Get out of PCP early

rcchilvers

Hi guys can anyone help?
Currently leasing a car via PCP, I'm moving to London in a couple of months so have no use for the car anymore so it will just be un used back at home.
Usual response from fiinance company, either sell the car and pay them what I owe, or pay them A smaller figure of what I owe to be able to voluntarily end my deal after I've paid half of the final figure. Both of these huge figures and unlikely to be able to do either!
Anyone know if there's any other options availble?
Being able to voluntarily end my deal would mean paying my monthly instalment for another 2 years!
Is there anyway to get someone else to take over the remaining payments or is this it?!
Would appreciate any knowledge.

angrycrow

Option one sell to the motortrade I.e. Wbac but be prepared to pay the shortfall on the finance. Option 2 get a settlement figure and take out a personal loan for this amount. Pay off the finance and then you have clear tittle to sell the car privately.is the private sale value more than the outstanding finance.

motorguy

angrycrow wrote: »

Option one sell to the motortrade I.e. Wbac but be prepared to pay the shortfall on the finance. Option 2 get a settlement figure and take out a personal loan for this amount. Pay off the finance and then you have clear tittle to sell the car privately.is the private sale value more than the outstanding finance.

Advertise the car privately, have the buyer pay the finance company directly. Pay any shortfall.

Simples.

foxy-stoat

Get a settlement figure,
Find out how much you will get for it on the open market,
If there is a shortfall then get a loan and clear it on the day you sell it.

Be open and upfront about the finance when you advertise it, some folk will not be interested but if its cheap enough then you will be able to sell it. Agree a price, buyer would pay the finance company over the phone but only after you pay the shortfall if there is one and you can transfer ownership to them.

motorguy

foxy-stoat wrote: »

Get a settlement figure,
Find out how much you will get for it on the open market,
If there is a shortfall then get a loan and clear it on the day you sell it.

Be open and upfront about the finance when you advertise it, some folk will not be interested but if its cheap enough then you will be able to sell it. Agree a price, buyer would pay the finance company over the phone but only after you pay the shortfall if there is one and you can transfer ownership to them.

The further thing i would add is i wouldnt put the finance situation in the advert, OR even when speaking to someone on the phone.

I'd wait until they were viewing the car and they were otherwise comfortable with the car, etc.

Also, i'd have the finance company email the buyer - once he has paid them - that they no longer have a financial interest in the car.

System

motorguy wrote: »

The further thing i would add is i wouldnt put the finance situation in the advert, OR even when speaking to someone on the phone.

I'd wait until they were viewing the car and they were otherwise comfortable with the car, etc.

Great so someone could waste a load of money going to look at a car that they'd not have any intention of buying because of the outstanding finance? And if someone does a HPI check and the seller hasn't mentioned it then it kind of screams dishonesty.

MataNui

motorguy wrote: »

The further thing i would add is i wouldnt put the finance situation in the advert, OR even when speaking to someone on the phone.

I'd wait until they were viewing the car and they were otherwise comfortable with the car, etc.

Thats really bad advise. The OP is in a really weak position. There wont be many people at all interested in a car with outstanding finance. They will need any purchaser to trust them quite a lot. After hiding pretty vital information like this i would say that trust would be totally gone. OP might even end up with a broken nose for wasting someones time and money.

motorguy

Tarambor wrote: »

Great so someone could waste a load of money going to look at a car that they'd not have any intention of buying because of the outstanding finance? And if someone does a HPI check and the seller hasn't mentioned it then it kind of screams dishonesty.

Why wouldnt they buy it with outstanding finance if its otherwise a great car at a great price?

If they were coming a long way, then flag it with them up front. If they're coming from 10 miles away, no issues.

This isnt difficult?

If they say they've HPI'd it - which would be very unlikely before they've seen it then "yes, i've all the paperwork here along with the settlement figure, you'll be paying the finance company direct for the car if we can agree a price"

If they try to "catch you out", by having done an HPI check and asking directly is there any finance outstanding, then same answer "yes, i've all the paperwork here along with the settlement figure, you'll be paying the finance company direct for the car if we can agree a price"

Easy.

Make it a BIG problem, make it the first line of the advert or the first thing you tell them, then you've made it a BIG problem so they will see it as that.

Make it part of the paperwork exercise but instead of paying you in to your account they're paying in to the finance companys and its a breeze.

motorguy

MataNui wrote: »

Thats really bad advise. The OP is in a really weak position. There wont be many people at all interested in a car with outstanding finance. They will need any purchaser to trust them quite a lot. After hiding pretty vital information like this i would say that trust would be totally gone. OP might even end up with a broken nose for wasting someones time and money.

How are you hiding it?

You're simply telling them when its appropriate to do so - they could ring, and never come out. They could ring, come out and it not be what they wanted. They could ring, come out, be pleased with the car and then once you've by this stage had at least two touch points with them and they are out at your home and can see the paperwork is in order, you let them know they'll be paying the finance company.

Its the car is otherwise good, its an easy step to pay the finance company for the car they want.

Its not like you've had a dump on the back seat or you're announcing its actually an insurance write off. Its the same car, just they are paying the finance company.

Over complicate it, make it a "big issue" and the prospective buyer will see it as a big issue. Make it an easy step with all the paperwork at hand and its a done deal.

Of the 2,000+ cars i've sold over the years while trading i've got an awful lot more complicated cars than that over the line with no issues. Its how you handle it.

Make it a big hurdle and the buyer will see it as a big hurdle.

motorguy

MataNui wrote: »

Thats really bad advise. The OP is in a really weak position. There wont be many people at all interested in a car with outstanding finance. They will need any purchaser to trust them quite a lot. After hiding pretty vital information like this i would say that trust would be totally gone. OP might even end up with a broken nose for wasting someones time and money.

You're not hiding it, you're bringing it up at an appropriate point.

"if we can agree on a price, then you will be paying the finance company direct - i've the settlement figure here and all the paperwork. They'll confirm they've no further financial interest in the car once you've paid".

If its the right car at the right price and all the paperwork is in order and they're at your home and all the paperwork matches its a doddle to get that over the line.

Simples.

motorguy

MataNui wrote: »

The OP is in a really weak position.

No. They're not.

Play it from a position of strength - imply "i've got a great car here at a great price - the added safety for you is you're paying the finance company direct and once you've paid them they'll confirm they have no further interest in the car, so you're not risking buying a car with some hidden loan".