Stuck in a PCP deal

Smiffyd

Morning,

I'm in a world of financial pain!

Basically, I took out a 66 plate BMW X3 on a PCP deal for my family...a wife, child and dog.

My wife is now pregnant...with twins! As amazing as this is, the logistics of the car don't work.

Long story short, I need to get a new car. The problem is the PCP deal, which has 3 years left on it. I can pay it off because the vehicle is worth about 5k less than I owe.

I've phoned the finance company and there is nothing they can do in terms of goodwill for this unforeseen circumstance...and i don't really see any options. I even asked about whether they would finance the difference between what I sold it for and what I owed on top of a new deal for a new car, but computer said no.

Any advice would be greatly appreciated. It seems crazy that I can't get out of a deal.

Herzlos

It's pretty much the same as buying any other expensive new car (when did you take it out) and then needing to change it; you're going to get hosed.


It's a pretty big car though; are you sure you can't make do with it? Presumably the only concern is whether or not you can get 3 car seats across the back?

neilmcl

What do you mean by "the logistics of the car don't work.", why do you "need" a new car?

chunkytfg

I thought the X3 was a 5 seater?:cool:

Smiffyd

To clarify, the next car doesn't need to be new...I just mean a different car. I'd like it to be pretty safe and not a heap though.

Logistically, it's one kid in the front, 2 in the back, Wife in the middle, dog and double pushchair in the boot and I'll probably need a top box. Don't know if it will fit.

The emergency savings have already been spent on everything else needed for twins!

Scrapit

X3 not suitable logistically? What is it suitable for then? What you looking to get instead?

neilmcl

Smiffyd wrote: »

To clarify, the next car doesn't need to be new...I just mean a different car. I'd like it to be pretty safe and not a heap though.

Logistically, it's one kid in the front, 2 in the back, Wife in the middle, dog and double pushchair in the boot and I'll probably need a top box. Don't know if it will fit.

The emergency savings have already been spent on everything else needed for twins!

How often are your going to be travelling fully laden like that, holidays possibly but not that often I'd imagine.

The only thing you can do is go back to the dealer (or another) and see if they'll take the car, settle the finance and put you in a cheaper, more "suitable" car. Either way the shortfall has to be paid for so you will lose out big time if you decide to change.

AdrianC

I'd be amazed if you can't fit three childseats in the back of an X3 - a very quick google finds plenty of reports of people doing exactly that, albeit with careful selection of seat, and not using the two sets of isofix - they don't allow the seats near enough the doors.

Assuming the PCP is three-year, you're looking at a year or so maximum with two <1yo plus your current sprog.

Smiffyd

I REALLY want to use isofix but I do appreciate I need to make concessions. Interesting that people do it though, I just assumed that people wouldn't put 3 kids in the back due to the carnage it would cause....but if it fits 3 seats then it should fit 2 and a person! Might have to carefully select some new seats then.

4yr deal I believe, so looking at 18 months or so I think before I can cancel.

AdrianC

Remember, isofix is just about ease of fitting - it doesn't add anything to safety, compared to a properly fitted non-isofix seat.

k3lvc

Was the deal done with a BMW dealer/BMW finance or some other dealer/finance ?


If the former and there's another BMW that will suit then go back and talk to the dealer - it's still going to cost you but they may well want to shift another car and have some financial leverage to make your shortfall appear less (though beware that in the long term it might not actually be less)


Alternatively lose the dog :eek: