PCP finance.

grogi

jca wrote: »

Listed but not selling, anyone with 2 brain cells wanting a 2 year old leaf is going to the UK

Not anymore. That's why we see the price increase here as well.

mickdw

jameshayes wrote: »

You can action the 'voluntary termination' clause on your Leon, means you can walk away after 1/2 of the PCP term has passed (you'll either have to pay the extra 5 months or wait it out).. not the best idea financially but it might suit you. All you need to do is ring seat, ask for the VT form and send it back, they will arrange a person to come inspect the car and take it back.

You can but depending on how much you paid up front, you may have some bit of equity in the Leon. Get settlement figure and if that figure is let than trade in value, you are winning versus just handing it back. You are still losing out though as you will be taking all the first year high depreciation hit so whereas if you see out the 3 years you will likely have 15 percent deposit via equity in this car, at this stage you will have very little.

cros13

OSI wrote: »

So not really relevant to someone looking to buy a new Ioniq on finance then?

Actually. Used Ioniqs are currently selling for ~€1-2k more than new... because there's an EU-wide shortage of stock not expected to ease until into 2018.

EV values are creeping up from the bottom of the market. So few cars were sold new that there is high demand chasing those cars in the used market as awareness of EVs grows. Prices were partially kept in check by a lot of UK cars coming off lease over the past 18 months but they are drying up now.

grogi

cros13 wrote: »

Actually. Used Ioniqs are currently selling for ~€1-2k more than new... because there's an EU-wide shortage of stock not expected to ease until into 2018.

But that's far from normal as well. Supply issues will get eventually resolved and the resale prices will plummet.

Irish Gunner

Question about PCP finance that may have been answered but cannot trawl through the thread

 We are in the market for a new car and either looking at a Seat Ateca (about €25k+) or the Skoda Karoq(no price cost yet). We are trading in a Golf 08 GT Sports with 50k on it and a 05 Honda 1.5 with close to 200k. So we don’t know how much we can get or how much extra we can afford to put in, until we see trade in value. However Miss Gunner does a lot of miles for work while I don’t. We are both in full time employment and not going to stretch the budget but want to keep payments steady if possible so we can budget. Also we would like to keep the car for a bit so questions:

•  Is the only option to have the car for 3 years ?

• After 3 years do we have to put in another 10% deposit to upgrade?

• Does the payment increase/ decrease if in first year we don’t do high mileage but second year yes (as miss gunner will go back to work)?

 Trying to decide what is better in the long run and if it’s a case of putting more money in to get a Credit Union or Bank loan this is an option, with the fact that the cars will be ours.  What are the other things to watch out for in the small print of a PCP

 Anything else I need to consider?

JoeA3

Irish Gunner wrote: »

Is the only option to have the car for 3 years?

You can keep the car for however long you like.
If after the 3 year period you are happy to keep the car, then you just pay off (or re-finance) the GMFV figure. In that scenario it doesn't matter a fiddlers what mileage you have on the car. The dealer won't care! Mileage you've clocked up is only a concern if you are trading up to a new model and they are determining the trade in value of your car. Whatever amount that trade in value is over and above the GMFV is your deposit (or part deposit) for the new car. Higher mileage / rougher condition inevitably means this amount will be lower.

Conversely, you could decide to change the car sooner than 3 years. In that case, the dealer will get the final settlement figure for your car. What they consider the car is worth to them as a trade in minus that settlement figure is your equity (deposit for next car).

veryangryman

Hey

Approaching the back end of my PCP deal and going to buy the car.

How do you pay? Do you need to visit the garage or can they just call ya and do the payment over the phone?

Lantus

veryangryman wrote:

How do you pay? Do you need to visit the garage or can they just call ya and do the payment over the phone?

Well you should call them. I would imagine they would be happy to offer their finance but you should also look at other options. Cash, credit union loan, bank loan etc. You will need to go in as with any other large financial transaction at some point.

bazz26

veryangryman wrote: »

Hey

Approaching the back end of my PCP deal and going to buy the car.

