Trading in a car early on PCP

Looozzz

motorguy wrote: »

No, you've confused yourself

The PCP deal will consist of a deposit, monthly payments (usually 36 or 48 months) and a final payment.

At the moment you own whatever that final payment is, and the remainder of the monthly payments until the end of the agreement - less maybe 6% discount for clearing the deal early.

If your car is worth less than that, then you'll owe the difference to clear the finance.

Ooh right, I get it now!

Thanks for your help! I'm probably best off waiting until I've paid the finance off, then handing the car back.

I'll then start a new finance in my name.

forgotmyname

You need to post your actual figures that you curreny pay and the final payment figure.

£10,788 may have been the basic price, But the total to pay could be a fair bit above that. Any extras added?

Looozzz

forgotmyname wrote: »

You need to post your actual figures that you curreny pay and the final payment figure.

£10,788 may have been the basic price, But the total to pay could be a fair bit above that. Any extras added?

Well I pay £164 a month for a fiat 500 lounge with 10,000 miles a year. No extras that I know of... I need to get the final payment figure from fiat. Tried to ring them before but need to get my grandad authorise me to speak to them. He has all the paperwork.

I didn't even think about the final payment until this post! This has certainly opened my eyes to how confusing PCP is...:huh:

Looozzz

I think it Is something similar to this deal

FIAT 500 LOUNGE 1.2
WITH FIAT I-DEAL

On the Road Price £11,820
Fiat Deposit Contribution £750
Customer Deposit £1,525
Amount of Credit £9,545
Monthly Payments £159
Optional Final Payment (inc fee of £10) £5,186
Total amount payable by customer £12,435
Duration of Contract 37
Rate of Interest (Fixed) 6.09%
6.1% APR