We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PCP and trading in.
majorlance
Posts: 3 Newbie
in Motoring
Hi all
If I go for purchasing \ leasing a car via a PCP contract. Would my existing car have to be sold buy me privately or would the garage take it in some sort of trade in ? I can't see how that might work but would prefer that rather than having to sell it myself ?
Thanks in advance for any information.
majorlance
If I go for purchasing \ leasing a car via a PCP contract. Would my existing car have to be sold buy me privately or would the garage take it in some sort of trade in ? I can't see how that might work but would prefer that rather than having to sell it myself ?
Thanks in advance for any information.
majorlance
0
Comments
-
yes you can trade it in - if GMV is £3000 and you get £3500 from the dealer then they settle the existing finance and you have the other £500 as deposit. If the car is worth less than the GMV (and it is a guaranteed value, not a balloon isn't it?) then you just hand the car back to the finance co. and walk away, subject to mileage, condition, etc.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards