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

Mercdriver

photome said:

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 

 Because many posters think that if you give an answer they don't like that you must work for the people they are against.  The Freds are like that also...

Grumpy_chap

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 do you think PCP is, if not a loan?  An expensive one, at that.

Mercdriver

Grumpy_chap said:

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 do you think PCP is, if not a loan?  An expensive one, at that.

Very much depends.  At the moment you can get Mazda CX-30 for £255 deposit and 41 payments of the same with 0% interest.  Or Top of the range CX-5 for £355 x 42 (1st payment is the deposit) - both are PCPs so balloon to pay, but as 0% interest, pretty good deal, so it varies.  

Grumpy_chap

Mercdriver said:

Grumpy_chap said:

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 do you think PCP is, if not a loan?  An expensive one, at that.

Very much depends.  At the moment you can get Mazda CX-30 for £255 deposit and 41 payments of the same with 0% interest.  Or Top of the range CX-5 for £355 x 42 (1st payment is the deposit) - both are PCPs so balloon to pay, but as 0% interest, pretty good deal, so it varies.  

I will accept the 0% finance deals pervert the normal course of things.
PCP is still a loan, though, and the OP said ""I'm not in a position to take out a loan".
Doubt that the 0% will be available for extending the finance of a car approaching the end of PCP term.

macman

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?  

But you've known for 3 or 4 years that the PCP would come to an end on this date.  Nothing that has happened this year has changed that. Your options are the same as they've always been: make the balloon payment, hand the car back, or use any equity in the vehicle to commence a new PCP (the dealer will be delighted if you do the latter). Or sell it on to another dealer. If option 1 and 3 are not viable for you, then buy a cheap car for say £2K cash and run that until your finances improve.
You can't just expect to extend the PCP on the current terms, that's not on offer and never was going to be.

neilmcl

macman 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?  

But you've known for 3 or 4 years that the PCP would come to an end on this date.  Nothing that has happened this year has changed that. Your options are the same as they've always been: make the balloon payment, hand the car back, or use any equity in the vehicle to commence a new PCP (the dealer will be delighted if you do the latter). Or sell it on to another dealer. If option 1 and 3 are not viable for you, then buy a cheap car for say £2K cash and run that until your finances improve.
You can't just expect to extend the PCP on the current terms, that's not on offer and never was going to be.

Totally agree. I did, however, have a PCP extended by a couple of months once but that was only because the car I was waiting  to change to was delayed, but apart from this I can't see it happening under normal circumstances.

MinuteNoodles

jsrose said:

I need a car!

Your choices are simple then.....

1) Pay the balloon payment but I'm guessing you have no money so it'll be a loan.

2) Start a new PCP deal

3) Hand the car back and buy a cheap runaround with the few hundred quid you do have to hand or are able to muster.

You've had 3-4 years advance warning of this happening, you signed a contract which stated how much would be due and when. There is no right to an extension with or without Covid and those who are financially responsible, don't spend every penny they get every month and have an emergency fund have had no problem continuing to meet their commitments.

lopsyfa

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?  

Totally reasonable to think about what could happen. If you pay the balloon, God forbids the worst happen, you can sell the car to clear the loan. There should be little to no shortfall.


Or you can hand the car back and buy a shed cash.

Herzlos

jsrose said:

 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?

Then you'd be locked in for another year. You're almost certainly better off getting a bank loan to cover the balloon figure and then just keeping the car. That way if things change you have the ability to sell the car to do something about it.

(I'm assuming the car is worth more than the PCP, otherwise hand it back and take out another PCP on something else).

DrEskimo

Mercdriver said:

Grumpy_chap said:

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 do you think PCP is, if not a loan?  An expensive one, at that.

Very much depends.  At the moment you can get Mazda CX-30 for £255 deposit and 41 payments of the same with 0% interest.  Or Top of the range CX-5 for £355 x 42 (1st payment is the deposit) - both are PCPs so balloon to pay, but as 0% interest, pretty good deal, so it varies.  

I would be curious if you are able to get the discount on top of the 0% deal. On the website those deals are for the RRP and the small print says it can't be used in conjunction with other offers.

It's possible to get around £1,500 discount off the RRP, but I've seen these only offered on PCP with interest bearing.
If so, you are paying extra for the 0% PCP, just in a different way....