I've never done what your asking regards handing the car back but afaik the 50% is not halfway through the term, but when you have paid off 50% of the original contract obligation. That means 50% of the purchase price plus interest and all associated fees. This in reality can be a lot nearer the end of the pcp term than halfway through.Hi all.
I just wondered if anyone has sold car while still on a pcp deal?
I am one year in and I am given a settlement figure. I’m told Ican sell the car privately or can wait till March at hand back as I will be 50% of way through my contract.
I think you would narrow your target audience though as a lot of people would be put of by the arrangement, me includedJust let everyone know it is PCP at the very top of the advert then confirm that the balance will be paid off as part of the sale, no need to get in to any detail as you will be swamped with timewasters as usual! That way no one can say they didn't know when responding.
As others have said though imho you will still have a long way to go if only 1 year in to it ...
TX.
I think you would narrow your target audience though as a lot of people would be put of by the arrangement, me included
The said person/buyer can pay Audi finance direct all you need is email/phone confirmation SimplesThe problem is the person needs to trust you will pay it off with their money after you handing it over to them. When you are talking about a £20k+ car no one is gonna trust you. It’s different if you have the money to pay it off first then sell otherwise the target audience is mainly dealers and we buy any cr@p dot com.
Another thing about the half way mark just to put it in perspective. My wife car was on a 4 year pcp and 3 and half year on she is now at the half way mark.
Your average car loses roughly 50% value in 3 years so your 3 year pcp half way point is pretty much at the 3 year mark. That’s how they base the pcp guaranteed future value.
Again you can take a car over a 2/3 year pcp contract not everyone does 4 yearsThe problem is the person needs to trust you will pay it off with their money after you handing it over to them. When you are talking about a £20k+ car no one is gonna trust you. It’s different if you have the money to pay it off first then sell otherwise the target audience is mainly dealers and we buy any cr@p dot com.
Another thing about the half way mark just to put it in perspective. My wife car was on a 4 year pcp and 3 and half year on she is now at the half way mark.
Your average car loses roughly 50% value in 3 years so your 3 year pcp half way point is pretty much at the 3 year mark. That’s how they base the pcp guaranteed future value.
Yes sold it to a sports car specialist without any problems.Hi all.
I just wondered if anyone has sold car while still on a pcp deal?
I am one year in and I am given a settlement figure. I’m told Ican sell the car privately or can wait till March at hand back as I will be 50% of way through my contract.
Yes sold it to a sports car specialist without any problems.
It has to be 50% of the total amount payable, not 50% through the PCP term to be able to hand it back and walk away.
You cannot sell the car before the finance is paid off, until then you don't own the car the finance company does.Is it easier to sell privately or to a sports car specialist?
I reckon if I go private on autotrader someone will rob it off me. Heard too many stories haha.
So can the buyer pay off Audi finance directly the settlement figure?
You cannot sell the car before the finance is paid off, until then you don't own the car the finance company does.
True, it is what it is though so best be upfront.I think you would narrow your target audience though as a lot of people would be put of by the arrangement, me included
Get them to pay you then settle finance whilst they are still there eg if you have online banking they can see it all happening.I don’t have the money to settle it atm. But can get that money from the buyer. Will I have to pay it then?
The said person/buyer can pay Audi finance direct all you need is email/phone confirmation Simples
Is it easier to sell privately or to a sports car specialist?
I reckon if I go private on autotrader someone will rob it off me. Heard too many stories haha.
So can the buyer pay off Audi finance directly the settlement figure?
Get them to pay you then settle finance whilst they are still there eg if you have online banking they can see it all happening.
TX.
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Again you can take a car over a 2/3 year pcp contract not everyone does 4 years
TBF handing car back is out of the question. Just want to know what was the best option for people selling, how they will get the most money for their car.
If you have found the private buyer then explain to them that the loan needs paid off and the difference goes to you. Maybe give them a couple hundred quid discount for their troubles to sweeten the deal.Evans Halshaw offered me 3k less than WBAC, who are offering 2.8k less than what a private buyer is offering me... but I am yet to check what offer I could get from performance specialists, so I reckon this should be my next step...
Evans Halshaw offered me 3k less than WBAC, who are offering 2.8k less than what a private buyer is offering me... but I am yet to check what offer I could get from performance specialists, so I reckon this should be my next step...
Performance specialist I doubt will offer more than private. Process should be:
1. Agree price
2. Have latest settlement figure from Audi finance in paper.
3. On the day of pickup call up AF with buyer and confirm settlement figure on that day that will probably differ from printed version you have.
4. Go to online banking but for me I went to a branch of buyers bank in the past.
5. Buyer does two transfers, one to AF to settle finance and 2nd to your account for balance.
6. Sign over v5 and hand over keys.
Simples
Lol either way he gave me a lot more than Audi wanted toWas'nt that much a specialist when buying a 3 door manual......lol
You can still do it, I did it just over 2.5 years into a 4 year PCP and made a few quid when I paid off/then sold the S3. I'd only put a £1,000 deposit down at the start as wellThe moral of this tale is don't buy a car on PCP if you might want to change cars early.
The moral of this tale is don't buy a car on PCP if you might want to change cars early.