pcp car finance HELP

Legacy_user

car finance pcp

hi i made worst desion ever getting a new car
early into my pcp agreement with volkswagen
they told me i can sell car to one are dealers but i have to pay surplus.
car 35k new and pay 460pm
they offerd me around 25m mark
so i have to find the 10k
would they negotiate so a could pay 200 as cant afford to pay 460 now as change in circumstances
nn if they agreed to it would this impact my credit
ive tried loans to pay for this but not getting accepted due to amount of credit on my file
thanks guys

DrEskimo

Who is offering you £25k, the dealership that sold the car to you? Presumably a main VW dealer?
When did you take delivery of the car, and what car is it?
Did you get a decent discount on the car, or just pay full retail price?

You're probably likely to be able to improve on their offer. Try other dealerships, try Tootle.com, try WBAC and even try local car dealers to see if they will offer to do a sale or return of the car for a higher price than £25k.

You want to maximise the sale value to minimise the shortfall.

However, no matter how much you minimise this shortfall, you still need to refinance it, as it doesn't sound like you have any funds available to clear it yourself?

Unfortunately I don't know what your options are, other than personal loan/credit cards....the finance has to be settled in full.

This looks like it will be a very costly mistake I'm afraid....

molerat

The car value seems to be getting a bit confused, OP is talking about BR here https://forums.moneysavingexpert.com/discussion/comment/75684872#Comment_75684872 with a car value of £7K or £3.5K or £2.5K and 10K outstanding. Maybe handing the car back and rolling it up in the BR is an option.

Lioness_Twinkletoes

OP seems to want an awful lot - bankruptcy with no repercussions, a nice car, top quality house, full benefits...

Might want to consider adding further education to this list...