PCP and part exchanging to NEW car HELP!

ASAP_Ryan

This has not really been explained to me fully yet but... 
My current PCP finance deal is ending in March 2021 so 7 payments/months left then my final 'balloon' payment. Im looking at getting a new/used car soon, within a few weeks. I know I am in positive equity as my final balloon payment is £9,000 and ive been quoted £13,000 for mine currently. So when I go into the dealership (Audi) to buy a new car I have £4,000 in my car as part exchange I can use as a deposit. BUT if they settle my fiance for me what happens to those 7 months/payments that I would of had to pay? 

As it stands Audi know my settlement figure/Final balloon payment is £9,000 and they said they'll give me £13,000 for mine, meaning I have a £4,000 deposit to play with/they are saying I have 4,000. They haven't mentioned anything about the other 7 payments left which come to 7x300= £2,100. Have they already factored these in? Do these not need paying as its being settled early? 
Can someone explained/ease my mind before putting any pen to paper.
Thanks  

born_again

The "settlement figure" is the amount it will cost to pay off the finance by a given point, usually within a month. NOT what it will be in 7 months time.

ASAP_Ryan

born_again said:

The "settlement figure" is the amount it will cost to pay off the finance by a given point, usually within a month. NOT what it will be in 7 months time.

That makes more sense thanks, how do i find out my settlement figure then? shouldn't Audi of found that out for me?

neilmcl

ASAP_Ryan said:

This has not really been explained to me fully yet but... 
My current PCP finance deal is ending in March 2021 so 7 payments/months left then my final 'balloon' payment. Im looking at getting a new/used car soon, within a few weeks. I know I am in positive equity as my final balloon payment is £9,000 and ive been quoted £13,000 for mine currently. So when I go into the dealership (Audi) to buy a new car I have £4,000 in my car as part exchange I can use as a deposit. BUT if they settle my fiance for me what happens to those 7 months/payments that I would of had to pay? 

As it stands Audi know my settlement figure/Final balloon payment is £9,000 and they said they'll give me £13,000 for mine, meaning I have a £4,000 deposit to play with/they are saying I have 4,000. They haven't mentioned anything about the other 7 payments left which come to 7x300= £2,100. Have they already factored these in? Do these not need paying as its being settled early? 
Can someone explained/ease my mind before putting any pen to paper.
Thanks  

As above, you've got this totally wrong. Ignore the £9,000 final payment, it's irrelevant,. What you need to find out is the exact, current settlement figure from your finance provider (not the dealership), only with this will you know how much the dealer offer is actually worth. Don't be fooled, the only ones getting a good deal by you chopping in your car on PCP early will be the dealer, very rarely the customer.. 

born_again

Ring the finance co and ask.

ASAP_Ryan

The finance was with VW, who/where I bough the car from.

ASAP_Ryan

Im on it thanks guys!!

neilmcl

ASAP_Ryan said:

The finance was with VW, who/where I bough the car from.

No, you got the car from your local Audi franchised dealership, the finance was provided by VWFS. They are two, completely separate entitles as far as you're concerned.

WaywardDriver

neilmcl said:

ASAP_Ryan said:

The finance was with VW, who/where I bough the car from.

No, you got the car from your local Audi franchised dealership, the finance was provided by VWFS. They are two, completely separate entitles as far as you're concerned.

Similar position myself except with Skoda and Audi. The Audi dealer was able to access my Skoda finance plan as they're all basically part of VAG, and provide a part-exchange value. In the event, the Audi was delayed by lockdown, so the Audi dealer arranged an extension to the Skoda finance plan. Skoda finance were then able to track the incoming Audi and stop their finance payments when it arrived. In fact this has just prompted me to check my bank account and the Skoda payments have indeed stopped.