How do you pay? Do you need to visit the garage or can they just call ya and do the payment over the phone?

The dealer should be able to get you a settlement fee from the finance company, when you do this you should automatically receive a letter of the same from the finance company. You just pay the finance company the settlement figure. Just get them to issue you a settlement letter afterwards stating the finance is settled no longer have an interest in the vehicle.

DaveyDave

Hi all,

I'm sure this has been answered in some form but I don't know where to start in this thread. With a €6,500 deposit on a Golf Highline I was looking at payments of €372 but with haggling I got it down to €322. The deposit is fairly high, I think it was 22%.

I've read people saying if you put in 25-30% you're in for a shock when swapping to a new car, why is this? The minimum value is the same isn't it? Therefore if the car is in good condition the excess should be the same and can be used as a deposit for the next car?

I can afford to lower my deposit and pay closer to €400 if needed, I just want to put myself in the best position to get a new car in 3 years. I'll most likely be going for the 150bhp Golf, which isn't too much more expensive than the 110bhp I'm getting. I'm just a bit confused about why 25-30% deposit now is bad for your deposit on the next car?

mickdw

I always say that you should check whether or not you could afford to buy the car now using 15 percent deposit. If you can, all is good, if not, you might struggle to swap it for a new one in 3 years.
You are correct in saying the position at the end is exactly the same regardless of how much deposit you put it. The thing is, you will likely only have 15 percent deposit based on equity at end of the deal so for the next car, the monthly will payment go up compared to buying this time round with 22 percent deposit.
To be honest in your case, it sounds fine as you say you can afford 400 per month. The problems arise when some just barely manages to afford the monthly after putting in 30 percent. If they struggle with that, when they go back in 3 years and the equity only gives them 10 to 15 percent, the repayment on the next car is completely out of reach.
In short, if you don't like the look of the repayments based on a 15 percent deposit- it might not be a wise buy unless your finances are such that you will be happy to throw a few thousand into the deal every 3 years.

Lantus

DaveyDave wrote:

I've read people saying if you put in 25-30% you're in for a shock when swapping to a new car, why is this? The minimum value is the same isn't it? Therefore if the car is in good condition the excess should be the same and can be used as a deposit for the next car?

The equity in the car as a percentage is the same after 3 years regardless of the deposit or monthly repayments. It is generally set at about 15% give or take. So if you load up the deposit it will reduce your monthly but your deposit at the start of the second term is still 15%. So if you did have a higher deposit your monthly would increase. Car inflation and interest rates can compound this raise.

If the monthly payment was only just affordable your in trouble.

With vw and zero interest it makes no difference if your loading up front. The only saving is in PCP deals with higher interest rates where a higher deposit reduces interest over the term.

DaveyDave

Lantus wrote: »

The equity in the car as a percentage is the same after 3 years regardless of the deposit or monthly repayments. It is generally set at about 15% give or take. So if you load up the deposit it will reduce your monthly but your deposit at the start of the second term is still 15%. So if you did have a higher deposit your monthly would increase. Car inflation and interest rates can compound this raise.

If the monthly payment was only just affordable your in trouble.

With vw and zero interest it makes no difference if your loading up front. The only saving is in PCP deals with higher interest rates where a higher deposit reduces interest over the term.

It must be the man flu because I can't figure out in my head why a higher deposit would screw me for the next car How big of monthly payments are we talking? Let's say the higher end of payments is €400...if I got the same car would the high payments not be the same, as if someone was getting one for the first time with a low deposit?

