PCP finance agreement equity checker

[Jabah]

Hi everyone,

Is there a service to check current market value of the car on a PCP finance agreement and compare it to the PCP settlement figure? Thereby working out whether I'm in negative equity or positive equity?

Obviously for the majority of the PCP finance agreement it will be negative, but on my last deal (Audi S3 2010) I found that I was in positive equity almost a year prior to my agreement ending! However I discovered this too late and the amount of remaining equity had reduced significantly - I still upgraded though I would of had a larger deposit if I had traded in 10 months earlier...

Audi had told me that I was part of their "key for key" programme that did this for me, though they never got in touch! Then again I guess it's not in their interest.

I want to sign up for notifications or something that periodically checks the equity on my behalf? Does this exist? Am I the only one who thinks this would be useful?!

Thanks for reading,
Cheers,
Jack

[rich12]

I believe it's called Auto Trader.

[indapendentlee]

Good dealers do this already - it's termed equity mining. They basically look through all of their customers' outstanding finance balances and the trade price of the car and do the sums.

It's quite easy to do yourself - request a settlement figure from your current finance provider (Audi Solutions/VWFS) and get on Auto Trader and see what the difference between what you owe and what the car's worth.

Obvious word of caution that AT prices are retail ask prices - what a trader will give you is almost always less (unless they have some support available/have a car they really need to sell).

[liner33]

I used WBAC for ours

[PenelopaPitstop]

WBAC is good indicator of trade in price.

[TooMany2cvs]

Jabah said:

Is there a service to check current market value of the car on a PCP finance agreement and compare it to the PCP settlement figure? Thereby working out whether I'm in negative equity or positive equity?

You need a "service" to compare two numbers and see which is larger?

[MOBB]

^ this

pm me both of the numbers and I will advise you

[Jabah]

TooMany2cvs said:

You need a "service" to compare two numbers and see which is larger?

Yes! I'm happy to work it out but think a service that periodically checks on your behalf then lets you know that you've tipped into positive equity would be really useful right?

[DuraAce]

Jabah said:

Yes! I'm happy to work it out but think a service that periodically checks on your behalf then lets you know that you've tipped into positive equity would be really useful right?

Are you happy to pay for such a service?
How much would you pay?

[IanCress]

How would that service work? It would need to know the account balance on your finance agreement, and it would also need an agreed value from the dealer for your vehicle, taking in to account any damage or mileage excess.

[Andy665]

I helped to develop the industry's leading equity mining software a few years ago, used extensively in UK and several other markets. It was intended to create a consumer version but quickly realised that for a private individual doing it on a single car is hardly difficult or time consuming

[fourstardan]

Vauxhall used to have a free GLASS guide price guide on its used car page...shame it not there anymore.

[valiant]

Ford still do it.

Cap connect I think it's called.