Voluntary Termination, cannot afford half payment.

lou1990lou

Good afternoon everybody!

I have recently accepted a job in Tokyo (Wooo!!) and thought that because of the timing of when I would be going I would be able to/near enough to my cut off point to be able to Voluntarily Terminate my PCP. I called Skoda Finance earlier today and they told me that at the moment I'm still quite far away from the cut off point (nearly 2 grand), which then means that even when I leave for Tokyo at the very beginning of August, I would still have well over a grand left to pay.
What with moving to a new country and not neceassrily having an idea of what my start up costs would be, I don't know if I can afford to do this.

What I definitely cannot afford to do is settle the payment on the car (over 7 grand) and then sell it privately as I there's still a chance that I wouldn't make that much money back.

Any advice? I don't want to be shelling out for another year for a car that I cannot use.

Gaz83

lou1990lou wrote: »

Good afternoon everybody!

I have recently accepted a job in Tokyo (Wooo!!) and thought that because of the timing of when I would be going I would be able to/near enough to my cut off point to be able to Voluntarily Terminate my PCP. I called Skoda Finance earlier today and they told me that at the moment I'm still quite far away from the cut off point (nearly 2 grand), which then means that even when I leave for Tokyo at the very beginning of August, I would still have well over a grand left to pay.
What with moving to a new country and not neceassrily having an idea of what my start up costs would be, I don't know if I can afford to do this.

What I definitely cannot afford to do is settle the payment on the car (over 7 grand) and then sell it privately as I there's still a chance that I wouldn't make that much money back.

Any advice? I don't want to be shelling out for another year for a car that I cannot use.

Pay the difference between what you owe just now, what it would cost to VT it, then VT it.

SeanG79

If you could sell it privately for the same amount as the settlement figure, then the buyer could just pay the finance company instead of you and they would raise an invoice to that buyer.

else you need to see how much it will cost to VT in July vs. what you can sell it for and you can decide which will cost you the least.

lou1990lou

SeanG79 wrote: »

If you could sell it privately for the same amount as the settlement figure, then the buyer could just pay the finance company instead of you and they would raise an invoice to that buyer.

else you need to see how much it will cost to VT in July vs. what you can sell it for and you can decide which will cost you the least.

Ah, so would I be allowed to change the lease over to somebody else then?

TadleyBaggie

You have a PCP, not a lease, so no. Even if it was a lease, it would be very unlikely you could do that.

SeanG79

Do you have someone who would be prepared to take over the contract?

You can approach the lender to see if they will novate the agreement. This will depend on the other persons credit...

Novation is rare, but if faced with a novation or a loss, they will usually look to novate, subject to credit.

dresdendave

lou1990lou wrote: »

Any advice? I don't want to be shelling out for another year for a car that I cannot use.

Why can't you use it? Cars in Japan are RHD. Just drive the 7400 miles to Vladivostok, hop on a ferry to Japan and Hirohito's your uncle!

megaginge

dresdendave wrote: »

Why can't you use it? Cars in Japan are RHD. Just drive the 7400 miles to Vladivostok, hop on a ferry to Japan and Hirohito's your uncle!

Hah!!! :-)


OP, you need to pay up to the 50%, then VT it. If you'll pay a grand before you need to get rid of the car you owe just 1k more to get out.

No alternative other than to get somone else to agree to take on the finance or try and sell privately which if you think the car doesn't have the equity to do; isn't an option...

racing_blue

dresdendave wrote: »

Why can't you use it? Cars in Japan are RHD. Just drive the 7400 miles to Vladivostok, hop on a ferry to Japan and Hirohito's your uncle!

Yeah, that's the way I'd go. The North Korea route is more problematic.

It's 202 h or 7,819 miles via the а/д Амур/Р-297 and the ferry to Takaoka.

Oh but hang on-
This route has tolls.
This route includes a car transporter (train).
This route crosses through multiple countries.
This route includes a ferry

Right. Start in London, UK
Take A2 and A20 to M20 in Swanley. 53 min (17.6 mi)
Follow M20 to Vehicle Departure Rd. Take exit 11A from M20. 44 min (48.7 mi)
Take the Channel Tunnel train to France. 56 min (33.7 mi)
Join the A16 in Calais from Avenue de France 4 min (1.9 mi)
Take E40, E34, A67, A2 and various other roads, ending on the а/д Уссури to ул. Шишкина in Владивосток, Россия
145 h (7,312 mi)
Take the ferry to Takaoka, Japan. 48h, Summer only.
Take various Japanese roads, MSE does not like the characters. 5h12 min (440km)
You have reached your destination

tidds

That journey looks simple, problem solved!

Or you could sell it privately if you tell the person it has outstanding finance and instead of them paying you, they call the finance company and settle the agreement on your behalf.