Or is it because the equity is only worth X, and won't cover the higher deposit, thus lower monthly payments?

mickdw

If a golf for example is 300 per month with max deposit of 30 percent, it may be 400 per month with 15 percent deposit.
If you would be comfortable with 400 per month and 15 percent deposit, you should be grand and easily jump into a new car every 3 years.
If on the other hand someone else wants a golf and they can barely scrap together 300 per month but have full deposit of 30 percent only because they own outright a half decent car to trade in. They will get into their new golf for 3 years but come the end of term, payment will got to 400 for next car or else they will need cash to throw in.
This is all relately trivial when talking golf priced cars but go up to something like an Audi A6 and you can be in deep trouble.
Example. Buyer entering first pcp turns up with valuable fully owned trade in worth 16k. They are sorted for deposit and monthly might be 450 quid.
Next time around if they only manage 10 percent equity - maybe 9k, there is 7k shortfall versus last deal that will have to be made up in either cash deposit or higher monthly. That's an extra 200 per month, up to 650 per month for the A6 next time around.

Bmw deals seem even more dangerous. High gfv approaching expected value at year 3 meaning very little equity at end of term. Put 30 percent deposit into that deal day one which could easily be a 20k deposit and you could find yourself looking for something very close to 20k in cash to input into the next deal to keep monthly reasonable.
Pcp is only a problem for people who cannot afford the car.
Its not magic. It's basically very similar to taking out a 5 year car loan then changing the car 3 years in. You still owe money but the car is worth alittle more than you owe.

Lantus

Bpmull wrote:

I personally think Pcp is for people who can't afford a new car. The low monthly repayments and low deposit in some cases suit them down the ground. Anytime you work out the actual costs it seems a lot more expensive unless your paying some rediculous interest rate on the traditional loan like 8-10%. But in the case of vag new cars where you can get a loan for around 2-4% Pcp makes no sense.

As Mick says. The deposit / monthly ratio is variable but everyone will arrive at the same point after 3 years. That's because the gmfv is the same in all calculations.

So you can pay 2k deposit (10%) and 8k over 3 years

Or 4k deposit (20) and 6k monthly payments.

Or 6k deposit (30) and 4k monthly payments.

In all cases each owner paid 10k. They just got there in a different manner.

However the real world equity of the three cars above after 3 years is the same. And that's usually equivalent to a deposit for the next car of 12 to 15 percent.

So if you paid in or around this deposit level your monthly remains relatively​ stable. A higher deposit would result in the monthly increasing.

The amount is smaller in cheaper cars but then people buying these cars can have less money anyway so the real world effect can be just as harmful.

Soarer

Lantus wrote: »

As Mick says. The deposit / monthly ratio is variable but everyone will arrive at the same point after 3 years. That's because the gmfv is the same in all calculations.

So you can pay 2k deposit (10%) and 8k over 3 years

Or 4k deposit (20) and 6k monthly payments.

Or 6k deposit (30) and 4k monthly payments.

In all cases each owner paid 10k. They just got there in a different manner.

However the real world equity of the three cars above after 3 years is the same. And that's usually equivalent to a deposit for the next car of 12 to 15 percent.

So if you paid in or around this deposit level your monthly remains relatively​ stable. A higher deposit would result in the monthly increasing.

The amount is smaller in cheaper cars but then people buying these cars can have less money anyway so the real world effect can be just as harmful.

Is that not €10k + interest unless 0%?

So the smaller deposit equates to bigger monthly repayments?

Lantus

Soarer wrote:

Is that not €10k + interest unless 0%?

Soarer wrote:

So the smaller deposit equates to bigger monthly repayments?

I omitted interest for simplicity but yes you would pay interest on your monthly sum. So the larger the deposit the less interest you would generally pay as the outstanding sum is reduced. This makes sense when your buying the car after 3 years if you can max the deposit.

But yes a larger deposit will give the smallest monthly like all the ads they use to market the deals. However, if you roll into a second 3 year deal your equity in the car which is your next deposit will always be in the 12 to 15% range. It's a fixed element.

Soarer

Lantus wrote: »

I omitted interest for simplicity but yes you would pay interest on your monthly sum. So the larger the deposit the less interest you would generally pay as the outstanding sum is reduced. This makes sense when your buying the car after 3 years if you can max the deposit.

That's the bit I was trying to tease out.

