car PCP and bereavement

andy2912

1) Lexus want £11890
2) the estate can't pay all that,after other expenses and we want our mum to have some saving put away
3) best car buyer offered £14500 (subject to final inspection)
4) car needs bumpers and front wing repaired and alloy refurbished.
5) from lexus t&c's

you can simply give the car back with nothing more to pay, subject to all monthly payments being up-to-date, maximum mileage, and fair wear and tear conditions being met.

and they never mentioned that when we told them my father passed away.
6) Selling a car on PCP to an 85 year old with a limited income was totally wrong in my opinion, paying a third of his income

All we (me and my sisters) want is the car gone with no cost to my mum, as she wants to buy a polo/fiesta size car that less to insure and service and run.

We are thinking of taking it to a local body shop for repair and valet, and been quoted a decent sum, so that Lexus dont charge us and/or car buyers don't offer us less.

Sorry but this issue is stressing my mum out

redpete

andy2912 wrote: »

2) the estate can't pay all that,after other expenses and we want our mum to have some saving put away

Several people have pointed out that debts must be settled before distributing anything left - and that includes money into savings for your mum.

The executor(s) need to follow correct procedure in sorting this out, not what they think is best.

Gaz83

andy2912 wrote: »

1) Lexus want £11890
2) the estate can't pay all that,after other expenses and we want our mum to have some saving put away



Sorry but this issue is stressing my mum out

It may be stressing you out, and I am genuinely sorry for your loss, but this isn't how it works.

When a person dies, their outstanding debts MUST be settled by that person's estate BEFORE any inheritance is distributed. This is a legal requirement. You don't get to choose not to settle any debts to give your mum some savings. It doesn't work like that.

If you do things your way, you are going to get yourself into some serious bother, and that'll stress you out more than just dealing with things correctly in the first place.

YorkshireBoy

andy2912 wrote: »

Anyway nearly 3 years ago he part exchanged his then 3 year old Lexus for a new model, on a PCP lease which personally i think was wrong for the car dealership to do so, if he paid cash not a problem at his age.

6) Selling a car on PCP to an 85 year old with a limited income was totally wrong in my opinion, paying a third of his income

How did he purchase his last Lexus? With savings or on PCP/HP?

andy2912

Yes i understand about paying other debts.. but I thought PCP deals meant the car is not paid for, and can be returned at end of the contract.

andy2912

YorkshireBoy wrote: »

How did he purchase his last Lexus? With savings or on PCP/HP?

He paid cash for his last lexus but that was 2 years old when he purchased it

Clive_Woody

andy2912 wrote: »

Yes i understand about paying other debts.. but I thought PCP deals meant the car is not paid for, and can be returned at end of the contract.

That's correct, you can hand it back and pay for any damage or make the final lump sum payment and keep the car. It sounds like Lexus are quoting for the second option with the final payment.

My suggestion would be to get the repairs done and then make the final three months payments and hand it back.

DrEskimo

andy2912 wrote: »

1) Lexus want £11890
2) the estate can't pay all that,after other expenses and we want our mum to have some saving put away
3) best car buyer offered £14500 (subject to final inspection)
4) car needs bumpers and front wing repaired and alloy refurbished.
5) from lexus t&c's and they never mentioned that when we told them my father passed away.
6) Selling a car on PCP to an 85 year old with a limited income was totally wrong in my opinion, paying a third of his income

All we (me and my sisters) want is the car gone with no cost to my mum, as she wants to buy a polo/fiesta size car that less to insure and service and run.

We are thinking of taking it to a local body shop for repair and valet, and been quoted a decent sum, so that Lexus dont charge us and/or car buyers don't offer us less.

Sorry but this issue is stressing my mum out

I think the fact it's a PCP is confusing you slightly here. Just think of it as a loan. It was a loan secured against the car, and currently there is £11,890 owed.

But if Best Car Buyer are offering you £14,500, then that's fine. Take it to them, they will settle the £11,890 finance that is still owing, and write you a cheque for £2,610. Car is gone, you are left with a cheque to cover the repair work you had done (Or you take it to Best Car Buyer and get a valuation based on the fact it has some damage. They may lower the price to £12,500 and so the £11,890 is cleared and you get a cheque for £610. All depends on what they estimate the repairs will cost them.).

DrEskimo

Clive_Woody wrote: »

That's correct, you can hand it back and pay for any damage or make the final lump sum payment and keep the car. It sounds like Lexus are quoting for the second option with the final payment.

My suggestion would be to get the repairs done and then make the final three months payments and hand it back.

No there is no need!!

He has had an offer from a car trader to buy the car off him for more than the finance owed on it. He should sell it to them and take the positive equity now!

andy2912

Had a quote for car repairs, lot less than Lexus approved place, then taking it back to Lexus dealer next week, who have offered £15k less any damages, and pay finance off so means my mum can put a bit more to a little runabout, as she wants something small and economical.