Skoda - Buying at the end of the PCP period

[Swervin_Mervin]

We've got a Skoda Superb that's hit 3yrs old this month, and we've 12mo left on the PCP period. The wife has been checking her original agreement and she can't see any mention of paying a balloon payment to purchase it outright. At present that's what she's keen to do.

Anyone able to advise as to the process? We've never had a car on PCP before, or lease, so am a little unfamiliar with what happens. My understanding was you could give it back, use teh GFV against a new deal, or pay a balloon to buy it outright.

[onlychengy]

Hello, ex sales advisor here.

If you’re on PCP the agreement should definitely have the optional final balloon payment at the end.
Can you see anything where it says 47 months x..?

Are you looking to buy it outright early?

Thanks

[Driver101]

Are you sure it's a PCP and not a PCH?

If it's a PCP the final payment should be made clear.

[essayer]

If it's PCP it will have a final payment, maybe not always described as such.

One random example
"You must pay 1 monthly instalment(s) of £174.08 on 31 May 201X followed by 23 monthly instalment(s) of £75.08 commencing 30 June 201X and 1 monthly instalment(s) of £7233.77 on 31 May 201X. An option to purchase fee of £149.00 (inc VAT) is included in the final instalment."

[Dimebars]

Swervin_Mervin said:

We've got a Skoda Superb that's hit 3yrs old this month, and we've 12mo left on the PCP period. The wife has been checking her original agreement and she can't see any mention of paying a balloon payment to purchase it outright. At present that's what she's keen to do.

Anyone able to advise as to the process? We've never had a car on PCP before, or lease, so am a little unfamiliar with what happens. My understanding was you could give it back, use teh GFV against a new deal, or pay a balloon to buy it outright.

You can't use the GFV against a new agreement

The GFV is the amount that the finance co guarantee they will pay for your car at the end of your agreement. If it's worth less than this at the time, hand it back. If it's worth more, either PX it for something else or buy it outright.

Alternatively, you can request a settlement figure now and pay this off.

[Swervin_Mervin]

Cheers guys. I think maybe I need to take a look at the agreement...