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Reply to: PCP Car Frustration
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Previously on "PCP Car Frustration"
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Agreed that you cannot trash the car but normal wear and tear is ok. I speak from experience having done this.
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Originally posted by RichieBoy56 View PostThe OP should Google "Voluntary Termination". This allows return of the vehicle at any time after the half way payment point with no deduction for condition or excess mileage.
http://www.thecarexpert.co.uk/car-fi...nation-pcp-hp/
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Originally posted by Willapp View PostYes but exercise caution here. I had considered doing the same with my PCP car until I spoke to another dealer who pointed out that this puts a bad mark on your credit score as you're effectively aborting the finance agreement. Having said that, a quick Google search suggests that it doesn't affect your actual score but they can put a note on your credit history that you've done a VT which can then affect your ability to PCP in the future.
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Originally posted by RichieBoy56 View PostThe OP should Google "Voluntary Termination". This allows return of the vehicle at any time after the half way payment point with no deduction for condition or excess mileage.
Also I believe your statement about "no deduction for condition" isn't actually true and the car has to be in good order otherwise they can and will make deductions for it - makes sense otherwise you could basically trash it and then hand them back a worthless piece of metal.
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The OP should Google "Voluntary Termination". This allows return of the vehicle at any time after the half way payment point with no deduction for condition or excess mileage.
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I had to get another car this year as the old one was about to die. I sorted out a loan from one of the supermarkets at 3.2%. I have the cash to pay off the loan in the business but this way it keeps me under the higher rate threshold and I don't have to take a tax hit.
If things go wrong I sell the car and pay most off the loan and drive the run-around.
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Originally posted by diseasex View PostNice trick. "Give me a discount because i'm taking it on finance" - they will think they can make money on interest and will give you reduced price, which then you repay. Gonna use it
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Originally posted by WTFH View PostBought the Wife's (tm) car as an ex-management one. 9 months old, 5k on the clock, £8k below list.
The best deal I could get was on HP, so I bought it that way.
The deal was 3 years free servicing and an extra £2k off the price.
So, I took it on HP. Got the 3 years free servicing vouchers when I picked the car up.
Of course, you have a 14 day cooling off period on a finance loan like that, so 10 days after getting the car, I paid it off. No interest, no hassle and over £600 saved from the servicing.
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Bought the Wife's (tm) car as an ex-management one. 9 months old, 5k on the clock, £8k below list.
The best deal I could get was on HP, so I bought it that way.
The deal was 3 years free servicing and an extra £2k off the price.
So, I took it on HP. Got the 3 years free servicing vouchers when I picked the car up.
Of course, you have a 14 day cooling off period on a finance loan like that, so 10 days after getting the car, I paid it off. No interest, no hassle and over £600 saved from the servicing.
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Originally posted by unemployed View PostI tried to pay for a car with a cc , dealer said it would incur a 1.5% charge
how do you get around that one , as every dealer i spoke was the same ?
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Originally posted by unemployed View PostI tried to pay for a car with a cc , dealer said it would incur a 1.5% charge
how do you get around that one , as every dealer i spoke was the same ?
Was a while ago mind.
qh
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Originally posted by vetran View PostI drive a battered Mondeo. When I finish the house I'll buy something nice, but you don't put paving slabs in a Merc if you can avoid it.
Originally posted by diseasex View PostI bought my 2 YO beemer for 20k, 16k miles. It was 39k new so someone paid 19k to drive only 16k miles and sold for half the value
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Originally posted by WTFH View PostGood man, you're learning. Did you put it on a credit card, then shift it to a 0% balance transfer one?
how do you get around that one , as every dealer i spoke was the same ?
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PCPs are a fantastic finance tool for car sales backers.
I can sell you a loan and give you the collateral to cover it, whilst also giving you the responsibility of maintaining said collateral.
Still, if the GFV is less than the market value of the car, it's pretty good. If the GFV is £4800, and the car's worth £4500, that's not great.
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Originally posted by WTFH View PostGood man, you're learning. Did you put it on a credit card, then shift it to a 0% balance transfer one?
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