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  • FIRST POST
    • Adam Fox
    • By Adam Fox 5th Dec 19, 5:57 PM
    • 5Posts
    • 1Thanks
    Adam Fox
    how to sell a car that has PCP finance?
    • #1
    • 5th Dec 19, 5:57 PM
    how to sell a car that has PCP finance? 5th Dec 19 at 5:57 PM
    hi,

    I'm looking at getting an Audi A4 on a lease as the monthly work out a lot cheaper than my current A180 Sport on PCP finance. I have a settlement figure off £14,541.62 with Black Horse finance @ 6.9%APR However, we buy any car are only offering me £13,750
    I believe the car is worth a lot more than this as its still showroom condition only done 10,800 miles within nearly two years with FSH.

    I've looked into selling on Autotrader and the recommended start price of £16,560 which would more than cover the debt and would help with the contribution of the initial payment of my new lease agreement. Is this Legal to do? How do I inform the private seller it has outstanding finance? How do I make sure finance company gets the settlement figure and I get some form of equity out of the vehicle safely? What's the best option?

    I also, have the dilemma of being pressured into applying for the finance of the lease by the end of tomorrow. I don't want to be in a position where I'm having to make two car payments. Also, I need a car if I sell it tomorrow or fast I will be without a car for two to three weeks and only being 20 years old renting a car is near impossible and ridiculously expensive.

    Have any ideas?
Page 1
    • Caz3121
    • By Caz3121 5th Dec 19, 6:41 PM
    • 12,604 Posts
    • 8,227 Thanks
    Caz3121
    • #2
    • 5th Dec 19, 6:41 PM
    • #2
    • 5th Dec 19, 6:41 PM
    I've looked into selling on Autotrader
    Originally posted by Adam Fox
    https://www.autotrader.co.uk/sell-my-car/advice/how-can-i-sell-a-car-with-outstanding-finance
    • BoGoF
    • By BoGoF 5th Dec 19, 7:09 PM
    • 5,907 Posts
    • 5,986 Thanks
    BoGoF
    • #3
    • 5th Dec 19, 7:09 PM
    • #3
    • 5th Dec 19, 7:09 PM
    Any private buyer with any savvy will do an HPI check and run a mile if there is outstanding finance.
    • Terry Towelling
    • By Terry Towelling 5th Dec 19, 9:03 PM
    • 2,221 Posts
    • 1,894 Thanks
    Terry Towelling
    • #4
    • 5th Dec 19, 9:03 PM
    • #4
    • 5th Dec 19, 9:03 PM
    How much has the Mercedes dealer offered you for the vehicle? Have you asked them? You don't have to be part-exchanging to sell back to the dealer. Don't expect miracles, but it might be better than webuyanycar and get you closer to clearing the finance.

    The trouble with PCP balances is that the payments are structured such that the balance owing and the trade value of the car only coincide at the end of the term when all costs and depreciation have been covered. Just remember that your first few PCP payments will only be paying off interest and VAT/delivery costs (which are not actually part of the vehicle's value).

    The biggest fly in the ointment really, though, is the fact you'd then have to drive an Audi - think of the yards and yards of dismal understeer, inert handling, and the abject shame as all other road users shun you as a total pariah. (I say this having owned 3 Audis in the past)
    • username901
    • By username901 5th Dec 19, 9:19 PM
    • 211 Posts
    • 341 Thanks
    username901
    • #5
    • 5th Dec 19, 9:19 PM
    • #5
    • 5th Dec 19, 9:19 PM
    PCP will 99% of the time end up with 'equity', for want of a better word, left in the car so you'll go back to the dealer and use the difference between GFV and what the dealer will give you as a deposit. Worst case, hand the car back, costing you nothing other than an expensive lesson, or Audi might offer you a grand (try a couple of dealerships)
    • ratrace
    • By ratrace 5th Dec 19, 10:17 PM
    • 844 Posts
    • 616 Thanks
    ratrace
    • #6
    • 5th Dec 19, 10:17 PM
    • #6
    • 5th Dec 19, 10:17 PM
    hi,

    I'm looking at getting an Audi A4 on a lease as the monthly work out a lot cheaper than my current A180 Sport on PCP finance. I have a settlement figure off £14,541.62 with Black Horse finance @ 6.9%APR However, we buy any car are only offering me £13,750
    I believe the car is worth a lot more than this as its still showroom condition only done 10,800 miles within nearly two years with FSH.

