Advice needed - Pcp finance agreement and drink driving (stupid I know)

Johnnyboy859

Looking for some advice, am look down the barrel of being banned from drink driving court in 3 weeks. (Never been in trouble with the law and 30) and will lose my job, where do I stand regarding the car I'm 10 months into a 43 month pcp deal, VT is last resort.

Would my girlfriend be able to get insuranced?

Can I sorn the car and just maintain payments?


Thanks in advance

Gaz83

As long as you maintain payments, they probably won't bother.

EDIT actually now that I think about it, is a condition of your PCP that you have insurance for the car? That might scupper you, as I'm guessing you won't find anyone willing to insure you.

DrEskimo

VT will likely be the most expensive method to get out the deal.

Depending on how well you negotiated on the price, and how well the car is doing in the used market, your can look to sell it for as high price as possible. Whatever the difference is between what you sell it for, and what your finance settlement figure is will determine how expensive it is to get out early.

The tricky bit is that selling privately is usually the best way to get the highest price, but selling a car with outstanding finance is not straight forward. You are probably going to have to sell it to someone in the trade, which will be at a lower price. An independent garage will probably give you the best price, provided the car is sought after.

First thing to do is get your settlement figure. Usually an automated service, or if you have an online account you can see it there. Then get a rough idea of price by getting a quote from WBAC. Next look at AT for general dealer and private sale prices of cars similar to yours and determine whether you can get a better price.

Johnnyboy859

My pal I bought the car from would give me a good price for the car(works in a car dealership)that is an option.
When u settle is the interest taken off for the unused months?

DrEskimo

Johnnyboy859 wrote: »

My pal I bought the car from would give me a good price for the car(works in a car dealership)that is an option.
When u settle is the interest taken off for the unused months?

Yes, the settlement would not include interest for remaining months. As with the vast majority of credit agreements, you only get charged interest during the time you are borrowing the money.

foxy-stoat

Call the the finance company for a settlement figure - hopefully is not too much more than the sale price and you can walk away from the car without debt.

MEM62

Disappointingly, my nephew put himself in the same position, with the exception that he did not loose his job. In his case the lease company were understanding in that they allowed him to continue to make payments. As a family, they arranged insurance through a 'multicar' scheme and the car remained on the group policy for the duration of his ban. Once he had his license back again he had to insure individually as the multicar scheme provider would not accept him on the policy fresh from his ban.

Andyjflet

I work in motor finance for a major brand, unless you put down a large deposit then you will be nowhere near the VT point at 10 months into a 48 month agreement.

Options are, sorn the car, keep it insured and make the payments. Sell it or VT it and stump up the difference in negative equity.

Johnnyboy859

If I sorn the car that doesnt really solve anything, as I cant find anywhere that will insurane me as I need 2 be the named driver fully comp I am lead 2 believe
I believe best option is settlement figure then pay the shortfall.

foxy-stoat

Do the finance company want to see your fully comprehensive insurance policy each year then?

I agree, selling it would be the best option.

Andyjflet

We have customers regularly £5-£8k upside down at this point. VT and pay the difference I guess. You are correct in saying that the car has to remain fully insured during the ownership of the vehicle.