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

photome

can’t believe all these people telling the OP he has known about the PCP coming to an end for years ( I only said months) You must all work for Nissan or the finance company

Mercdriver

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

DrEskimo

Mercdriver said:

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

That's precisely the point I was making. Getting the car on 0% PCP is still costing you more....

molerat

DrEskimo said:

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....

Ford are currently offering 0% on 2 year PCP deals with the £1.5 - £2K dealer contribution so wouldn't surprise me if Mazda are offering the same.

bigadaj

photome said:

can’t believe all these people telling the OP he has known about the PCP coming to an end for years ( I only said months) You must all work for Nissan or the finance company

Don't be ridiculous, they are all working for Nissan AND the finance company. 

Mercdriver

DrEskimo said:

Mercdriver said:

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

That's precisely the point I was making. Getting the car on 0% PCP is still costing you more....

That only works when you have the readies in your hands.  At the moment in the current conditions how many would hand over 28k just like that?  If using any kind of finance, it won't save £1500.

DrEskimo

Mercdriver said:

DrEskimo said:

Mercdriver said:

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

That's precisely the point I was making. Getting the car on 0% PCP is still costing you more....

That only works when you have the readies in your hands.  At the moment in the current conditions how many would hand over 28k just like that?  If using any kind of finance, it won't save £1500.

Why is taking out a 0% loan for £28k somehow OK in the current climate, but paying in cash isn't?

Again, my point was that 0% PCP is still not necessarily free. It may very well be, but just check that you are not paying extra in the cars price.

ComicGeek

DrEskimo said:

Mercdriver said:

DrEskimo said:

Mercdriver said:

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

That's precisely the point I was making. Getting the car on 0% PCP is still costing you more....

That only works when you have the readies in your hands.  At the moment in the current conditions how many would hand over 28k just like that?  If using any kind of finance, it won't save £1500.

Why is taking out a 0% loan for £28k somehow OK in the current climate, but paying in cash isn't?

Is that a serious question?? Why would anyone pay cash when they can get a 0% loan? 

I was going to buy a new car for cash pre lockdown - have now managed to get a greater trade in value for my car, additional finance contribution of £3k and 0% hp finance. It would cost me more to pay cash!

DrEskimo

ComicGeek said:

DrEskimo said:

Mercdriver said:

DrEskimo said:

Mercdriver said:

DrEskimo said:

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....

I wouldn't mind betting that a standard 3.9% APR deal with the £1500 discount would work out more expensive over the term.  So unless you are paying it off immediately, I would still say that the 0% is the better way.  If I were to go in for it, I would likely sell the car I have and hold the money in an account and use the proceeds towards the GFV, and then the fact that I do 15 - 20,000 miles a year wouldn't matter.

That's precisely the point I was making. Getting the car on 0% PCP is still costing you more....

That only works when you have the readies in your hands.  At the moment in the current conditions how many would hand over 28k just like that?  If using any kind of finance, it won't save £1500.

Why is taking out a 0% loan for £28k somehow OK in the current climate, but paying in cash isn't?

Is that a serious question?? Why would anyone pay cash when they can get a 0% loan? 

I was going to buy a new car for cash pre lockdown - have now managed to get a greater trade in value for my car, additional finance contribution of £3k and 0% hp finance. It would cost me more to pay cash!

Christ sake...read what you quoted me saying, and what you then thought I said....

I said If you are worried about paying £28k in cash because of financial security, it doesn't suddenly make it OK if you borrow £28k at 0% instead....

My entire point about the 0% finance was to check you don't pay more in the car's list price. Of course if you have the same level of discount, get additional deposit contributions and it's 0%, then might as well leave the finance running and get 1% from a savings account.

However, I know when I was looking at my last car, with the PCP option with interest I was able to negotiate a better price on the car than HP at 0%, despite both having the same deposit contribution. Clearly there were extra discounts to be had by taking an interest bearing finance agreement. In which case, the interest bearing finance option would be best, settled quickly by cash so you don't lose that additional discount by paying interest over the term.

Mercdriver

How many instant access savings accounts are paying 1%?  The big difference in paying 28k now in one lump and 28k over 3.5 years is TIME.  You have disregarded this.  Just because you can afford a posh electric car and can afford to spend £28k in one hit doesn't mean everyone can.  Some people may have the resources to do that, but feel they might be better off spreading the expenditure, and at 0% it's not a bad way of doing it.  If they stay within the allowed mileage - and they can pay £30 a month extra a month to double the allowance to 12k - they can hand the car back at month 42.  
People in ivory towers shouldn't throw a hissy fit.