    I've looked into selling on Autotrader and the recommended start price of £16,560 which would more than cover the debt and would help with the contribution of the initial payment of my new lease agreement. Is this Legal to do? How do I inform the private seller it has outstanding finance? How do I make sure finance company gets the settlement figure and I get some form of equity out of the vehicle safely? What's the best option?

    I also, have the dilemma of being pressured into applying for the finance of the lease by the end of tomorrow. I don't want to be in a position where I'm having to make two car payments. Also, I need a car if I sell it tomorrow or fast I will be without a car for two to three weeks and only being 20 years old renting a car is near impossible and ridiculously expensive.

    Have any ideas?
    Originally posted by Adam Fox

    Op, mothly running costs are you main concern hence the reason you want to change cars to a lower running one, can you not just keep going with the a180 untill you reach vt point and just give themthe carback and just buy a small used car

    your 20 years old and you are already in nearly 15k's worth of debt just in a car and we dont know if you have any other debt such as cc's or loans etc... but the point im making is you need to stop doing this to your self keep getting in to debt for cars etc... at such a young this is not a road you want to carry on mate trust me if i had someone tell me off when i was younger i would not have wasted all the money i have over the years, i love cars i work on them day in day out but i would not get in to debt for one seeing payments come out evey month after ive worked so hard all month, them early morning starts them days when you dont feel like going in etc... the debt is not worth it it really is not and i do regret every pound i wasted on wants rather than needs, so im just trying to stop you making the same mistakes i did when i was your age and now regret them

    house prices and the cost of living is going up but wages are still the same so start saving now and in a few years you will have the money for a house instead of wasting it on cars and regret it.
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
    • missile
    • By missile 6th Dec 19, 6:55 AM
    • 10,432 Posts
    • 5,412 Thanks
    missile
    • #7
    • 6th Dec 19, 6:55 AM
    • #7
    • 6th Dec 19, 6:55 AM
    Your best option is to keep the car you have.

    6.9% APR is horrendous. Can you get a bank loan?

    It is a big decision. Do not allow yourself to be pressured into making a mistake.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • onomatopoeia99
    • By onomatopoeia99 6th Dec 19, 7:55 AM
    • 6,047 Posts
    • 14,047 Thanks
    onomatopoeia99
    • #8
    • 6th Dec 19, 7:55 AM
    • #8
    • 6th Dec 19, 7:55 AM
    your 20 years old .
    Originally posted by ratrace
    Blimey. When I was 20 I was running around in a 14 year old Morris Marina that cost me £500 to buy outright. Now I'm 50 I'm driving a car that is coming up to its 20th birthday which I've owned for nearly 16 years,.

    Now I know that the build quality and life expectancy of a car built today is much better than a BL car from the mid 1970s, so why does everyone need a new / nearly new car nowadays, especially those barely out of their teens?
    INTP, nerd, libertarian and scifi geek. Home is where my books are.

    5.2kWp system, SE facing, >1% shading, installed March 2019.
    • Ebe Scrooge
    • By Ebe Scrooge 6th Dec 19, 8:25 AM
    • 4,512 Posts
    • 4,084 Thanks
    Ebe Scrooge
    • #9
    • 6th Dec 19, 8:25 AM
    • #9
    • 6th Dec 19, 8:25 AM
    Blimey. When I was 20 I was running around in a 14 year old Morris Marina that cost me £500 to buy outright. Now I'm 50 I'm driving a car that is coming up to its 20th birthday which I've owned for nearly 16 years,.
    Originally posted by onomatopoeia99
    My first car was a 1968 Mini Countryman - the one with the wooden frames around the back windows. Cost me £350, and was 18 years old when I bought it - I distinctly remember because it was built in the year I was born. Loved that car, and it lasted me 3 years.

    And even now I drive older cars, usually around 7 - 10 years old when I buy them, and (touch wood) they've always lasted me really well.
    I may not know much about art, but I know what I like.
    • saveupandbuy
    • By saveupandbuy 6th Dec 19, 8:29 AM
    • 12 Posts
    • 14 Thanks
    saveupandbuy
    True! You will cripple yourself, drain your account every month and for what? To drive round in another ten a penny black or white German finance mobile that everyone knows is on finance/leased and you can't afford to buy one outright.
    • nick74
    • By nick74 6th Dec 19, 9:11 AM
    • 402 Posts
    • 329 Thanks
    nick74