If you've every intention of buying the car in 3 years' time, you're better off maxing the deposit.

Irish Gunner

Reading through the posts. We have 2 cars that we wish to trade in and use for the deposit for a new car is it better to put in a high deposit so that the value of the car should not depreciate to much in 3 years, and pay off sooner, if we do decide to upgrade again and use the existing value of the car as the deposit with maybe additional cash also?

Lantus

Irish Gunner wrote:

Reading through the posts. We have 2 cars that we wish to trade in and use for the deposit for a new car is it better to put in a high deposit so that the value of the car should not depreciate to much in 3 years, and pay off sooner, if we do decide to upgrade again and use the existing value of the car as the deposit with maybe additional cash also?

Value of car after 3 years is totally independent of the deposit. On PCP you pay over 3 years and the rest as you wish if your buying.

If your rolling into a new deal yes you can use extra cash but this is counter intuitive. If you have the money you can afford the higher monthly payments so why increase your deposit artificially?

Irish Gunner

Lantus wrote: »

Irish Gunner wrote:

Reading through the posts. We have 2 cars that we wish to trade in and use for the deposit for a new car is it better to put in a high deposit so that the value of the car should not depreciate to much in 3 years, and pay off sooner, if we do decide to upgrade again and use the existing value of the car as the deposit with maybe additional cash also?

Value of car after 3 years is totally independent of the deposit. On PCP you pay over 3 years and the rest as you wish if your buying.

If your rolling into a new deal yes you can use extra cash but this is counter intuitive. If you have the money you can afford the higher monthly payments so why increase your deposit artificially?

Cheers
Ok so its better to pay higher monthly payments rather than have a large deposit? So just use the value of the cars as a deposit and don't put any extra cash in as deposit?

grogi

Irish Gunner wrote: »

Cheers
Ok so its better to pay higher monthly payments rather than have a large deposit? So just use the value of the cars as a deposit and don't put any extra cash in as deposit?

There is no "better". Simply speaking what you don't put up as deposit, you will accumulate in the monthly payments. And at the end of 3 years you will be exactly in the same situation - owing the finance company exactly GMFV.

Paying bigger deposit only means you'll pay slightly less interest (unless there is 0% APR in place) over the years.

jelutong

Whether you pay a deposit of 20%.30%,40% and so on the GFMV will be exactly the same. It's the same story with the monthly payments.

Lantus

So you need to get your cars valued asap and see where they stack against the value of the car you want.

If you are looking to get a new car in 3 years then I would want to start with a deposit in the 12 to 15 % range. If your going to buy outright then there is no detriment to a higher deposit. In fact if there is interest on the contract the higher the deposit the better.

If your cars exceed the deposit above then maybe just trade 1 and sell the other privately. Or you could drop both and accept the higher monthlys in 3 years.

Get a few PCP calcs run from the dealer and if possible use the online calculator if there is one.
To get a good idea of monthlys in 3 years use a 13% deposit and add 1k to the price to allow for inflation.

If that figure is difficult then think hard if this is the right deal for you.

By way of real world example Mrs lantus is on her second car. Initial 22% deposit. Same car went up by 1k in price. Real world increase in monthly by 75eu. New car is on zero interest as well! Not much but she hates it. Loves the car but hates the increase and it grates. She is planning her exit! By contrast I'm running on a 13% deposit so better. We learned from doing and in hindsight we were just lucky our initial trade in was not worth more.

Speaking of exits I would look at an exit strategy fund as well. Over two deals or possibly 3 you should look towards saving the gmfv or as much of it as possible. That way the money is ready to provide an interest free exit strategy if circumstances or needs change.

This isn't talked about much but my feeling is that the smart buyers will factor this in from day 1.

ShadowHearth

Lantus wrote: »

So you need to get your cars valued asap and see where they stack against the value of the car you want.

If you are looking to get a new car in 3 years then I would want to start with a deposit in the 12 to 15 % range. If your going to buy outright then there is no detriment to a higher deposit. In fact if there is interest on the contract the higher the deposit the better.

