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Car on PCP can we go anywhere after term is up
Comments
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Great, so we're all agreed that there are two options at the end of the PCP - it gets handed back, or it gets bought off the finance for the balloon amount...
Adrian, sometimes you really should just admit when you're wrong instead of postulating around it. What your saying now is different to what you said originally.
Your exact words were "At the end of your PCP, you have two options"
No, at the end of the O/P's PCP they can simply trade the car in as a third option. There is no need to buy the car from the finance company and sell it immediately.
There are THREE options, not two :-- Hand it back
- Pay off the finance deal
- Renegotiate another deal and trade the car in taking advantage of any equity that might be there OR taking advantage of not having to pay any charges relating to mileage or fair wear and tear.
You entirely missed the one that is most appropriate / likely to happen in the O/Ps case.0 -
Precisely,
they (the dealer) will settle the finance on behalf of the OP and if there's negative equity that will be rolled into the next deal.
Pretty much standard practise.
They "may" advise the OP to hand the car back themselves but not all dealers will.
No, not precisely at all. That is not what Adrian said originally. You need to re-read his posts. Sadly Adrian is not very good at admitting when he is wrong.
And to allow what you are suggesting above to happen would just be plain nuts, both to even bandy it about as a potential option on here, or for the dealer to do it.
It is wholly NOT standard practice for a dealer to force negative equity into a new deal at the end of a PCP deal. Its wholly unnecessary.
Genuinely frightening you are suggesting this could / should happen as a matter of course for the O/P. :eek:
Genuinely disturbing advice guys.0 -
Nobody else is a party to the PCP contract, so nobody else can buy it out of the PCP. The garage simply pay the money to the financier on the OP's behalf as part of the OP's deal.Adrian, sometimes you really should just admit when you're wrong instead of postulating around it. What your saying now is different to what you said originally.
Your exact words were "At the end of your PCP, you have two options"0 -
I haven't offered this as advice in the slightest, maybe you should re-read the posts, particularly my first one where I'd advised that the very first thing the OP should do is to check whether there's any equity left or not before approaching another dealer.No, not precisely at all. That is not what Adrian said originally. You need to re-read his posts. Sadly Adrian is not very good at admitting when he is wrong.
And to allow what you are suggesting above to happen would just be plain nuts, both to even bandy it about as a potential option on here, or for the dealer to do it.
It is wholly NOT standard practice for a dealer to force negative equity into a new deal at the end of a PCP deal. Its wholly unnecessary.
Genuinely frightening you are suggesting this could / should happen as a matter of course for the O/P. :eek:
Genuinely disturbing advice guys.0 -
Nobody else is a party to the PCP contract, so nobody else can pay it. The garage pay it on the OP's behalf.
Sorry, but wrong again. A dealer can pay it. In fact ANYONE can pay it, but in the case here the dealer can, should and will pay it.
Again, you're dancing around admitting you were wrong.0 -
I haven't offered this as advice in the slightest, maybe you should re-read the posts, particularly my first one where I'd advised that the very first thing the OP should do is to check whether there's any equity left or not before approaching another dealer.
You have indirectly (whether you want to admit it or not), but it still forms advice - particularly for the uninformed like the O/P here. You said "if there's negative equity that will be rolled into the next deal. Pretty much standard practise".
That is wrong information / advice for the O/P0 -
Did you get out of bed the wrong side this morning.You have indirectly (whether you want to admit it or not), but it still forms advice - particularly for the uninformed like the O/P here. You said "if there's negative equity that will be rolled into the next deal. Pretty much standard practise".
That is wrong information / advice for the O/P
The information is not wrong. If you go to another manufacturer's dealer with the intention to part-ex there is a very good chance the salesman will come back and state that their valuation won't cover the finance settlement and if the owner wants they'll roll into another deal for a few quid a month more. It happens all the time!
My advice was clear, check your equity situation first and if it's equity then the implication is obvious, hand the car back. I have at not time advised or suggested the OP try and part-ex their car if it's in neg equity. Other than that the OP has no issues going to another dealer.0 -
Yes, if the car is in -ve equity, then the salesman at the new dealer should simply advise the owner to hand the car back (my "situation 1"). It would be very poor practice indeed for him to advise to go down the route of my "situation 2", rolling the -ve equity into the new deal. Borderline fraudulent, in fact...0
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The information is not wrong. If you go to another manufacturer's dealer with the intention to part-ex there is a very good chance the salesman will come back and state that their valuation won't cover the finance settlement and if the owner wants they'll roll into another deal for a few quid a month more. It happens all the time!
It doesnt "happen all the time!" in the case of an end of term PCP and as Adrian says it would be wholly wrong of the dealer and borderly fraudulent to do so.
Thus you should NOT be pitching that it "happens all the time" to someone who has asked for advice on what to do as they dont understand their options.0
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