    The biggest fly in the ointment really, though, is the fact you'd then have to drive an Audi - think of the yards and yards of dismal understeer, inert handling, and the abject shame as all other road users shun you as a total pariah. (I say this having owned 3 Audis in the past)
    Originally posted by Terry Towelling
    Yes, but just think of all the fun you could have driving 3" off people's back bumper, with your badly designed HID lights dazzling them in their mirrors..
    • ratrace
    • By ratrace 6th Dec 19, 4:27 PM
    • 844 Posts
    • 616 Thanks
    ratrace
    Blimey. When I was 20 I was running around in a 14 year old Morris Marina that cost me £500 to buy outright. Now I'm 50 I'm driving a car that is coming up to its 20th birthday which I've owned for nearly 16 years,.

    Now I know that the build quality and life expectancy of a car built today is much better than a BL car from the mid 1970s, so why does everyone need a new / nearly new car nowadays, especially those barely out of their teens?
    Originally posted by onomatopoeia99

    Its bizzare it really is, we did an experiment just for a bit of fun at the garage i work at, what we wanted to see out of 7 days is how many hours we spent driving our cars the point of the exercise was to determine what a waste going into debt for cars was

    My result out of 168 hours in a week (7 days) i only used the car for 13.5 hours

    Monday to friday, approx 35 mins to work - 50mins back from work + about 20 mins after work a few errands = 105mins x 5 = 252 mins
    sat 180 mins sunday 120 mins
    total use for the whole week = 13.5hrs of use out of 168hrs

    and the results were similar with the lads at work give or take a few hours

    so as we can see it really is a waste of money to go into debt for a car that you are only going to use for approx for 10% of month but pay 100% for the privilege

    Im not against having a nice car, as i have a bmw m3 but i paid cash for it, took me about 5 years to save for it, all i did was to put the equivalent of a pcp payment away every month till i had the cash to buy it, but i am against people going into debt to buy one and after the pcp ends having nothing to show for it, but heh ho live and let live


    Do people really need to be driving expensive cars that puts them into debt just for them to be sitting works car parks all day not really but these are the same type of people if the price of milk goes up by 10p they start a riot, i see this at work all the time people bringing in expensive cars for repairs and want you to put cheap chinese parts on them, its all about the show and how they look on the outside but internally the begrudge paying for anything thats the truth had a chap in an audi who bought a used brake caliper from a scrap yard because he got it £25 cheaper than the recon one we was going to get but heh whos going to know as long a we look loaded on the outside that what matters long post bit of a rant lol
    Last edited by ratrace; 06-12-2019 at 4:47 PM.
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
    • DavidT67
    • By DavidT67 6th Dec 19, 7:25 PM
    • 128 Posts
    • 59 Thanks
    DavidT67
    Just worth noting that the voluntary termination point for most PCP contracts is in all likelihood in the last month of the agreement, due to the large ballon payment and small monthly payments.
    So once you've signed up, you're in it for the duration...
    • saveupandbuy
    • By saveupandbuy 6th Dec 19, 7:42 PM
    • 12 Posts
    • 14 Thanks
    saveupandbuy
    How many streets of unkempt terrace houses have we driven down with overgrown gardens and broken fences with lines of '19 plate Sportages/A3's/Discoverys parked outside sitting there like lemons, its not like the cars are their pride and joy as you never see them washing or polishing them but hey they're not their cars ..and once the novelty wears off they want rid and a new shiny toy.

    Edit: sorry OP not getting at you personally, after all this is a money saving site, you will thank us one day. Your mates have nice cars but its all a front.
    Last edited by saveupandbuy; 06-12-2019 at 7:49 PM.
    • Missus Hyde
    • By Missus Hyde 7th Dec 19, 1:11 PM
    • 470 Posts
    • 589 Thanks
    Missus Hyde
    My first car was a 1968 Mini Countryman - the one with the wooden frames around the back windows. Cost me £350, and was 18 years old when I bought it - I distinctly remember because it was built in the year I was born. Loved that car, and it lasted me 3 years.

    And even now I drive older cars, usually around 7 - 10 years old when I buy them, and (touch wood) they've always lasted me really well.
    Originally posted by Ebe Scrooge
    My first car was a 1972 Mini Clubman estate; I had it for years and loved it like a brother.

    We're now running a sixteen year old Yaris, which is the most cracking little car; it usually sails through the MOT with very few problems and hopefully is good for quite a few years yet.
    It's a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to, than I have ever known........Sydney Carton.
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