Multiple PCP agreements for same person

MLAtherton

Hi guys

Is it possible to have multiple PCP agreements in my name? 

I currently have a PCP were the car is shared with my Parents and they want to keep it; i am in the process of having a new car delivered on PCP and was informed i need to settle my current PCP before taking on a new one.

How true is this that there can only be one PCP in my name at a time? 

Thanks for any help.

neilmcl

There's nothing stopping you, it's purely down to the discretion of the finance provider. It's unlikely, for example for the same manufacturer's finance co. to take the risk of allowing you have more than one PCP agreements running but if you had a car from different manufacturer's then you may get lucky.

bazzyb

Some lenders won’t allow it, some will only accept on the condition that your existing is settled - and they will want proof of settlement at the stage they’re paying the deal out. Some will assume your are settling your existing but not actually check. 

The two main reasons why they wouldn’t allow it would be affordability (so that depends on the circumstances of the individual applying), and the second reason would be that some lenders don’t like what is known as “fronting” i.e. where the finance is taken out in someone else’s name other than the person who will be the main driver of the vehicle. 

photome

why did why did you start a new thread to ask the same question that you asked a few days earlier

foxy-stoat

Dont see an issue as long as the second lender knows of your financial commitments.  Obviously if your parents want to keep the car they will be paying the balloon payment anyway.

You will have a second lot of No Claims Discount for the second vehicle, as I assume you will have to insure the car in your name as the finance is in your name.