PCP plan

t45

..so the quicker one pays it off the better!...ie within a day as oakdene has suggested....but i sign up for the pcp package and drive the car away this week an dthen call the next day after Ive driven it away - i guess that's when my transcation woul dbe complete???

BeenThroughItAll

It's only worth taking it and paying it off if you're actually getting something out of it. Read the paperwork and I bet you're not getting any of these pointless insurances actually thrown in. They'll simply be adding the price of them to the screen price and financing the whole lot.

t45

...I assume that is I did sign for the PCP and then pay it off the next day, I assume that I would have to pay an extra fee for settling

t45

I assume I can pull out of this pcp even though I have put down a deposit? I wonder if this is refundable?

tykesi

Seriously? You didn't think to ask these questions BEFORE leaving a deposit? I appreciate you keep saying you're a dimwit but the only way to avoid being one is by learning about these things before committing to buy.

Your deposit might be refundable, you'll need to check the T&Cs you agreed to when you paid it. And stop believing every word a car salesman says. They are not your friend, they are not there to help you and they certainly don't want to give the best deal for YOU, they want the best deal for THEM.

t45

The APR on this vehicle is:


APR 11.9%
rate of interest (fixed) 11.23%


Is it just going to be better and easier with no hassle to just buy the car upfront?
They have 500 deposit and I am supposed to be going back to put down another 1K

dannyrst

Am I missing something here?

You went to buy a car for cash at £6800.

You ended up buying a car on finance with a £1,500 deposit, 36 payments of £120, and a balloon payment of £3600? That makes £9,420!

t45

i have only put down a deposit
I feel really stupid
I had no idea but it's not good
I am goiung to see what I can ref this deposit and purchase the car on cash

Oakdene

t45 wrote: »

i have only put down a deposit
I feel really stupid
I had no idea but it's not good
I am goiung to see what I can ref this deposit and purchase the car on cash

If you sign up for the PCP & cancel quickly, i.e. within a couple of days you will pay near the screen price for the car (just a tiny bit of interest added) but you will still get the free services included & have the cover of GAP insurance.

BeenThroughItAll

Oakdene wrote: »

If you sign up for the PCP & cancel quickly, i.e. within a couple of days you will pay near the screen price for the car (just a tiny bit of interest added) but you will still get the free services included & have the cover of GAP insurance.

Assuming of course that the servicing and Gap insurance are actually 'free' and aren't actually just extras added onto the original screen price, then financed. Bearing in mind how clueless the OP seems to have been when faced with the salesman, they probably realised they can get away with anything so as I said above, I bet these 'free extras' are all chargeable.