Need advice on car PCP

Snj1991

I took out a PCP deal on a qashqai 11 months ago and due to the dreaded change of circumstances, my payments are becoming unmanageable. It's part of a 4 year lease but I requested a settlement figure and got £13,067. I then went onto webuyanycar.com to get a rough idea on what it's valued at and got £10,662. I fully expected to have negative equity but if I were to go to a main dealer and want a car worth £6190, is there a chance this is feasible for them and me? I want to reduce my monthly payments but am having a hard time trying to see how it would play out given the figures, it's too late in the day for simple maths it seems

k3lvc

It's a fair chunk of negative equity to throw into a new agreement but you may find a dealer that's willing to do it. All you're doing is passing the negative equity down the line and I speak from experience that it's the start of a slippery slope.

Depending how desperately you need rid of it then take a loan for the negative equity, advertise it privately and the pay off the finance with the buyers money and your loan

Your next step is bangernomics for a while to pay off your loan for a car you no longer have

TadleyBaggie

WBAC always quote low values, when I was looking for the likely value of a older Qashqai that had been written off, WBAC quoted around £9.5K, insurance company paid out £4K more than that.

Snj1991

So even with £4000 difference in value from my current car to the one I'm looking at won't make a difference? Genuinely clueless about all this

Snj1991

It was only a rough figure to see what I'm working with but Evans halshaw and another one were kind of all in the same ball park! Don't suppose you want another qashqai 😂

TadleyBaggie

Snj1991 wrote: »

Don't suppose you want another qashqai 😂

Nope, already have one!.

Sparx

You will not get a finance company loan you an extra £4k on top of the retail value the next vehicle you buy. This would expose them and provide more risk completely unnecessarily. They wouldn't mind a few hundred £ but not thousands (let alone £4k!).

System

Snj1991 wrote: »

So even with £4000 difference in value from my current car to the one I'm looking at won't make a difference? Genuinely clueless about all this

No. They're securing the loan on a car. How can they stand any chance of recovering £4000 more than the car you're intending to buy from the car you're intending to buy if you defaulted?

anto164

How about putting your car up for sale for 13k, thatll clear the finance, then buy a different car with a different method of finance?