VT on a car

anna_1977

After a bit of advice please
My 48month PCP is up in January, I don't want to PX for another car and know I have about 3£k negative equity in the car

If I do a VT do i still have to pay for the excess mileage etc ?

Thanks

James2k

ohh yeah @motorguy that too, i don't want to be restrained by mileage limits


op, seems it can go either way, the consensus seems to be when you VT, don't sign anything.

DrEskimo

Who says it's £3k in negative equity?

Do you like the car? Would you buy your car for the value of the final payment? How much are dealers selling your car for compared to the final payment?

motorguy

anna_1977 wrote: »

After a bit of advice please
My 48month PCP is up in January, I don't want to PX for another car and know I have about 3£k negative equity in the car

If I do a VT do i still have to pay for the excess mileage etc ?

Thanks

Whats your contracted miles?

What miles are you at now?

anna_1977

I've taken it to a couple of garages to look at PX and it's not worth the settlement figure - not even close
I don't want to keep it as it doesn't suit family needs anymore (not big enough). Dealers are selling about £1-2k more than my settlement - it's got 56k miles on it which I think is the problem (was registered dec 2014)

motorguy

James2k wrote: »

ohh yeah @motorguy that too, i don't want to be restrained by mileage limits


op, seems it can go either way, the consensus seems to be when you VT, don't sign anything.

Pretty much it - if its not an excessive amount over they probably wont pursue it.

anna_1977

motorguy wrote: »

Whats your contracted miles?

What miles are you at now?

Contracted was 32k and now at 56k

motorguy

anna_1977 wrote: »

Contracted was 30k and now at 56k

I would say its very likely they will pursue you for the amount.

How did you let that get so out of hand?

anna_1977

motorguy wrote: »

I would say its very likely they will pursue you for the amount.

How did you let that get so out of hand?

Honestly I'm not sure. My work changed and family moved from my town to Birmingham/Newcastle & Cornwall - seems it's always me that goes to them.

Hey ho, lesson learnt and I'll have to swallow whatever penalty I get

foxy-stoat

anna_1977 wrote: »

Contracted was 32k and now at 56k

EEK, doubled the mileage in effect - expect to get hammered at VT or when you hand it back - I would VT now though, that will save on the remaining monthly payments.

motorguy

anna_1977 wrote: »

Honestly I'm not sure. My work changed and family moved from my town to Birmingham/Newcastle & Cornwall - seems it's always me that goes to them.

Hey ho, lesson learnt and I'll have to swallow whatever penalty I get

Do you not need a car any more?

Trading it in / selling it on could well work out cheaper overall than paying the excess miles bill...