PCP - can we get out after 2 months
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You can end the PCP at anytime - however your hubby will need to brace as he assumes the position as it will hurt - only 2 months down the line no dent made in the capital payments only interest so you will need to sell the car back into the trade and make up some shortfall possibly - in the real world a dealer will smell desperate seller a mile off and offer you 30-40% less that car sold for (New regards from 1st sept , another owner on log book and influx of part exchanges when New reg comes out) car also in steep depreciation curve in years 0-3.
WBAC will by it as will Evans Halshaw , the car people or tootle. Can’t sell private as you don’t own it on a PCP only leasing it in real terms. As stated the trade will buy it and settle finance but you are very likely to of given away your old car for free and still be handing money over
Shame he didn’t realise about a month ago as most main dealers approved used schemes offer a 30day exchange if not completely happy so could of swapped into a different model far cheaper
Every month he can live with it will cut his losses - live with it for another months and should be able to walk away
As stated can’t VT it without paying around 31 more monthly payment s upfront and no car to show for it and no p/ex0 -
Can’t sell private as you don’t own it on a PCP only leasing it in real terms.
A private sale is quite possible as long as the OP can borrow the money (or has the cash) for a few weeks to pay off the PCP. That simplifies selling private and might get a better price though if I was buying privately and it turned out to be a car bought only two months ago I'd assume it was a lemon and owner was looking to get shot so I'd steer well clear.0 -
Honestly, unless the car is a real lemon, you're better off sticking with it, imho.I used to think that good grammar is important, but now I know that good wine is importanter.0
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I'm not disagreeing that 50% of the finance must be repaid to be eligible for Voluntary Termination (VT). What is to stop the OP from paying the extra in order to end the contract (to take the total to 50% paid)? Once the 50% is paid then the VT can kick in and the car can be returned. Simple and quick option. It is up to the OP to decide whether this option is preferable or not.I'm a 100% sure that they can't. VT is only an option when you've repaid 50& of the finance. OP would be a long way from that goal after two months on a PCP.
Personally, I prefer the option provided by DrEskimo - but is it worth the extra work and hassle? - or is the VT just nice and simple and quick? I think it is worth the extra work, but it is up to the OP to make the choice. To buy themselves out of the contract with a VT.
Look, I was just providing an option, one that I felt was relatively easy to implement if the OP is desperate to get rid of the car. In hindsight though, there are other, potentially better options available, and they have been proposed in this thread
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
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What is the total cost of the agreement to fully own the car at the time he bought it?
What does webuyanycar say its worth?
The difference will be the amount you will have to pay in cash to part exchange it for the car he actually wants - or there abouts, 2 months payments wont really pay any of the capital off.
To hand back the car and VT will be half of the difference.
He may have to drive a £2000 again now until he can save up more money for the next deposit.0
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