Hi just looking for some advice. Currently paying £385 a month on a black scirocco gt tdi 140 its standard with 11k on the clock, i took out a 3 year pcp last september. Circumstances have changed slightly so i need to reduce my monthly payments with a cheaper vehicle.
My finance settlement is coming up at 18k.3 and i have tried every online valuation and also where i bought the car from and got everything from 16k -17.4 k.
i am looking for how much you think is realistic.
Secondly could anyone advise of the clause on finance returning the vehicle halfway through the term and walking away?
help is appreciated.
Thanks
3 Year PCP deal - getting out after year 1
-
damiank250
- Posts: 182
- Joined: Sat Sep 10, 2011 4:52 pm
- I drive a: GT 2.0 TDI 140/150
- In: Deep Black
- With a: Manual box
-
b0rk
- Posts: 416
- Joined: Sat May 08, 2010 6:49 pm
- In: Candy White
- With a: DSG box
- Location: nearest shell garage
Re: 3 Year PCP deal - getting out after year 1
You can't terminate at halfway through the term but once 50% of the financed term has been paid on a PCP this maybe after the calendar halfway mark as the balloon payment is considered part of the term.
The valuation looks reasonable and possibly a little high the finance settlement is what it is. Which would be financed value inc fees - ( ( (financed value inc fees / 36 ) * ( 12 - 1 ) ).
The valuation looks reasonable and possibly a little high the finance settlement is what it is. Which would be financed value inc fees - ( ( (financed value inc fees / 36 ) * ( 12 - 1 ) ).
-
homerjay
- Posts: 18
- Joined: Thu Mar 03, 2011 4:45 pm
- I drive a: GT 2.0 TSI
- In: Viper Green
- With a: Manual box
- Location: Chorley, Lancs
Re: 3 Year PCP deal - getting out after year 1
i dont know what your deposit was but if you can settle at 18.3k and sell at 17.4k. thats not bad on a one year old car.
harsh lesson learnt. ive been there
cars depreciate, so if youre financing, ensure youre paying off the finance faster than the car depreciates.
new cars and finance just dont mix.
harsh lesson learnt. ive been there
cars depreciate, so if youre financing, ensure youre paying off the finance faster than the car depreciates.
new cars and finance just dont mix.
-
Grampa
- Posts: 137
- Joined: Sat May 08, 2010 5:59 pm
- I drive a: GT 2.0 TSI
- In: Viper Green
- With a: Manual box
Re: 3 Year PCP deal - getting out after year 1
Obviously not much help to you now, but for anyone else considering finance options, the one thing with PCPs, lease, contract hire (I do the latter on my 210, metallic, sunroof, lugano black - £363 a month, no deposit) whilst being an easy way to get into a high value car without having capital tied up in the residual value (no way I could justify writing a cheque for £25k for a car) is that you need to be sure you can stay the course as the 'get out' options can be quite stiff - I'd have to give the car back and still make half the remaining payments!
But if your aim is to reduce the payments, have you tried talking to the finance company? If they're the kind of company that will show some flexibility, perhaps they could do this by increasing the term or raising the end value if postponing the pain would suit your circumstances (never had a PCP so don't know if this is even possible, but it's an idea).
But if your aim is to reduce the payments, have you tried talking to the finance company? If they're the kind of company that will show some flexibility, perhaps they could do this by increasing the term or raising the end value if postponing the pain would suit your circumstances (never had a PCP so don't know if this is even possible, but it's an idea).