Blue Maverick
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My 10 year old VW CC has increased £1500 in the last 4 months according to we buy any car!
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Advice please on PCP deal.
- Thread starter 2sheikhs
- Start date
You were right. Webuyanycar have offered 2k more than I paid for it!!Hand it back it’s ok, but check the valuation of the car first you may be surprised how much it’s worth
Hes the left back remember
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Had a walk round Mercedes in Stockport and BMW Rochdale at weekend they both had loads of cars.
Think this 'shortage' is manufactured to suit the business
Think this 'shortage' is manufactured to suit the business
ColinBellsjockstrap
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The low monthly payments of Personal Contract Purchase (PCP) have made it the most popular type of car finance in Britain. Millions of cars on the road today are being paid for in monthly instalments, by drivers who like the affordability and flexibility of PCP finance.
Many make their payments as planned and then return the car or buy it at the end of the agreement - some want to sell the car at this point. There are also plenty of drivers who find that they need to hand the car back early, perhaps to upgrade to a different model, or if payments are proving hard to meet.
Until you've made the optional final payment to settle the PCP agreement, however, the car belongs to the lender, so you can’t simply advertise the vehicle and sell it whenever you like. This remains the case at the end of the agreement: until you have made the final balloon payment to buy the car, it’s not yours to sell.
However, you are often able to sell the car with the agreement of the lender. Alternatively, you could part-exchange the vehicle for another one using any value in the car above the remaining finance balance - known as equity - to put towards the deposit on your next car. Invariably, however, most, if not all of the money from the sale or part exchange - especially earlier on in a contract - goes to the lender to repay what’s owed.
In fact, earlier on in a contract, the vehicle is likely to be worth far less than the remaining balance, meaning that even if you were to sell it, you're likely to still owe the finance company a substantial amount - potentially amounting to several thousand pounds.
Many make their payments as planned and then return the car or buy it at the end of the agreement - some want to sell the car at this point. There are also plenty of drivers who find that they need to hand the car back early, perhaps to upgrade to a different model, or if payments are proving hard to meet.
Until you've made the optional final payment to settle the PCP agreement, however, the car belongs to the lender, so you can’t simply advertise the vehicle and sell it whenever you like. This remains the case at the end of the agreement: until you have made the final balloon payment to buy the car, it’s not yours to sell.
However, you are often able to sell the car with the agreement of the lender. Alternatively, you could part-exchange the vehicle for another one using any value in the car above the remaining finance balance - known as equity - to put towards the deposit on your next car. Invariably, however, most, if not all of the money from the sale or part exchange - especially earlier on in a contract - goes to the lender to repay what’s owed.
In fact, earlier on in a contract, the vehicle is likely to be worth far less than the remaining balance, meaning that even if you were to sell it, you're likely to still owe the finance company a substantial amount - potentially amounting to several thousand pounds.
I’m 6 months into my latest PCP I bought a Jaguar xE on impulse brand new for 31k without even sitting in one in April but after 6’months its niggling me and it’s not as good as my bmw was before it.I thought I’m stuck with it for a couple of years without me losing a fortune on it but After reading this thread I thought I’d have a look at my options, autotrader said my minimum trade in price should be 35k!!!! I’ve rang a couple of places and they have offered 35500 if it’s as new which it is. That means after the settlement figure ive got over 6k on top! It’s all relative though if you need another car because I will be paying the premium
On the next one but if you are just wanting to break free from your PCP it seems like now is the time.
On the next one but if you are just wanting to break free from your PCP it seems like now is the time.
Johnny Mars Bar
Well-Known Member
I’m intrigued and confused by this. Looks like I’m not the only one.
I don’t really want to get rid of my car but I do wonder how it works as tbh I didn’t read the small print.
I bought a brand new small car on a four year PCP deal back in March.
I’ve logged into the finance portal and my settlement figure is just over £11k.
We buy any car have given me a similar figure as a valuation.
Does that mean I can basically hand the car back and walk away now? Or with it not being my car to sell, would I have to sell it to the finance company who would obviously offer me fuck all for it?
I don’t really want to get rid of my car but I do wonder how it works as tbh I didn’t read the small print.
I bought a brand new small car on a four year PCP deal back in March.
I’ve logged into the finance portal and my settlement figure is just over £11k.
We buy any car have given me a similar figure as a valuation.
Does that mean I can basically hand the car back and walk away now? Or with it not being my car to sell, would I have to sell it to the finance company who would obviously offer me fuck all for it?
Most car buying sites now offer the option to settle any existing finance which never used to be the case you had to own the car to sell, so yes if what they are offering covers your settlement figure they Will buy the car from you and settle your PCP deal. Shop around and you might even get a few quid back in cash on top.I’m intrigued and confused by this. Looks like I’m not the only one.
I don’t really want to get rid of my car but I do wonder how it works as tbh I didn’t read the small print.
I bought a brand new small car on a four year PCP deal back in March.
I’ve logged into the finance portal and my settlement figure is just over £11k.
We buy any car have given me a similar figure as a valuation.
Does that mean I can basically hand the car back and walk away now? Or with it not being my car to sell, would I have to sell it to the finance company who would obviously offer me fuck all for it?
Johnny Mars Bar
Well-Known Member
Most car buying sites now offer the option to settle any existing finance which never used to be the case you had to own the car to sell, so yes if what they are offering covers your settlement figure they Will buy the car from you and settle your PCP deal. Shop around and you might even get a few quid back in cash on top.
Interesting - cheers.
BlueMoonday
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Most car buying sites now offer the option to settle any existing finance which never used to be the case you had to own the car to sell, so yes if what they are offering covers your settlement figure they Will buy the car from you and settle your PCP deal. Shop around and you might even get a few quid back in cash on top.
This is handy to know, thank you.
Just seen WBAC are offering more than my settlement figure so if I end up getting this job in the city centre then it a good option as I will be using the train.