Choices?

Author
Discussion

Paracetamol

4,225 posts

243 months

Friday 5th May 2017
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Looks like the banks and insurance companies have killed the used car market. Getting finance is all but impossible and most insurers have hiked up prices and removed agency repair beyond 3 years.

This is then impacting the new market as existing cars are struggling to be sold.

Add to this very few new expats to buy new cars and used cars...

After_Shock

8,751 posts

219 months

Sunday 7th May 2017
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CRB14 said:
Who was the PCP with (dealer and bank)? Id be interested to look into the terms around early termination or selling the car. Assume it's the same as HP finance here (ie people want the finance cleared before buying privately)
Only 4 banks offer it:

HSBC
DIB
ADIB
ENBD

HSBC is by far the cheapest. Early termination is treated as a normal settlement like HP, outstanding monthly payments plus the end payment whic can be settled at anytime but has to be in full. Well the finance has to be cleared to change ownership with RTA as all mortgages are now electronically stored and obviously it shows manually on the registration card also, no clearance no sale literally.

The hard part with PCP's here is getting a dealer which underwrites it with the bank and 'guarantees' the end payment to buy it back, HSBC will happily underwrite anything new with a 65% residual value over 2 years which is great until you get two years down the line and the cars worth 50% of what it was new, so be careful don't get caught out!