Ending a car pcp deal - help.
Discussion
Hi everybody,
My car pcp is up in September but I’m looking at handing the car back just now. However I must admit in not too clued up on this sort of thing.
I know it’s after 50% of paying the amount payable I can hand it back?
I’ve originally financed £11.600 and there’s a final balloon payment of £4.302
Any help would be ideal
My car pcp is up in September but I’m looking at handing the car back just now. However I must admit in not too clued up on this sort of thing.
I know it’s after 50% of paying the amount payable I can hand it back?
I’ve originally financed £11.600 and there’s a final balloon payment of £4.302
Any help would be ideal
Stick the numbers in here
Monthly amount, total term and months paid also needed.
https://www.leasingoptions.co.uk/advice/pcp-other-...
Monthly amount, total term and months paid also needed.
https://www.leasingoptions.co.uk/advice/pcp-other-...
[quote=Indiejim]Hi everybody,
My car pcp is up in September but I’m looking at handing the car back just now. However I must admit in not too clued up on this sort of thing.
I know it’s after 50% of paying the amount payable I can hand it back?
I’ve originally financed £11.600 and there’s a final balloon payment of £4.302
Any help would be ideal [/quote
Get a settlement figure and then get a price if wbac or wizzle. See if you can walk away with some money out of it. Currently car prices are high. You never know.
My car pcp is up in September but I’m looking at handing the car back just now. However I must admit in not too clued up on this sort of thing.
I know it’s after 50% of paying the amount payable I can hand it back?
I’ve originally financed £11.600 and there’s a final balloon payment of £4.302
Any help would be ideal [/quote
Get a settlement figure and then get a price if wbac or wizzle. See if you can walk away with some money out of it. Currently car prices are high. You never know.
Have you got your paperwork still? Voluntary termination is what you are looking and it’s likely written in the paperwork what that exact amount it.
It’s 50% of the total payment including interest.
If you borrowed £11600 you need to add the interest on. Say fir arguments sake that’s £1400 over three years that’s £11600 + £1400 making £13000 total. 50% of that would be £6500 so once you’ve paid £6500 in total which is the sum of your payments up to this point plus your deposit then you can VT it.
It’s 50% of the total payment including interest.
If you borrowed £11600 you need to add the interest on. Say fir arguments sake that’s £1400 over three years that’s £11600 + £1400 making £13000 total. 50% of that would be £6500 so once you’ve paid £6500 in total which is the sum of your payments up to this point plus your deposit then you can VT it.
Voulantry termination might not be the best option here. As you're only 8 months from the end of term there's a good chance the car is worth more than you owe on it, especially if you are under your contracted mileage.
You only need two bits of information to make a decision. You need to find out what your settlement figure is (your finance company may have an app which shows you this, or you can call them). Then you need a valuation based on your exact car and mileage - We Buy Any Car will give a good indication in less than 60 seconds
If the valuation is higher than the settlement figure, you can sell it to a dealer or even WBAC (just be careful of damage charges). They will then pay off your PCP settlement and you keep the difference and use it towards your next car.
You only need two bits of information to make a decision. You need to find out what your settlement figure is (your finance company may have an app which shows you this, or you can call them). Then you need a valuation based on your exact car and mileage - We Buy Any Car will give a good indication in less than 60 seconds
If the valuation is higher than the settlement figure, you can sell it to a dealer or even WBAC (just be careful of damage charges). They will then pay off your PCP settlement and you keep the difference and use it towards your next car.
resolve10 said:
Voulantry termination might not be the best option here. As you're only 8 months from the end of term there's a good chance the car is worth more than you owe on it, especially if you are under your contracted mileage.
You only need two bits of information to make a decision. You need to find out what your settlement figure is (your finance company may have an app which shows you this, or you can call them). Then you need a valuation based on your exact car and mileage - We Buy Any Car will give a good indication in less than 60 seconds
If the valuation is higher than the settlement figure, you can sell it to a dealer or even WBAC (just be careful of damage charges). They will then pay off your PCP settlement and you keep the difference and use it towards your next car.
As I’ve said earlier I’m not the most clued up on cars. It’d a 67 plate Nissan Micra You only need two bits of information to make a decision. You need to find out what your settlement figure is (your finance company may have an app which shows you this, or you can call them). Then you need a valuation based on your exact car and mileage - We Buy Any Car will give a good indication in less than 60 seconds
If the valuation is higher than the settlement figure, you can sell it to a dealer or even WBAC (just be careful of damage charges). They will then pay off your PCP settlement and you keep the difference and use it towards your next car.
The settlement figure I got on the app ;
SETTLEMENT QUOTE DETAILS
Balance
£5740.71
Rebate
£-128.31
Subtotal
£5612.40
Arrears
£0.00
Total Due
£5612.40
And from We Buy Any Car, it’s saying the car is worth £6,440.
The car has only done 11k odd miles.
Any help on the next step would be ideal. Thanks again
Looks like it’s worth selling rather than terminating on those numbers.
Might be worth trying some of the other buying websites or a local dealer.
https://www.evanshalshaw.com/shop/car-valuation/?s...
Might be worth trying some of the other buying websites or a local dealer.
https://www.evanshalshaw.com/shop/car-valuation/?s...
I’ve just sold a car two months before the end of the agreement. Give motorway.co.uk a try, this is a comparison site for the likes of WBAC etc. I saw this website posted on here and it made me another £600 over what I would have accepted.
Edited by Rich_Bee on Saturday 20th February 16:31
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