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PCP finance & emigrating

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  • 23-11-2015 6:32pm
    #1
    GrammArmo
    Registered Users Posts: 5 ✭


    Hi Boards.ie-ers!

    I purchased a new car through a PCP finance arrangement in May, so I've a minimum term of 2.5 years remaining!

    An opportunity has come up to work in the UK full-time, and reside there also, but I don't know what the position will be on this from the finance company!

    I've read the T&C's, and they pretty much say they would not be happy for the asset to be removed from the state, in the event of a default, they could not recover it!

    Has anybody any experience in the area? My main issue is:

    I cannot insure an Irish reg car through a UK company indefinitely, if I tried to register with DVLA for a UK reg, would they report this back to the finance company?

    Thanks in advance!!
    Tagged:


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    #2
    mickdw
    Registered Users Posts: 23,260 ✭✭✭✭mickdw


    GrammArmo wrote: »
    Hi Boards.ie-ers!

    I purchased a new car through a PCP finance arrangement in May, so I've a minimum term of 2.5 years remaining!

    An opportunity has come up to work in the UK full-time, and reside there also, but I don't know what the position will be on this from the finance company!

    I've read the T&C's, and they pretty much say they would not be happy for the asset to be removed from the state, in the event of a default, they could not recover it!

    Has anybody any experience in the area? My main issue is:

    I cannot insure an Irish reg car through a UK company indefinitely, if I tried to register with DVLA for a UK reg, would they report this back to the finance company?

    Thanks in advance!!

    Interesting one.
    You could get a settlement figure from pcp bank. Pay them, take full ownership of car, export it to uk and if you can prove you are permanent in uk get a vrt rebate on it and drive away in uk.
    Alternatively, You could take ownership by paying them off as above then sell car here, then buy similar car cheaper in uk and possibly take it back into ireland vrt free should you return.


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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,619 Mod ✭✭✭✭Henry Ford III


    Get a settlement figure from the finance house and pay it off?


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    #4
    _Kaiser_
    Registered Users Posts: 28,664 ✭✭✭✭_Kaiser_


    mickdw wrote: »
    Interesting one.
    You could get a settlement figure from pcp bank. Pay them, take full ownership of car, export it to uk and if you can prove you are permanent in uk get a vrt rebate on it and drive away in uk.
    Alternatively, You could take ownership by paying them off as above then sell car here, then buy similar car cheaper in uk and possibly take it back into ireland vrt free should you return.
    Henry Ford III wrote: »
    Get a settlement figure from the finance house and pay it off?

    Presumably the reason he went PCP in the first place guys is because he doesn't HAVE new-car-money in cash

    Probably the only option then is to hand it back if the terms (understandably) prohibit exporting it while under the agreement.


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    #5
    biko
    Registered Users Posts: 81,223 ✭✭✭✭biko


    Perhaps another car loan to pay off the PCP? The second loaning bank might be ok with you residing in UK for a while.


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    #6
    Sh1tbag OToole
    Closed Accounts Posts: 3,973 ✭✭✭Sh1tbag OToole


    Once you keep paying them you'll hear nothing from them. In the very unlikely event you do hear from them you are on holidays or on contract and the contract is about to finish.


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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,619 Mod ✭✭✭✭Henry Ford III


    _Kaiser_ wrote: »
    Presumably the reason he went PCP in the first place guys is because he doesn't HAVE new-car-money in cash

    Doesn't matter.

    He can sell the car, posibly with the new owner paying off all/some of the finance.


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    #8
    _Kaiser_
    Registered Users Posts: 28,664 ✭✭✭✭_Kaiser_


    Henry Ford III wrote: »
    Doesn't matter.

    He can sell the car, posibly with the new owner paying off all/some of the finance.

    Maybe, maybe not... suppose that'd depend on the T&Cs. I thought you couldn't sell a car that was on finance.

    Can't imagine someone wanting to buy one with outstanding finance either (wouldn't it cost the buyer more?).. especially not if it'd something common like an A4 or 5 series where there's plenty of "uncomplicated" choices :)


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    #9
    bazz26
    Registered Users Posts: 51,112 ✭✭✭✭bazz26


    People buy and sell cars on finance all the time, there is a straight forward transparent procedure to do so but the important thing is for the seller to be up front about it from day one and for the buyer to do due diligence and background checks.

    Assuming the finance settlement amount is greater than the value of the car the buyer and seller can arrange to go into the finance company together - the buyer pays the agreed purchase price of the car to the finance company and the seller pays the balance to the finance company. The finance is then settled, both buyer and seller should get a statement to such effect from the finance company saying they no longer have an interest in the car.


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    #10
    Casati
    Registered Users Posts: 3,013 ✭✭✭Casati


    I'd bring it back to the supplying dealer and ask them to find out the settlement figure and see what they will give you for the car - depending on the car they might be keen to take it off your hands and flip it (as its 6 months old they will have minimal costs as original warranty will still cover/ probably doesn't even need a service). They might also agree to sell it on your behalf for a reasonable commission

    You might feel hard done by but you'll probably buy a new car int he UK cheaper and hopefully the new job will make up for it


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    #11
    GrammArmo
    Registered Users Posts: 5 ✭GrammArmo


    Thanks for the replies all, some outside the box suggestions I hadn't thought of!

    I would really like to keep the car, it had a 14 week lead time and spec'd to my needs!

    My next approach I think would be to contact DVLA directly, query their process in registering a foreign car with UK plates, and check for any "extenuating circumstances" I.E Find out from them if they run a check for existing finance on the car, and what their reporting obligations are to the legal owner, where the owner is outside the state!


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    #12
    savagethegoat
    Closed Accounts Posts: 2,297 ✭✭✭savagethegoat


    if you just took it to the UK and re-registered it, what would happen if they found out? So long as you kept up the payments, I doubt they'd even be looking at it.


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    #13
    bazz26
    Registered Users Posts: 51,112 ✭✭✭✭bazz26


    I'd be very careful about moving aboard and taking a car with you that you don't own. Read the fine print on the PCP contract you signed up to, there might be something in there regarding this.

    Also one of the regulations around registering an import in the UK is that the analog speedometer has to be changed to mph. On a lot of modern cars this can be an expensive retrofit.


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    #14
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Legally, if you permanently move the car abroad you'd be breaching the terms of the contract you signed when you collected the car.

    If you've made half of the payments including interest and fees you could hand it back under the half rule, or depending on the current settlement figure the dealer that sold you the car may have an interest in buying it back.


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