End of PCP for Nissan - how can I delay decision on final payment?

jsrose

Hi
I've come to the end of my agreement with Nissan and they are awaiting my decision re the final payment ie.  do I lease another car or take a loan to pay the balloon payment?  The company is RCI Finance and they've not been that helpful when I've asked them due to the current circumstances if I can delay my final decision.  Does anyone have any advice re how I can go back to them and persuade them to to carry on with the PCP for another year?  Otherwise the loan payments increase.

Thanks

AdrianC

jsrose said:

I've come to the end of my agreement with Nissan and they are awaiting my decision re the final payment ie.  do I lease another car or take a loan to pay the balloon payment?  The company is RCI Finance and they've not been that helpful when I've asked them due to the current circumstances if I can delay my final decision.  Does anyone have any advice re how I can go back to them and persuade them to to carry on with the PCP for another year?  Otherwise the loan payments increase.

You want to extend the current PCP on this car?

They don't have to. The only contractual alternatives are pay the balloon and keep the car, or hand the car back to them. If you pay the balloon, you can then sell the car immediately... Or drive it for the next year, or whatever you wish.

If you want to take on another PCP, it can be with another financier - you are under no obligation to take out another with them.

jsrose

But due to the current circumstances - shouldn't RCI make exceptions - they say they will judge each case on an individual basis on their letter?   I'm not in a position to take out a loan?

neilmcl

jsrose said:

But due to the current circumstances - shouldn't RCI make exceptions - they say they will judge each case on an individual basis on their letter?   I'm not in a position to take out a loan?

Then hand the car back.

jsrose

I need a car!

DUTR

jsrose said:

But due to the current circumstances - shouldn't RCI make exceptions - they say they will judge each case on an individual basis on their letter?   I'm not in a position to take out a loan?

What is RCI? Really Charitable Ideas?
I didn't think so, yes we are in extraordinary circumstances, it doesn't mean you, I the poor people will get much gain from it.
To be fair, you had just shy of 5 months to come up with a plan, me personally I'd jolly well find a way to pay the balloon and keep the car.

photome

Is the car worth more than the balloon payment?  You could pay it off and then sell it if it is ,then buy a cheap car with whatever’s left

jsrose

The car is probably worth more than the balloon payment.  I need to find £10k - I'm just reluctant obviously to make a decision at this time.  The timing is bad!  What if I get made redundant?  

photome

jsrose said:

The car is probably worth more than the balloon payment.  I need to find £10k - I'm just reluctant obviously to make a decision at this time.  The timing is bad!  What if I get made redundant?  

You knew months ago that you had to make the decision, Are you furloughed? Sometimes life is !!!!!! ,but you will have to deal with it

jsrose

photome said:

jsrose said:

The car is probably worth more than the balloon payment.  I need to find £10k - I'm just reluctant obviously to make a decision at this time.  The timing is bad!  What if I get made redundant?  

You knew months ago that you had to make the decision, Are you furloughed? Sometimes life is !!!!!! ,but you will have to deal with it

Blimey!  Do you work for Nissan or RCI!  Not been furloughed but still worried about my future!

photome

jsrose said:

photome said:

jsrose said:

The car is probably worth more than the balloon payment.  I need to find £10k - I'm just reluctant obviously to make a decision at this time.  The timing is bad!  What if I get made redundant?  

You knew months ago that you had to make the decision, Are you furloughed? Sometimes life is !!!!!! ,but you will have to deal with it

Blimey!  Do you work for Nissan or RCI!  Not been furloughed but still worried about my future!

What makes you think your job is at risk?

If you are working now , you could take out the loan and then sell it as I said in my OP.

not sure why you think I work for either