150 said:
You can get a guide price for your RCZ on Parkers and similar sites. Unless your vehicle has really high mileage or extensive accident damage I would of thought that £6k sounds reasonable and £4.5 is just trying it on.

Apologies.... I have bought an RCZ for £9990 and traded my Mercedes CClass for £6000. The Peugeot dealer then claim to have misvalued my Mercedes by approx £1500 - £2000 can I return to dealership to refinance or they (Peugeot) will cancel my transaction.

Garage_Doors · Apr 9, 2016

IndependentWSU said:
Cheers for help.
All small print read and all seems in my favour, there are no clauses, cooling off periods or the like. The book price is 5000ish to 6500ish depending on mileage and condition etc. So expected valuation.
I will expect to collect my car on Wednesday as agreed.

I have concluded that this is a ploy in order to extract a further wedge from me.

Appreciate input

The book prices you have quoted, are they Retail or trade in prices?

Goldstone1976 · Apr 9, 2016

IndependentWSU said:
Cheers for help.
All small print read and all seems in my favour, there are no clauses, cooling off periods or the like. The book price is 5000ish to 6500ish depending on mileage and condition etc. So expected valuation.
I will expect to collect my car on Wednesday as agreed.

I have concluded that this is a ploy in order to extract a further wedge from me.

Appreciate input

Great. Then you have them bang to rights. A main dealer trying such a stunt is shameful. Certain sections of the press and Peugeot themselves would be interested.

Edit: Given what you say about the contract, you have them bang to rights even if they have over-valued your car (for example giving you the retail value, rather than trade-in)

Boroseagull · Apr 9, 2016

Sale of Goods Act 1979. Contract agreed, money/payment and or goods exchanged deal is done. If they refuse you your car use either threats of Local Trading Standards Officer or straight to County Court.

IndependentWSU · Apr 9, 2016

Garage_Doors said:
The book prices you have quoted, are they Retail or trade in prices?

Parkers Car Price

IndependentWSU · Apr 9, 2016

Boroseagull said:
Sale of Goods Act 1979. Contract agreed, money/payment and or goods exchanged deal is done. If they refuse you your car use either threats of Local Trading Standards Officer or straight to County Court.

I will have a look at 'Sales of Good Act 1979' in preparation for conversation on Monday.
Thank You

timbha · Apr 9, 2016

What do you think they would say if you went back to them and said you have overpaid for the new car and want £1000 back ?

IndependentWSU · Apr 9, 2016

That was the exact example I used when they called this morning. It was met with a silence and then the comment......'I can understand your frustration'.

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