If your cars exceed the deposit above then maybe just trade 1 and sell the other privately. Or you could drop both and accept the higher monthlys in 3 years.

Get a few PCP calcs run from the dealer and if possible use the online calculator if there is one.
To get a good idea of monthlys in 3 years use a 13% deposit and add 1k to the price to allow for inflation.

If that figure is difficult then think hard if this is the right deal for you.

By way of real world example Mrs lantus is on her second car. Initial 22% deposit. Same car went up by 1k in price. Real world increase in monthly by 75eu. New car is on zero interest as well! Not much but she hates it. Loves the car but hates the increase and it grates. She is planning her exit! By contrast I'm running on a 13% deposit so better. We learned from doing and in hindsight we were just lucky our initial trade in was not worth more.

Speaking of exits I would look at an exit strategy fund as well. Over two deals or possibly 3 you should look towards saving the gmfv or as much of it as possible. That way the money is ready to provide an interest free exit strategy if circumstances or needs change.

This isn't talked about much but my feeling is that the smart buyers will factor this in from day 1.

Thats good advice, I picked up saturday myself a car on pcp with 20%. My repayments are very reasonable, but I dont plan doing whole trade in thing. I will be buying it out. Its only 8.5k at the and I am puttting away 50eu a week just for that day.
Pcp is great to get a good scrapage and 0% apr on brand new car and makes demo or 1-3 year old cars very bad value. Problem is, some people still dont understand how it works and will get a surprise in 3 years.

Lantus

ShadowHearth wrote:

Thats good advice, I picked up saturday myself a car on pcp with 20%. My repayments are very reasonable, but I dont plan doing whole trade in thing. I will be buying it out. Its only 8.5k at the and I am puttting away 50eu a week just for that day. Pcp is great to get a good scrapage and 0% apr on brand new car and makes demo or 1-3 year old cars very bad value. Problem is, some people still dont understand how it works and will get a surprise in 3 years.

Congrats on car. Looks like you have planned out your strategy and well understand the logistics. Very impressive to see that 50 being squirreled away for the future gmfv. Your a good example of someone looking at all the elements of PCP; deposit, scrappage, interest rate, gmfv and not just cheap monthly payments.

Cost comparison against other vehicles including second hand helps justify your decision based on sound financial reasoning.

Fiskar

What you pick up with scrapage ShadowHeart?

ShadowHearth

Fiskar wrote: »

What you pick up with scrapage ShadowHeart?

I got 3k scrapage for my alfa gt 04 and 0% apr. Could not have gotten anything better then that. I got myself Seat ibiza cupra.

joebloggs32

Lantus wrote: »

So you need to get your cars valued asap and see where they stack against the value of the car you want.

If you are looking to get a new car in 3 years then I would want to start with a deposit in the 12 to 15 % range. If your going to buy outright then there is no detriment to a higher deposit. In fact if there is interest on the contract the higher the deposit the better.

If your cars exceed the deposit above then maybe just trade 1 and sell the other privately. Or you could drop both and accept the higher monthlys in 3 years.

Get a few PCP calcs run from the dealer and if possible use the online calculator if there is one.
To get a good idea of monthlys in 3 years use a 13% deposit and add 1k to the price to allow for inflation.

If that figure is difficult then think hard if this is the right deal for you.

By way of real world example Mrs lantus is on her second car. Initial 22% deposit. Same car went up by 1k in price. Real world increase in monthly by 75eu. New car is on zero interest as well! Not much but she hates it. Loves the car but hates the increase and it grates. She is planning her exit! By contrast I'm running on a 13% deposit so better. We learned from doing and in hindsight we were just lucky our initial trade in was not worth more.

Speaking of exits I would look at an exit strategy fund as well. Over two deals or possibly 3 you should look towards saving the gmfv or as much of it as possible. That way the money is ready to provide an interest free exit strategy if circumstances or needs change.

