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Advice on PCP - Early Termination

sharprc
sharprc Posts: 2 Newbie
in Motoring
Hi All

I've done a few searches and couldn't find a situation similar to mine so I'd appreciate some help.

I took out a PCP finance deal in January 17 over a 48 month period on a Citroen DS4.

Unfortunately/fortunately I am in the position where I will be moving abroad to the USA with work for the foreseeable future.

What do you think I should do?

Thanks,

Rob
«1

Comments

  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    Sell it privately & fund the difference between the contract & what you get for the car.

    Ask a family member to take the car on & pay you the monthly fee which you continue to paythe finance house.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    sharprc wrote: »
    Hi All

    I've done a few searches and couldn't find a situation similar to mine so I'd appreciate some help.

    I took out a PCP finance deal in January 17 over a 48 month period on a Citroen DS4.

    Unfortunately/fortunately I am in the position where I will be moving abroad to the USA with work for the foreseeable future.

    What do you think I should do?

    Thanks,

    Rob
    Well the first thing you should do is contact the finance co. and get a settlement figure. Armed with this you can work out how best to proceed.
  • purpleparrotuk
    purpleparrotuk Posts: 394 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Oakdene wrote: »
    Sell it privately & fund the difference between the contract & what you get for the car.

    Ask a family member to take the car on & pay you the monthly fee which you continue to paythe finance house.

    You are not allowed to sell it privately whilst in PCP are you?
  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    purpleparrotuk wrote: »
    You are not allowed to sell it privately whilst in PCP are you?
    Only with the finance co.'s permission.
  • kmb500
    kmb500 Posts: 656 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    Oakdene wrote: »
    Sell it privately & fund the difference between the contract & what you get for the car.

    Ask a family member to take the car on & pay you the monthly fee which you continue to paythe finance house.
    You don't legally own it on PCP do you so how would you sell it?
  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    purpleparrotuk wrote: »
    You are not allowed to sell it privately whilst in PCP are you?

    If you contact the finance provider & they approve then yes you can.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • motorguy
    motorguy Posts: 22,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    kmb500 wrote: »
    You don't legally own it on PCP do you so how would you sell it?

    You sell it and have the buyer clear the finance and you make any extra cash adjustment yourself at the time.

    Its common practice.
  • motorguy
    motorguy Posts: 22,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Oakdene wrote: »
    If you contact the finance provider & they approve then yes you can.

    You dont even need to. Get a settlement figure, get the buyer to pay the finance company direct and make any extra payment for the shortfall.

    Simples.
  • sharprc
    sharprc Posts: 2 Newbie
    Thanks for your replies everyone, I'm going to reach out to the finance company and work with the dealer to get a settlement figure.
  • motorguy
    motorguy Posts: 22,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    sharprc wrote: »
    Thanks for your replies everyone, I'm going to reach out to the finance company and work with the dealer to get a settlement figure.

    Are you a member of The Four Tops? ;)

    Totally agree re: getting a settlement figure, but dont feel ANY obligation to "work with" the supplying dealer. They will want your car back at TRADE price (at best). If you are going down that route, try the online car buying sites as well are Citroen dealers within a 100 mile radius and ask to speak to their "used car buyer".

    You might get it sold privately but i'd say its unlikely.

    Also, expect to take a massive bath on the value of it.... :eek:
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