PCP Disaster When Youngsters Get Credit !
Discussion
2014 A4 Diesel saloon tech pack, its on 45k with a 50k limit and 10 months left
He pays £420 a month (yep)
He hit a cow and it got fixed but is now a Cat D
He got hit in the rear and door (separately) will be £1k to fix
Its been serviced twice
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do.
He pays £420 a month (yep)
He hit a cow and it got fixed but is now a Cat D
He got hit in the rear and door (separately) will be £1k to fix
Its been serviced twice
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do.
So let's go through it....
2014 A4 Diesel saloon tech pack, its on 45k with a 50k limit and 10 months left - So he's 10 months left with 5k allowance, doesn't seem to bad, did he start brand new? If so it's a 4 year agreement, he's 38 months out of 48 and doing roughly 1184 miles per month, so may exceed by 6000 miles? Maybe 8p per mile, so £480 charges. Not too bad.
He pays £420 a month (yep) - Seems fair if he put down nil deposit on a 30k+ car.
He hit a cow and it got fixed but is now a Cat D - As it goes it's not.
He got hit in the rear and door (separately) will be £1k to fix - Get it repaired under his insurance, suck up the cost
Its been serviced twice - Not so hideous, maybe it has missed 1 or worse case 2. Costs are normally 150-200 for a missed service.
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies - Irrelevant, either VT or run til the end of agreement
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition - Doesn't matter
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do. - Dealer hasn't done anything wrong has he?
So he pays the excess mileage, insurance excess and costs for missing service. Or he goes down the VT route and sees what they want to bill him on inspection.
2014 A4 Diesel saloon tech pack, its on 45k with a 50k limit and 10 months left - So he's 10 months left with 5k allowance, doesn't seem to bad, did he start brand new? If so it's a 4 year agreement, he's 38 months out of 48 and doing roughly 1184 miles per month, so may exceed by 6000 miles? Maybe 8p per mile, so £480 charges. Not too bad.
He pays £420 a month (yep) - Seems fair if he put down nil deposit on a 30k+ car.
He hit a cow and it got fixed but is now a Cat D - As it goes it's not.
He got hit in the rear and door (separately) will be £1k to fix - Get it repaired under his insurance, suck up the cost
Its been serviced twice - Not so hideous, maybe it has missed 1 or worse case 2. Costs are normally 150-200 for a missed service.
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies - Irrelevant, either VT or run til the end of agreement
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition - Doesn't matter
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do. - Dealer hasn't done anything wrong has he?
So he pays the excess mileage, insurance excess and costs for missing service. Or he goes down the VT route and sees what they want to bill him on inspection.
Butter Face said:
So let's go through it....
2014 A4 Diesel saloon tech pack, its on 45k with a 50k limit and 10 months left - So he's 10 months left with 5k allowance, doesn't seem to bad, did he start brand new? If so it's a 4 year agreement, he's 38 months out of 48 and doing roughly 1184 miles per month, so may exceed by 6000 miles? Maybe 8p per mile, so £480 charges. Not too bad.
He pays £420 a month (yep) - Seems fair if he put down nil deposit on a 30k+ car.
He hit a cow and it got fixed but is now a Cat D - As it goes it's not.
He got hit in the rear and door (separately) will be £1k to fix - Get it repaired under his insurance, suck up the cost
Its been serviced twice - Not so hideous, maybe it has missed 1 or worse case 2. Costs are normally 150-200 for a missed service.
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies - Irrelevant, either VT or run til the end of agreement
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition - Doesn't matter
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do. - Dealer hasn't done anything wrong has he?
So he pays the excess mileage, insurance excess and costs for missing service. Or he goes down the VT route and sees what they want to bill him on inspection.
The "no deposit" part threw me - no the dealer hasnt done anything wrong I just have never been in a world of no deposit car buying. His mileage is now 500 a month as he works for me now and is at a pc 11 hours a day (not really its 10.5) so tomorrow I am taking him and the car to the local miracle worker for a quote and we will take it from there.2014 A4 Diesel saloon tech pack, its on 45k with a 50k limit and 10 months left - So he's 10 months left with 5k allowance, doesn't seem to bad, did he start brand new? If so it's a 4 year agreement, he's 38 months out of 48 and doing roughly 1184 miles per month, so may exceed by 6000 miles? Maybe 8p per mile, so £480 charges. Not too bad.
He pays £420 a month (yep) - Seems fair if he put down nil deposit on a 30k+ car.
He hit a cow and it got fixed but is now a Cat D - As it goes it's not.
He got hit in the rear and door (separately) will be £1k to fix - Get it repaired under his insurance, suck up the cost
Its been serviced twice - Not so hideous, maybe it has missed 1 or worse case 2. Costs are normally 150-200 for a missed service.
What the hell does he do - the balloon is £10,500 plus £4200 of monthlies - Irrelevant, either VT or run til the end of agreement
Ive told him to get a surrender value, WBAC have it at £10.800 with no damage but ropey service and poor condition - Doesn't matter
I am gobsmaked at the deal he has got himself makes me want to go to the dealer BUT what do the informed think he should do. - Dealer hasn't done anything wrong has he?
So he pays the excess mileage, insurance excess and costs for missing service. Or he goes down the VT route and sees what they want to bill him on inspection.
Really appreciate the input I was suicidal for him when he told me and it started with "your A4s a bit ropey Pete" then the story came out.
So about £30900 borrowed? 48x442 plus the baloon and fees etc
He can VT after 50% which was after approx 36 months
He'll be charged to put it back to retail standard and there'll be charges for any services missed - check the BVRLA guidelines for an idea of costs
Arguably he won't need to pay the mileage excess if he does that, but be prepared for them to get argumentative
Don't mention the accident(s)
He can VT after 50% which was after approx 36 months
He'll be charged to put it back to retail standard and there'll be charges for any services missed - check the BVRLA guidelines for an idea of costs
Arguably he won't need to pay the mileage excess if he does that, but be prepared for them to get argumentative
Don't mention the accident(s)
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