Advice required re Porsche finance and disposal of 718
Discussion
Ladies and Gents
Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
I believe if you've paid over a certain amount of your finance deal you can just hand the car back. That was certainly the case on old PCPs that I've had. This will be by far the quickest and simplest way to get out of your deal. Check your small print and if you want to go ahead you'll deal directly with the finance company, not your OPC.
If you have equity in the car that you want to release you'll need someone to buy your car then you will need to settle the finance. An OPC would probably be the best way to go for a mainstream car so you'll need to ring a few to get the best offer.
Good luck.
If you have equity in the car that you want to release you'll need someone to buy your car then you will need to settle the finance. An OPC would probably be the best way to go for a mainstream car so you'll need to ring a few to get the best offer.
Good luck.
Mark-bt8gu said:
Ladies and Gents
Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
You can ask for a settlement amount at any time (assuming it's a personal agreement), and that's what you have to pay to make the car 'yours'. They will issue you with a settlement letter, which will be valid until next instalment date.Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
You can ask any dealer or buyer for their offers, and take the best one. No ties to original OPC, but obviously worth trying them.
A dealer will likely be able to pay finance co direct, and give you the balance.
Obviously make sure you deal with a reputable third party buyer and don't part with car or docs, until you have the cash and the finance company has confirmed they have received full settlement.
Alternatively, you can make the settlement payment in advance and the car is yours, to sell 'clean' to whoever makes best offer (with same caveats on third party diligence).
If for some reason you are in "negative equity" you do have statutory rights to just hand the car back under certain circumstances and not be due any more money. Depends on length of agreement and the number, %, of payments you have made. You'd have to get specific advice on that.
Edited by footsoldier on Monday 13th May 14:23
Hi Mark,
Best way to approach this is find out from Porsche finance what the settlement amount would be on the agreement. I would then actively contact local OPC's to see what they would offer you to purchase.
Given the amount of time you had the finance, you probably could hand it back, with maybe some equity on your side.. However the devil is in the detail of your agreement, in terms of how much deposit, length of agreement etc...
G
Best way to approach this is find out from Porsche finance what the settlement amount would be on the agreement. I would then actively contact local OPC's to see what they would offer you to purchase.
Given the amount of time you had the finance, you probably could hand it back, with maybe some equity on your side.. However the devil is in the detail of your agreement, in terms of how much deposit, length of agreement etc...
G
i believe if its on a PCP and you have paid over 55% of the value, you can simply hand it back.
However, you might get a few quid to help you if you advertise it here, 911uk, boxa.net as someone might well take it off you.
Also try a few dealers like 911 virgin, Ashgood, Cridfords etc who might give you a decent price on the car given its history and low mileage.
Good luck and noble thing to do btw.
However, you might get a few quid to help you if you advertise it here, 911uk, boxa.net as someone might well take it off you.
Also try a few dealers like 911 virgin, Ashgood, Cridfords etc who might give you a decent price on the car given its history and low mileage.
Good luck and noble thing to do btw.
When I bought my Cayman R a few years ago (privately), the seller got the settlement figure from the finance company, I paid the finance company that figure directly and I gave the seller the difference (wasn't a lot). But at least they got out without having to borrow to settle the finance and got a bit of equity. I got the peace of mind that the finance was settled (and I got a great car).
So, get the settlement figure first and you'll know if there is any equity in the car and you can then go from there.
So, get the settlement figure first and you'll know if there is any equity in the car and you can then go from there.
A fair bit of mixed info on this thread
Once you have paid 50% of the total payable (detailed in your agreement), you can voluntarily terminate your agreement. This involves a call to your finance provider and they will advise when your VT point is and if you've reached it already. Doing this will release no equity you may have in your car. VT point on a 48-month PCP agreement tends to be anything from month 36-42 depending on what deposit you originally put down.
You can request a settlement figure from your finance provider at any time. This is the amount they require to clear your agreement. You can then try and sell the car either privately or to an OPC. Anything you realise over and above your settlement figure is yours to keep. I'd check on the various car-buying websites to see what the rough value of your car is first.
If your aim is to realise some equity, then settlement figure and sale of vehicle is the way to go.
If your aim is to get rid of the £4/5/600 a month direct debit, or the car is in negative equity, then VT is your best option (assuming you're at the VT point)
Once you have paid 50% of the total payable (detailed in your agreement), you can voluntarily terminate your agreement. This involves a call to your finance provider and they will advise when your VT point is and if you've reached it already. Doing this will release no equity you may have in your car. VT point on a 48-month PCP agreement tends to be anything from month 36-42 depending on what deposit you originally put down.
You can request a settlement figure from your finance provider at any time. This is the amount they require to clear your agreement. You can then try and sell the car either privately or to an OPC. Anything you realise over and above your settlement figure is yours to keep. I'd check on the various car-buying websites to see what the rough value of your car is first.
If your aim is to realise some equity, then settlement figure and sale of vehicle is the way to go.
If your aim is to get rid of the £4/5/600 a month direct debit, or the car is in negative equity, then VT is your best option (assuming you're at the VT point)
Mark-bt8gu said:
Ladies and Gents
Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
https://www.tootle.co.uk/Hopefully someone will be able to assist.
Basically due to illness on my wifes side of the family, care fees are needed to be paid by the family, to help out we've decided to get rid of our Boxster to free up some funds to help.
We bought the car from new on Porsche finance approx 2 and half years ago, due to the situation we do not want to to take to long in sorting out the finances.
Do I just give them the car back and hopefully clear the finance?.. Do I have to take the car back to the OPC I bought it from or am I ok to speak to various OPC's to see if they will give me a better price for my car?
The car is in good condition having been garaged all its life and only has 3k miles on it, it has also had an oil change every year at Porsche.
Im hoping with that in mind they would be interested in taking the car back.
Is this likely or does anyone have any other suggestions?
Thanks for reading.
Mark.
A dealer will probably buy it for stock. Sold my Audi this way to Sytner for a decent price.
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