This isn't talked about much but my feeling is that the smart buyers will factor this in from day 1.

I bought on pcp in 2015 with a 33% deposit due to my trade in. I sat down and looked at the gmfv. I divided that figure by 36 and started saving it in to the credit union every month.
Next year when I go back to the dealer it will be nice to have the option of simply buying out the gmfv if I'm not happy with their trade in offer.
I have a sneaky feeling that the value of 3 year old cars will not be good as a lot will start coming onto the market as the first big wave of pcp renewals starts to hit Ireland in the next 12 months.

Lantus

joebloggs32 wrote:

I have a sneaky feeling that the value of 3 year old cars will not be good as a lot will start coming onto the market as the first big wave of pcp renewals starts to hit Ireland in the next 12 months.

It's an unknown alright. But the first big wave of PCP deals has already hit. Changes to the car market and automation plus electric will likely have a bigger effect.

Soarer

ShadowHearth wrote: »

Thats good advice, I picked up saturday myself a car on pcp with 20%. My repayments are very reasonable, but I dont plan doing whole trade in thing. I will be buying it out. Its only 8.5k at the and I am puttting away 50eu a week just for that day.
Pcp is great to get a good scrapage and 0% apr on brand new car and makes demo or 1-3 year old cars very bad value. Problem is, some people still dont understand how it works and will get a surprise in 3 years.

Or maybe keep your savings going, and 6 months out from end of contract, buy an old beater for a couple of hundred quid on DoneDeal.
At least then you've the option of walking away from your current car, receive scrappage on the beater, and have a lump sum to put as a deposit!

You never know what'll be available in 3 years' time.

who_ru

I think a lot of folks have been put off by the high price of 2nd hand cars in Ireland and have gone to the uk to buy instead. Are dealers pricing 2nd hand cars too high because of PCP deals now..new car sales are down and imports substantially up.

Gael23

https://www.rte.ie/lifestyle/motors/2017/0603/880092-warning-about-regulation-of-pcps/
Interesting

youcancallmeal

Gael23 wrote: »

https://www.rte.ie/lifestyle/motors/2017/0603/880092-warning-about-regulation-of-pcps/
Interesting

I'm not sure what he's saying. Does he mean that PCP's need to be regulated so that the dealer selling them has to ensure that the person taking out the PCP has to fully understand all aspects of it?

ShadowHearth

Gael23 wrote: »

https://www.rte.ie/lifestyle/motors/2017/0603/880092-warning-about-regulation-of-pcps/
Interesting

Pcp has its own issues and it is product like anything else. Biggest issue is people who dont understand it or its not suiting them will go for it and will land on their arse.

They are comparing it to mortgage crysis and in a way they are right. On the other hand, england, who is doing it for way longer then we do, have this scary problem too, but banks and dealerships came up with some numbers.
New car cost is big, but not as big as overpriced 1 bed flat for half a million. Car cannot be inflated like that. Its just a luxury item that devalues over time. Non repayments figures in uk are less then 1% and they are doing it for years. People just paying it and at very worst they can walk away from it. You couldn't do it with that apartment for half a million. You were ****ed. Repayments were way damn bigger too.

As always, there will be a lot of people who understood, what they sign up for and it will be all grand, but you will have a few Muppets who will over stretch and get new car, that they cant afford. Those will be the most vocal and it will be doomsday all over the place.

My worry is, that banks and all money, portfolio flippers will get on that, start selling/buying stuff and money, which does not exists. Then it will be crysis not because people could not afford cars, but because capitalism took its fat finger in to good idea and **** it up for eceryone.

ShadowHearth

Soarer wrote: »

ShadowHearth wrote: »

Thats good advice, I picked up saturday myself a car on pcp with 20%. My repayments are very reasonable, but I dont plan doing whole trade in thing. I will be buying it out. Its only 8.5k at the and I am puttting away 50eu a week just for that day.
Pcp is great to get a good scrapage and 0% apr on brand new car and makes demo or 1-3 year old cars very bad value. Problem is, some people still dont understand how it works and will get a surprise in 3 years.

