PCP Car Finance End

EmilyMac

Hi all,


So my PCP car is up in December (meaning there are 2 payments left).


I know all my options, and want to hand the car back and I have a bank loan for my new one.


However I am wondering how much I can expect to be charged for giving it back. I know my alloys are pretty scuffed, and I have a damaged bumper as well as a wing mirror replaced. (This was my first car, I got it 3 days after passing my test)


I wondered if anyone here has had experience with this and were charged?


Partner says to just tell them we are paying them cash (almost 10,000) for a new car, and that they can either take that or we'll go home, get it sorted for 300 (quoted already) and then go to another dealership.


Any ideas?

motorguy

EmilyMac wrote: »

Hi all,


So my PCP car is up in December (meaning there are 2 payments left).


I know all my options, and want to hand the car back and I have a bank loan for my new one.


However I am wondering how much I can expect to be charged for giving it back. I know my alloys are pretty scuffed, and I have a damaged bumper as well as a wing mirror replaced. (This was my first car, I got it 3 days after passing my test)


I wondered if anyone here has had experience with this and were charged?


Partner says to just tell them we are paying them cash (almost 10,000) for a new car, and that they can either take that or we'll go home, get it sorted for 300 (quoted already) and then go to another dealership.


Any ideas?

OK - some crossed wires here by the looks of it.

There is a difference between taking the car to a dealer and trading it in, and "handing it back" to the finance company - they are two separate entities.

Are you trading the car in against another one?

If YES then you dont need to worry about any surcharges as the selling dealer will value your car and then that will be offset against the Residual Value that you owe, and the finance (hopefully) cleared.

If NO and you ARE handing it back, the finance company wont give a stuff that you're buying another car from a dealer and will bill you accordingly for any damage, based on fair wear and tear guidelines.

BoGoF

If the £300 is not some dodgy back alley job then get it done. You will be likely be billed far more than that.

And ignore your partner.....they don't know what they are talking about.

EmilyMac

Thanks.


I am just going to admit defeat and pay what they charge. I have looked into this and found that some people have been charged more if they have taken their car to a garage not agreed in the contract (mine has a small list nowhere near me). I was 18, did not have much spacial awareness and was probably just too careless back then. No damage has been done to the car in 2 years at least, but the alloys and minorly scratched doors are my fault.

The bumper is damaged from someone carelessly parking and going into me, and the wing mirror casing was knocked off over night. I replaced the casing but couldn't find anywhere to spray it! I'm hoping the charge for these won't be too much.

This seems like it will be a costly few mistakes that will make a huge dent in our savings (I'm imagining horror stories!). The alloys are my main concern, but at the end of the day I should have taken more care when I first got the car. I will only ever buy a car outright from now on!

motorguy

EmilyMac wrote: »

Thanks.


I am just going to admit defeat and pay what they charge. I have looked into this and found that some people have been charged more if they have taken their car to a garage not agreed in the contract (mine has a small list nowhere near me). I was 18, did not have much spacial awareness and was probably just too careless back then. No damage has been done to the car in 2 years at least, but the alloys and minorly scratched doors are my fault.

The bumper is damaged from someone carelessly parking and going into me, and the wing mirror casing was knocked off over night. I replaced the casing but couldn't find anywhere to spray it! I'm hoping the charge for these won't be too much.

This seems like it will be a costly few mistakes that will make a huge dent in our savings (I'm imagining horror stories!). The alloys are my main concern, but at the end of the day I should have taken more care when I first got the car. I will only ever buy a car outright from now on!

Are you going to buy another car from a dealer, and if so, why not just trade this one in?

Also, try getting a value for the car from local dealers, WBAC and other online buyers.

It could work out a lot cheaper than paying any fees for handing it back with damage

neilmcl

Can you answer Motorguy's questions in post #2. Are you handing the car back to the finance company or are you actually using it as a trade-in against your next car?

bigisi

EmilyMac wrote: »

I am just going to admit defeat and pay what they charge.

How is it defeat? You damaged their property, why do you think you shouldn't have to put it right on their terms?

Andyjflet

BVRLA will have sent you a booklet, I'm in the trade and trained on appraisals.
If you are handing it back to the finance company then they via BCA will likely charge you for the alloys, new bumper or repair and respray, respray of the mirror, also ensure there are no lights on the dashboard.
Sounds like by not keeping on top of it you will likely be in for a large bill.

neilmcl

Andyjflet wrote: »

BVRLA will have sent you a booklet, I'm in the trade and trained on appraisals.
If you are handing it back to the finance company then they via BCA will likely charge you for the alloys, new bumper or repair and respray, respray of the mirror, also ensure there are no lights on the dashboard.
Sounds like by not keeping on top of it you will likely be in for a large bill.

No they wouldn't have. I've had a number of PCPs over the years and have never been sent a copy of the BVRLA Fair Wear & Tear guide, always have had to look it one up for myself.

motorguy

neilmcl wrote: »

No they wouldn't have. I've had a number of PCPs over the years and have never been sent a copy of the BVRLA Fair Wear & Tear guide, always have had to look it one up for myself.

+1

BVRLA are a third party, they're not going to send out a booklet to every person who has a PCP deal. Why would they?

EmilyMac

I have now handed the car back to the dealer and got a new car via personal loan.


The charges were a lot less than I expected, so am happy this is done.