Car final payment

jools73

My final payment on my car is due in April. I have saved the money, but am wondering if its a negotibale amount?

milliemonster

You will probably get a tiny interest rebate if you settle the outstanding amount now, if you are looking for a way to pay less that what you owe as a full and final then forget it, there is no reason for the lender to offer you this when you have (I presume) been meeting all your repayments until this point? you would have to default on the agreement and it get passed to a DCA really before a F&F would be considered, do you really want to do all that damage to your credit rating for the sake of making a few more payments?

jools73

I don't think I explained myself properly. I had a 3 year deal, at the end of the 3years I either hand the car back, use it as a deposit ona new car or pay a pre agreed final payment. The final payment is £4,300. Due to the current economic climate, can I offer them less than this and "suggest" should this not be acceptable I'll hand the car back. Therefore leaving the dealership with another second hand car they have to worry about trying to sell?
I'm still not 100% sure if I'm going to keeo the car. Def not buying a new car but considering buying a car for £2,00 leaving another £2,000 in the bank.

nomoneytoday

The odds are 50/50. Either they will or they won't.

Rumours are that one German car manufacturer was offering people discounts on their PCP final payments as an incentive to keep the car instead of handing it back and auctioning it off

Have you looked up the CAP / Glasses value to compare to the £4300 owed?

Robert_Sterling_3

You are in with a chance. Particularly if you would buy your £2,000 car from the same place. :T :T :T