Or maybe keep your savings going, and 6 months out from end of contract, buy an old beater for a couple of hundred quid on DoneDeal.
At least then you've the option of walking away from your current car, receive scrappage on the beater, and have a lump sum to put as a deposit!

You never know what'll be available in 3 years' time.

Thats actually very sneaky and cheeky idea, I love it. Food for thought.

This way you actually might save a good chunk of money and get in to new car again with all balls and whistles deals.

Masala

ShadowHearth wrote: »

Thats actually very sneaky and cheeky idea, I love it. Food for thought.

This way you actually might save a good chunk of money and get in to new car again with all balls and whistles deals.

As a matter of interest.... would you get away with trading a 'Scrapage' car against a PCP vehicle and hence start the loan off with €4,000 immediately written off the total amount????

mickdw

I think we will end up in a few years going more towards uk style deals where they offer contract deals with tiny deposit equal to maybe 3 or 6 monthly payments up front and 36 monthly payments to follow then hand back at end. It's harder here with our inflated prices but if the likes of bmw want to sell any cars in a few years they will have to do this even if it means big discounts because too many of their customers are coming back with tiny equity currently.

Fiskar

I think when PCPs and HP are included in the remit of the Central Credit Register that getting a PCP will be more difficult especially if the arse falls out of the market in the next year or 2 with defaults etc.

Klopp

Hi Guys, looking for advice and opinions. I have a 161 on finance over three years and i am currently just into my second year. The value of the car on trade in is roughly worth €21,000. I am looking to downsize and get a worth between €11,000 to €12,000. I know a dealer won't probably want to deal and i am probably wasting my time.

Any opinions from anyone in a similar situation?

Jobs OXO

Klopp wrote: »

Hi Guys, looking for advice and opinions. I have a 161 on finance over three years and i am currently just into my second year. The value of the car on trade in is roughly worth €21,000. I am looking to downsize and get a worth between €11,000 to €12,000. I know a dealer won't probably want to deal and i am probably wasting my time.

Any opinions from anyone in a similar situation?

What make and model?

Klopp

Jobs OXO wrote: »

What make and model?

That might help, It is a KIA Sportage

bazz26

How much do you still owe on the car?

cml387

You need to look for any termination rights you have in your PCP agreement.

But it's likely to cost you a lot to get out of the contract.

Klopp

bazz26 wrote: »

How much do you still owe on the car?

I don't know the the exact figure but it's at least €17,000. I can't see any dealer wanting to do a deal, there looking to make profit, it would probably cost me more trying to get out of my finance agreement early.

cml387

Klopp wrote: »

I don't know the the exact figure but it's at least €17,000. I can't see any dealer wanting to do a deal, there looking to make profit, it would probably cost me more trying to get out of my finance agreement early.

There's no question of any dealer because the car is not yours to sell. You have to deal with the finance company.

Masala

Quick question.... is the PCP mileage limit 20,000 or 25,000 Kms per year??

Anyone any idea of Skoda limits???

Lantus

cml387 wrote:

There's no question of any dealer because the car is not yours to sell. You have to deal with the finance company.

You can go to any other dealer to sell the car. They will clear the finance in the selling process.

Lantus

Masala wrote:

Quick question.... is the PCP mileage limit 20,000 or 25,000 Kms per year??

Masala wrote:

Anyone any idea of Skoda limits???

You can specify your annual mileage when you buy the car. There is no effective limit unless your mileage is going to be very high but it can be specific to each manufacturer so check. On my Skoda they weren't that bothered I'd be be doing 25k + a year. It makes very little difference to a cars value and the limits are there really to prevent fleet buyers availing of low interest rates and racking up huge miles on these PCP deals and then trading in.

Jobs OXO

Lantus wrote: »

You can go to any other dealer to sell the car. They will clear the finance in the selling process.

Yeah and give you a fraction of the diff !