PCP Advice after Illness

starrieshillane

Hello

Just thought I would ask a question about PCP and whether anyone has any knowledge that may assist my situation....

I took out a 3 year PCP deal on vehicle in October 2013.

To keep a very long story short, I unfortunately had a seizure following the birth of my daughter in February 2014 and I was diagnosed with a Brain Tumour. I immediately had to surrender my licence and since Feb 2014 I have been unable to drive. I need to be a year seizure free before applying for the return of my licence (hopefully December this year!:-) ).

I have continued the monthly payments as the car remains in the household and is driven by my partner . The vehicle is still affordable and there is no issues with payments etc.

After a hectic 16 months my partner & I are discussing a amicable separation and I have been pondering the possibilities with the vehicle....

1. Can I transfer the Finance deal to my partners name & they continue with the PCP payments ? (they are happy with that and need the car!)

It just feels a bit daft that I am paying for a vehicle that through no fault of my own I can not drive :-( .

Any ideas or knowledge gratefully received ...

I do intend on calling the finance company this week, but just thought I would ask on here whilst I had 5 min on the sofa!

Many Thanks

Herzlos

You'd be easier to get a settlement figure and have your partner pay it off, then hand the car over. They might be able to take it over but they'd essentially be doing the same thing.

molerat

Check your paperwork for the 50% point where you can hand the car back.

Your partner gets a loan to pay off the finance.

You carry on with the finance and trust your partner to pay you back.

bigjl

Don't under any circumstances let your partner (or soon to be ex partner) have the car as it is extremely likely they will fail to keep up with the payment.

Human nature being what it is if you have a monthly bill that has no effect on your credit rating then it will end up at the bottom of the pile.

I would speak to the finance company and see if you can strike a deal. They may be more willing to help than you may think due to your situation.

One other thing to consider is you are only a few months from getting your licence back and when you do you will need a car.

For the sake of the 4 payments you would need to make it might work out cheaper to keep the car as you will need to find a deposit for any new PCP deal and you are unlikely to have any equity in your current vehicle.

PCP deals pretty much allow private motorists to drive a car they likely couldn't afford the monthly payments on with traditional HP and for that reason you are more often than not in negative equity for most of the term of the agreement.