Negative equity

Jennydot

Hi everyone,

I have a situation that I’d be very grateful for help with.

I’m expecting a baby in June, and have realised that I urgently need to replace my 2door golf cabriolet with something that fits a buggy in it, and that will be easy to get a baby in and out of.

Unfortunately, the golf, which that I bought through PCP for £13k is in £2k negative equity. It is now worth £7k (according to VW) and I owe £9k. My early termination amount is £8500. Which is the best way to get out of this?

1. Pay the early termination amount for £1500? Will I have to pay any fees on top of that?
2. Keep the car and try to sell it privately, hoping that VW are downplaying the value to try and keep me in financial servitude?? I am aware that every month I keep it for, I am paying £200 towards the finance, plus insurance. It also needs to be motd next month.
3. Another option that I’m unaware of?

I am not entering into another PCP agreement. I now realise that a lot of what I was convinced to do when I bought the golf was not in my best interests (eg I originally proposed to pay a larger deposit and they told me it was a bad idea) so I don’t think there the kind of people you should enter into hefty financial agreements with! I’m therefore paying cash this time - don’t know if that affects my options.

Thanks for your help!

Jenny

facade

The early termination amount should be what you need to have paid in order to hand it back.
Add up your deposit, and your monthly payment x number of months paid, and subtract the total from £8500, to find out how much you need to chip in.

The only extra fees will be to rectify any damage above the industry standard "fair wear & tear"

Lucky_Duck_2

My (now) ex managed with a baby while owning a TT roadster, it wasn't the best but was doable

neilmcl

facade wrote: »

The early termination amount should be what you need to have paid in order to hand it back.
Add up your deposit, and your monthly payment x number of months paid, and subtract the total from £8500, to find out how much you need to chip in.

The only extra fees will be to rectify any damage above the industry standard "fair wear & tear"

The fact the OP states an "early termination amount" suggests that has already been calculated.

motorguy

Jennydot wrote: »

Hi everyone,

I have a situation that I’d be very grateful for help with.

I’m expecting a baby in June, and have realised that I urgently need to replace my 2door golf cabriolet with something that fits a buggy in it, and that will be easy to get a baby in and out of.

Unfortunately, the golf, which that I bought through PCP for £13k is in £2k negative equity. It is now worth £7k (according to VW) and I owe £9k. My early termination amount is £8500. Which is the best way to get out of this?

1. Pay the early termination amount for £1500? Will I have to pay any fees on top of that?
2. Keep the car and try to sell it privately, hoping that VW are downplaying the value to try and keep me in financial servitude?? I am aware that every month I keep it for, I am paying £200 towards the finance, plus insurance. It also needs to be motd next month.
3. Another option that I’m unaware of?

I am not entering into another PCP agreement. I now realise that a lot of what I was convinced to do when I bought the golf was not in my best interests (eg I originally proposed to pay a larger deposit and they told me it was a bad idea) so I don’t think there the kind of people you should enter into hefty financial agreements with! I’m therefore paying cash this time - don’t know if that affects my options.

Thanks for your help!

Jenny

3. Drive on at what you have.

The boot on a Golf Cabriolet should be plenty big enough for a buggy. It would be easier and cheaper to find a buggy that fits than find a car that fits the buggy.

Mercdriver

Get a forward facing car seat for the front passenger seat (rear facing will mean you will have to make sure the passenger airbag is switched off whenever baby is in the car) and your partner sits in the back. Or both the baby and your partner in the back with your partner handing the baby to you.

A newborn won't need the gargauntuan buggies I see around...

pinkshoes

Jennydot wrote: »

I’m expecting a baby in June, and have realised that I urgently need to replace my 2door golf cabriolet with something that fits a buggy in it, and that will be easy to get a baby in and out of.

I'm assuming the car has doors? So no problem getting a baby in...

As for the pram, most of them are fashion items, and just like you were suckered into buying your car, the same will happen over prams.

Just find a small pram that will fit in the boot/footwell of the car. Ignore brands - just read reviews and look at dimensions. You don't NEED travel systems that a car seat can be clicked into.

consumers_revenge

pinkshoes wrote: »

I'm assuming the car has doors? So no problem getting a baby in...

QUOTE]


Only problem is it was bought from the Hazzard motor company and has a big 01 on the side....


Just cause it has doors......

sheramber

Mercdriver wrote: »

Get a forward facing car seat for the front passenger seat (rear facing will mean you will have to make sure the passenger airbag is switched off whenever baby is in the car) and your partner sits in the back. Or both the baby and your partner in the back with your partner handing the baby to you.

A newborn won't need the gargauntuan buggies I see around...

A young child must be in a rear facing seat https://www.gov.uk/child-car-seats-the-rules

Herzlos

pinkshoes wrote: »

I'm assuming the car has doors? So no problem getting a baby in....

Baby or a parent will need to go in the back seat. Awkward but not impossible.

I'd see how you get on with current car; with a car seat and base it shouldn't be too hard to get them in/out for the 9 months they need to be rear facing. Get a pram that'll fit in the boot and you're sorted. By the time they are front facing you'll be in a better position to get a 5 door. Or if the Pcp runs out before then you can give it back at that point

Mercdriver

sheramber wrote: »

A young child must be in a rear facing seat https://www.gov.uk/child-car-seats-the-rules

I stand corrected.

Personally, though, I would stick with the car for as long as possible and have a smaller pushchair for use with the car - it would be more practical on the move than one of the MaClaren Behemoth II's