Car lease during covid

ijwrighty

Grumpy_chap said:

Why do you think your only / best option will be VT?

Apart from payment breaks (which I don’t need) not sure what else can be done until I come to near the end of the term.

Grumpy_chap

ijwrighty said:

Grumpy_chap said:

Why do you think your only / best option will be VT?

Apart from payment breaks (which I don’t need) not sure what else can be done until I come to near the end of the term.

But, with PCP, you cannot VT until near the end of the term.  By then, completing the term, pay the balloon, sell for a profit may be your best option.

You seem fixated on the finance company screwing you over which is not proven.

ijwrighty

surely, the finance company will sell that car on for a lot more money as a lower mileage car? Or is that assumption wrong? 

Grumpy_chap

ijwrighty said:

surely, the finance company will sell that car on for a lot more money as a lower mileage car? Or is that assumption wrong? 

Yes, that assumption is wrong.
This is the key thing about PCP.  You have choices at the end:

1. Just hand the car back and walk away or buy another car / PCP
2. Pay the balloon payment and keep the car
3. Pay the balloon payment and sell the car for the massive profit you keep alluding to

If you do (1) and there is a profit to be had, then the finance company get the gain in return for their effort to sell the car.  If you do (3), you get the gain in return for your effort to sell the car.  If there is no gain, or there is a loss, obviously you will do (1).

ijwrighty

Thank you for the advice. I guess I’ve been looking at it from the wrong angle. Just trying find ways to cut down the monthly bills in these current times 

mattyprice4004

I bought some new camping chairs and a tent that I've not been able to use, who do I claim off for that?

Come to think of it, I didn't get to use my BBQ much either - I am outraged!

On a serious note, it's rubbish but there's not a lot you can do; it was entirely unforseeable and it's not fair to expect the finance company to be out of pocket either.
Just one of those things I'm afraid.

Barny1979

Will the OP hand some of the increase in equity their home has gained since the Pandemic started to the Government?

MalMonroe

My car's on a 2 year 0% interest deal PCP, began in Sept 2019. I've hardly been anywhere since March 2020. And I sometimes resent the fact that I appear to have quite an expensive ornament sitting outside doing nothing (except looking pretty!) 

BUT of course I've also paid insurance on it and it's had an MOT and two new tyres and a new battery (four years old when I drove it away, I'll not fall for that one again!) Plus breakdown cover (what a laugh! But I do need to have access to my car at all times in case my elderly relative needs taking to hospital quickly.) Thankfully I don't have to pay road tax.

So I've just decided to ride it out (pun intended) until this Sept and see what happens. No-one could have foreseen a pandemic and I'll lose money if I cancel my insurance and breakdown, so I'll just carry on. It's quite comforting to know that it's there should an emergency arise and I do keep checking tyres, petrol, etc., and firing it up a few days a week. I may be able to sell at a profit given that the mileage will be very low and condition still excellent. Here's hoping!