Ending a PCP early.

[Tangooneone]

Can it be done when only 6 months into a 48 month contract? If so, how is it done?

Thanks in advance for any input.

 

[scotty76]

Can it be done when only 6 months into a 48 month contract? If so, how is it done?

Thanks in advance for any input.

Call Audi finance ask for a settlement figure. Can then pay by bank transfer.

 

[scotty76]

Did this at 3 months into my PCP.

 

[S32B]

Yes it can be done at anytime, but expect to lose a few quid on it! Trying to sell private will help.

 

[Jassyo06]

Yeah mega bucks...you have lost the VAT straight away...then add depreciation...yip ask

 

[scotty76]

Ah I may have misunderstood the question. Did you plan to keep the car? If so I saved several thousand pounds in interest by settling early. If you planned to try and give it back I don't know what happens.

 

[Tangooneone]

I'm planning on giving it back

 

[Jassyo06]

I'm planning on giving it back

No likey?

 

[Tangooneone]

I love it! Just my job has changed an I'm up and down to Scotland and will be doing 1500-2000 miles per month.

 

[paulk]

I love it! Just my job has changed an I'm up and down to Scotland and will be doing 1500-2000 miles per month.

buy a fiesta diesel as a run about

 

[Brasso]

I'm planning on giving it back

I think to give it back you need to be 50% of the way through payments (in time) to not incur a penalty, although I'd have to check the paperwork. That's how it's been on all previous PCP's I've done.

Best bet is just to call audi finance and see what they say.

 

[Jassyo06]

I love it! Just my job has changed an I'm up and down to Scotland and will be doing 1500-2000 miles per month.

Yeah that makes the S3 expensive but saying that l will be doing 1400 miles a month but only til Xmas

 

[paulk]

I think to give it back you need to be 50% of the way through payments (in time) to not incur a penalty, although I'd have to check the paperwork. That's how it's been on all previous PCP's I've done.

Best bet is just to call audi finance and see what they say.

isn't there a rule , halves and thirds on handing products back during a finance agreement

 

[Tangooneone]

I have a 1 series diesel but that's the wife's and she won't swap me for the S3, I know... Women. It's such a shame as its s beautiful car. Just not great when only getting 27mpg, ha

 

[paulk]

I have a 1 series diesel but that's the wife's and she won't swap me for the S3, I know... Women. It's such a shame as its s beautiful car. Just not great when only getting 27mpg, ha

I did a nice run in eco mode last week 120 round trip managed 34.7 mpg

 

[Tangooneone]

That's good! Another option is getting cruise control fitted and not putting my right foot down so much. But do I really want to put 18-24k on it per year?!

 

[winrya]

You could sell privately and get the buyer to pay the finance company directly to clear the finance and pay you any extra over the settlement figure or you pay any extra to cover negative equity.

You could get a settlement figure and see how much Audi will buy it off you for (they will pay finance company and you'll have to add own cash to cover any negative equity if there is any)

I assume we buy any car and similar businesses would do the same as the dealer.

For reference when we bought the wife's tt we were 18 months into a pcp on a mini jcw. We called our mini dealer and they wanted to buy the car back, cost me £1500 in negative equity but then we ticked almost every option buying the car so wasn't too bad. Was very simple, paid them the negative equity sum and they cleared the finance.

 

[naughts4187]

You're going to have to hope you can get a good settlement figure on this one. Make the call and see what they say. Alternatively you may find an Audi group buyer from Sytner, Stratstone, etc who would offer the best trade in price. Grab a copy of the glass's guide and look at the Audi buyers section. Let us know how you get on.

Personally I wouldn't sell it privately unless the finance is cleared.

 

[MikeParkin]

You will have to pay roughly half of your full finance figure and give the car back. If you look at you paperwork it will tell you exactly what that will be. Just try selling it for what you settlement is.

 

[Cameo]

I did this recently with my S3. I was 10 months into a 48 month PCP and my plan to hand it down to the wife was thwarted too - she didn't want/like the S3. I sold the car back to my dealer, they settled the finance and gave me a cheque for the equity left. It was nice and simple, and I got what I thought was a fair price. I think that was helped by the fact that used S3s seem to be quite sought after because my car was sold within a week.

Having said that I wouldn't dismiss the S3 as a long distance cruiser. I have a 300 mile round trip commute and could average >40 mpg setting the cruise control at 70 mph - you have to be disciplined though!

As others have suggested make the enquiries and find out which makes financial sense to you.

 

[Tangooneone]

Looks like I will be keeping the car for a few more months. The stealers are offering stupid money to buy the car off me. Not sure how much it's worth if I pay off the PCP and sell private. I do love the car so my best bet is just to hijack the wife's BMW as and when I can to keep the mileage down on the S3. Thanks for everyone's help/input - And if anyone wants to buy a Java Green S3 let me know *thumbs up*

 

[Jassyo06]

Mix cars...l used to just to keep me mileage down...l used the Mrs company car when l work weekends...etc