17 replies to this topic

[callum_ensor]

Hi everyone
Sorry if I've posted this on the wrong thread I'm not sure what to class it as :L
Ok so I've bought an almost new polo gti almost a year ago now on a 4 year PCP!
Has anyone ever settled their finance agreement before, to get a classic mini and what the procedure was to do that?
I know that I have to pay half of the PCP before I can do anything under the consumer act or whatever it is ( can't remember off the top of my head).
But yes like I said has anyone had any experience in doing this as I really want a mini while I'm still young and can afford to get one?

Cheers
Callum

Edited by callum_ensor, 27 April 2016 - 02:14 PM.

[Carlos W]

Ask about voluntary termination.

 

They should be able to advise you what to do to get out. I imagine unless you put down a massive deposit your car is worth less than you owe on it

[callum_ensor]

Yeah I put literally next to nothing down on it but still managed to get a good deal on it hence why I got it, but seriously wanting to get rid of it now for a mini, but I just know I won't be able to do anything about it until I've paid half of the PCP or end up paying a large settlement figure

[barnestom]

Yeah I put literally next to nothing down on it but still managed to get a good deal on it hence why I got it, but seriously wanting to get rid of it now for a mini, but I just know I won't be able to do anything about it until I've paid half of the PCP or end up paying a large settlement figure

Why not both? ;)

But yeah you have to fork up the difference.

[callum_ensor]

I'm 19 😂😂 I wish I could!! but unfortunately I don't get paid as well as you, well experienced folk being an apprentice! 😂

[Bungleaio]

The way PCP works you won't get to 50% until a couple of months before the point when you are due to either hand it back or pay the balloon payment especially if you didn't put much of a deposit down. If you call VW financial services (presuming you bought it through VW) they will be able to give you a settlement figure for you to pay and own the car outright or be able to advise at what point you will get to the 50%.

 

Alternatively you are free to sell the polo at any time. If you sell it for more than you owe you'll have to make up the difference.

 

Doing a voluntary termination doesn't affect your credit history but the company that you terminate will hold it against you if you go back to them at a later date and ask for credit  again. 

[barnestom]

Haha luckily my dad technically owns it. So all I do is throw money at it for trackdays. But yeah just to point out half way through is about 3 years in. (as its half the value of the agreement including balloon payment). And if you do give it back then I believe it will discourage other car finance in the future, or so I have read.

 

Polo gti 6r is a great all round car! I keep thinking of getting rid for something else but its good at everything Power Mpg Reliability

 

But yeah getting both is probably cheaper than getting out of a PCP.

 

Save some pennies

[callum_ensor]

Haha luckily my dad technically owns it. So all I do is throw money at it for trackdays.
 
Save some pennies

Yeah you're lucky haha! I'd have to buy them both because my dads tighter than a nuns bumhole! No offence to any nuns, that there maybe on this forum ;)

[James_eaton_thewholething]

I'm a nun and I find your comment offensive and untrue.

Could be worse though at least you have a car you can get in and start everyday. Try owning two classic cars 😔

[callum_ensor]

I'm a nun and I find your comment offensive and untrue.
Could be worse though at least you have a car you can get in and start everyday. Try owning two classic cars

I am deeply sorry ;)
And I can imagine you have a full tool box in each cars boot just incase then haha?
I'd love to own two classics though!

[James_eaton_thewholething]

One is up on axel stands and has been a full restoration which is the mini.

The other is a equally rust proof car of the same age in the form of a 1.9 205 gti. This is my daily car and is really good fun. That will need some work soon though.

Please be aware that I am a nun-priest-monk-Muslim-straight edge-Buddhist.

Wait a minute I forgot that I'm also a Jedi

[barnestom]

I take it you'll be at blyton park on sat to spectate then :) living so close

[CityEPete]

 

 

Alternatively you are free to sell the polo at any time. If you sell it for more than you owe you'll have to make up the difference.

 

 

I don't think you can? You can't sell what is not yours, until the final payment is made in whatever form you DO NOT own the car, you are simply renting it until the "optional purchase payment" is made. 

 

It is advice like that that makes me realise how important HPI checks are when buying a car, OP sells the Polo decides to blow the money in Ibiza rather than paying VW off and the new "owner" now has his debt to pay on top of what he gave the OP or they put it on a low loader and take it away, simple as that.

[callum_ensor]

I take it you'll be at blyton park on sat to spectate then :) living so close

Unfortunately not :/ I have to go to IKEA haha!!

[Bungleaio]

 
 
Alternatively you are free to sell the polo at any time. If you sell it for more than you owe you'll have to make up the difference.
 
 

I don't think you can? You can't sell what is not yours, until the final payment is made in whatever form you DO NOT own the car, you are simply renting it until the "optional purchase payment" is made. 
 
It is advice like that that makes me realise how important HPI checks are when buying a car, OP sells the Polo decides to blow the money in Ibiza rather than paying VW off and the new "owner" now has his debt to pay on top of what he gave the OP or they put it on a low loader and take it away, simple as that.

You can but it will be in your contact that you will send the money to the finance company. Generally if it's a cash sale then the buyer will pay the funds directly to the finance company rather than you. Likewise if you part exchange it the garage will sort the finance out.

If you do sell it for cash and keep the money the finance company probably won't know anything about it provided you keep up the repayments. Once they do find out they won't be happy and you would be in trouble. It would be a foolish person that buys like this anyway as the finance company will just take it off them with no compensation to the buyer.