If I buy a new car using PCP does the finance Co. appear on the registration document as the owner? I’ve read this is the case but the dealer says my name will be on the registration as owner and keeper? Is this correct?
PCP and ownership
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No, with PCP or HP finance you are the registered owner/keeper as per reg document but the finance company are still the legal owner until the car is paid.
They ask for the registered keeper not the legal owner.
There is somewhere on the V5 document that clarifies a registered keeper is not necessarily the Legal owner.
There is somewhere on the V5 document that clarifies a registered keeper is not necessarily the Legal owner.
Depending on the type of insurance you have and is it a new car then the insurance will pay out (I’m sure they would pay the finance company direct) or you would have to settle the finance then start again. Some insurance companies would replace the vehicle with a like for like. In both cases the finance company would still be the owner of the car until paid for.
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Hi.
If you need any help with insurance at all then please feel free to drop me a line.
Regards,
Dan.
If you need any help with insurance at all then please feel free to drop me a line.
Regards,
Dan.
Can someone also please explain deposit on pcp? As I keep fiddling with the amount of deposit on the calculator to bring the monthly payments down to an acceptable level but it doesn’t seem to lower the total amount payable for some reason. So what is the point in putting in a high deposit? (Around £5k for example)
The more you put in as a deposit will only lower your monthly payments it won't lower the the total amount payable correct me if i'am wrong .
That’s why I can’t work it out as if I put in a high deposit I still pay the same amount and the ballon payment is the same. I thought higher deposit would mean the amount I’m borrowing would be less as the ballon payment stays the same
I put a big deposit in on my S3 to get the payments to around £220 a month as I don't like big monthly payments . I did a 4 year pcp but over paid when I had spare money which shaved off 18 months of interest and then paid the balloon when the car was 2 and half year old .
I’m looking at doing it on a used s3, that doesn’t make much difference does it? Just means the price is lower
It’s 7.4 with my bank same as new so that seems to be same. Hopefully will hold its value as almost 2 years old now. £38k
That APR doesn't seem to bad to be fair . 38k for a 2 year old S3 what's the spec have you got a link to the car you are interested in ?
They’re about £43k new so is £38k ok?
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You can order that car brand new for £38.842 on DTD . I know what I'd be doing mateThey’re about £43k new so is £38k ok?
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Yes but it's around 9 month wait for a new order on S3's at the moment . The car is worth around 35k its never a 38.5k car
Keep in mind that the facelift is due in the next 6/12 months as that will have a big impact on pfl 8Y prices
Yeah that’s true. I’m just looking on Carwow, they were coming in at about £42 last month though
Oh wow. Why are they so cheap in some places? Bet if I went into my dealer they wouldn’t budge at all from the £43k on the build I made
I don't know what spec it is or extras it has on it. I did take pics of the outside of it though while I was waiting in the showroom to collect mine. He offered it me when I contacted them about the 71 reg. He gave me the choice but as I pay cash for my cars, there was a £5k ish difference which I didn't want to pay so went for the 71 reg. It only had 5k miles on so I was happy with that one.
Oh and are all these figures being said in here cash price or pcp price? As I know Audi do about £3k off for their finance but it’s a crazy rate so I’m using my own finance, is that why you are seeing new cars for £38k etc?
Ah that’s why then, it’s £3k less using their finance but it’s a crazy rate so ballon payment is about £3k higher than using my banks pcp
The prices I quoted £35500 for a Dec 2021 S3 saloon with 5k miles on that I bought and the brand new one was available for just under £40k were cash without any finance offers/savings.
If you watch autotrader, S3's do come on there at reasonable prices. Coulsdon audi (which I think is Marshalls) had a new model s3 saloon for £34k but it had more miles than I wanted at 14k miles. That sold quite quick
If you watch autotrader, S3's do come on there at reasonable prices. Coulsdon audi (which I think is Marshalls) had a new model s3 saloon for £34k but it had more miles than I wanted at 14k miles. That sold quite quick
I’m on my phone and can’t seem to get a link. They have 30 a3/s3 and it’s the highest priced one. I searched using used/a3/auto/petrol and it shows 30, a mix of a3 and s3 .
Found it
Says 10 mile on the advert but it’s done 1600 miles . I might give them a call about it
I’ve just noticed that the ballon payment with my bank and also with Audi pcp is now the same at around £21k but it’s used to be £17k with my bank. So is the amount you pay over 4 years not a fixed amount? It’s just due to interest? So as the interest rate goes up, you just pay less capital off? I assumed it was a fixed amount say £25k over 4 years and you just pay more on top if rates change?