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Hi, Advice needed, a family member no longer has any use for a Nissan Leaf, it is on PCP, and approx 3/4s of the way through, contract ends in September. The vehicle is in very good condition, and well within the contracted mileage. However I have been out of the motor trade for a while, and I require some advice. I would recommend a Voluntary Termination personally, this option is actually stated in the contract, with these exact words: -
"TERMINATION: YOUR RIGHTS
"TERMINATION: YOUR RIGHTS
You have a right to end this Agreement. To do so, you should write
to the person you make your payments to. They will then be
entitled to the return of the goods and to half the total amount
payable under this Agreement, that is £5,792.40. If you have
already paid at least this amount plus any overdue instalments and
have taken reasonable care of the goods, you will not have to pay
any more."
To me that is black and white, straight forward, but before I advise this, I have a couple of questions.
1. Would doing have any effect on the credit score, I presume not, as the contract will be Terminated?
2. How would the Voluntary Termination process be initiated. I personally would write only, not phone or email, is there a Template letter you know I could use?
The vehicle just sits on the drive doing nothing, with the occasional use to keep the battery in good order. It is no longer required, owner works from home, and has absolutely no requirements for the car, as has access to another family vehicle - it was only used as a commuting vehicle. I have looked at selling it, but I do not want to do this anymore, and I have no experience of EVs. Also the Nissan dealer where it come from where simply not interested. So am I convinced VT is the way to go. Contract details below: -
To me that is black and white, straight forward, but before I advise this, I have a couple of questions.
1. Would doing have any effect on the credit score, I presume not, as the contract will be Terminated?
2. How would the Voluntary Termination process be initiated. I personally would write only, not phone or email, is there a Template letter you know I could use?
The vehicle just sits on the drive doing nothing, with the occasional use to keep the battery in good order. It is no longer required, owner works from home, and has absolutely no requirements for the car, as has access to another family vehicle - it was only used as a commuting vehicle. I have looked at selling it, but I do not want to do this anymore, and I have no experience of EVs. Also the Nissan dealer where it come from where simply not interested. So am I convinced VT is the way to go. Contract details below: -
Nissan Leaf 64reg
PCP
Total amount of credit £9795
Duration 37 months
Total amount to pay £11600
Start Date 25/09/2018
Outstanding Amount £5650
APR 7.9%
Monthly Payment: £214.30
Annual Mileage: 10000
Final Payment: £3680
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Replies
Try JustEVs, Drive-Green and Go Green Autos. They may offer you a trade in price for the car the same or greater than the current settlement of £5,650. Looking on AT, most dealers have a low mileage 64plate Leaf up for £7-8k, so a trade in of £5,650 may be feasible.
They will take it off you and settle the finance and then you are done.
Obviously don't give them the settlement figure straight away. Ask them for a valuation and then if it's less, haggle to try and get above the settlement figure.
Was that settlement figure of £5,650 accurate and up to date?
To be honest though, what will be gained by trading it.
VTing looks straight forward enough.
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