PCP Disaster When Youngsters Get Credit !

[DSLiverpool]

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.

[DSLiverpool]

Yes to all of that guys BUT HOW do you VT a CAT D ? (he didnt have GAP) so the value of the car is much less than expected, surely he will have to pay the variation ?

[DSLiverpool]

Hang on he is saying he thinks its a cat D can I put the reg is anywhere to check ?

[DSLiverpool]

Butter Face said:

It's not Cat D. No write off markers at all.

Thanks phew - so we get the bodywork done and either VT it or sell it ?

[DSLiverpool]

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.

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.

[DSLiverpool]

More detail:

50k miles with 40k limit they want 7.2p per extra mile inc vat

Cost is £442 a month

Alloys all kerbed (£200)

Had an emissions lawyer offering to get him compo

BALLOON is £9,600
Settlement is £13,255

So going to cost £1700 ish to give it back in making it nice costs ? then VT

[DSLiverpool]

OK local body shop wants £900 to make it nice but when he hit the cow the garage fitted a new headlight with a crack and he thought it didnt matter !!!!!!!!!!!!! the headlight is £350 ...