Advice please on PCP deal.

[2sheikhs]

I'm almost a year into a 4 year deal but my circumstances have changed and it's becoming top expensive to keep the car. Has anyone on here ever defaulted in similar circumstances or know what happens if you do?

 

[Mazzarelli's Swiss Cheese]

Are you fully comp?

 

[Russian Hat]

Hand it back it’s ok, but check the valuation of the car first you may be surprised how much it’s worth

 

[Snape]

I recently settled up a pcp after only 6 months. I sold my car online using the motorway company and with the price of used cars spiralling I settled the finance and made money on the deal.

 

[doots]

Sent you a PM bud

 

[2sheikhs]

Are you fully comp?

Yes mate. I know what you're going to suggest, you dodgy bugger!!!!
:-)

 

[2sheikhs]

Hand it back it’s ok, but check the valuation of the car first you may be surprised how much it’s worth

I owe £13000 and the autotrader valuation is £14100 but I am assuming that the finance company will be like webuyanycar and say it's worth about £10k.

 

[Hayley Croppers chopper]

When you get to 50% paid off you can hand it back to the finance company.
Get a webuyanycar valuation, used prices have definitely increased so you may not be too far out of pocket. Good luck with it.

 

[117 M34]

When you get to 50% paid off you can hand it back to the finance company.
Get a webuyanycar valuation, used prices have definitely increased so you may not be too far out of pocket. Good luck with it.

It's 50% of the total value of the car and when you have a balloon payment to make, that won't be until very close to the end of the deal.

I would think with the rising value of used cars you might be ok to hand back and not owe too much. Dealerships are short of cars so will pay a decent amount for it.

 

[willipp]

It's 50% of the total value of the car and when you have a balloon payment to make, that won't be until very close to the end of the deal.

I would think with the rising value of used cars you might be ok to hand back and not owe too much. Dealerships are short of cars so will pay a decent amount for it.

If he’s in the last year of his 4 year deal he should be pretty much there.

Just ring your finance company and ask for the voluntary termination figure. I did this with my last PCP deal and it was about 3 years into my 4 year deal that I hit that mark.