How did PCP work out in the end?

L-M

micks_address wrote: »

How did you find the petrol versus the TDI driving in general.. I'm going the other way... Imagine it will be smoother and quieter?

Ah ya there’s no comparison. Breath of fresh air to be honest, it was my first petrol in awhile.

Lovely smooth rev range, loads of power. You’ll be delighted with it in the DSG. Has to be one of the best combinations on the road at the moment.

hooch-85

ShadowHearth wrote: »

They got pics up, blue estate. Looks nice.
I still can't get my head around on how much little price dropped after 3 years. Demand I guess...

A bit mad for 27k eu, when I know my local seat dealer, where I got my baby Cupra has 192 demo for 35k eu.

I presume they really low balled you on trade in.

Sorry just getting back to this, what they offered me would put me in negative equity by 2k:eek:. I know the diesels are taking a hit but i didn't think it was by that much. I know the other dealer, we bought my wife's car there and when we inquired about a Leon ST there were offered a much better trade in on the Ibiza than Pierses were willing to do.

asteroids over berlin

tomwaits48 wrote: »

Tiguan Highline 1.5 tsi dsg

€39,200.00

Part exchange

€25,500.00

Deposit

€500.00

Where was this from? I was quoted 41k for base highline, thanks

L-M

asteroids over berlin wrote: »

Where was this from? I was quoted 41k for base highline, thanks

His/her figures are discounted back. Usually done after the fact but some garages do it up front.

They are 41k.

asteroids over berlin

L-M wrote: »

His/her figures are discounted back. Usually done after the fact but some garages do it up front.

They are 41k.

What do you mean by discounted back and after the fact? Thanks

L-M

asteroids over berlin wrote: »

What do you mean by discounted back and after the fact? Thanks

It’s hard to explain, but dealers have to discount the new car and the used car when selling/invoicing them for VAT reasons.

The above figures are discounted back when the customer got the quote.

mickdw

asteroids over berlin wrote: »

What do you mean by discounted back and after the fact? Thanks

They have say 2k built in to retail price to help with trade in pricing etc so if they offer 15k against a 30k retail car, they are really offering 13k against a 28k car.
Accounting will be done on the real figures.

asteroids over berlin

thanks to you both

beggars_bush

This is going to be an interesting thread soon

Abba987

beggars_bush wrote: »

This is going to be an interesting thread soon

Just thinking about this today. I was thinking of signing up. But now... so if you miss a payment is the car taken back? What about your deposit?

mickdw

beggars_bush wrote: »

This is going to be an interesting thread soon

Im sure there will be many cars going back and many people struggling to refinance final payment over the coming months.
Not a pcp issue though to be fair, just the mess we have now. Arguably if the **** really hits the fan, many of these cars on pcp will work out better for the consumer than if they had spent all their savings on the car day one.

Lantus

Abba987 wrote: »

What about your deposit?

Same as if you'd paid by cash, loan or hire purchase. You owe the money outstanding.

dhaughton99

beggars_bush wrote: »

This is going to be an interesting thread soon

It’ll be fine. The children’s allowance pays for it.

ShadowHearth

beggars_bush wrote: »

This is going to be an interesting thread soon

Obviously for some people other people miss fortune will be interesting and fun.

Ironically PCP finance is the best for this kind of disaster. People who will financially struggle, can just keep paying small payments and then Dump the car on to dealer, it's their problem then. So people who are on PCP are in better position then people who had other finance forms.

As I said on other threads, my PCP ends in June and when I took out my car I put away small bit in to separate savings account for balloon or upgrade. Planned on upgrading, but obviously decided not too, but if I want I can go in and pay off my car fully even now, without touching my other savings.
And yes, due to whole virus, my work is closed and I am out of income temporary. Still, my own financial planning payed off and I am not panicking or worried about my finance.

As always, those people who took out cars, they could not afford will burn now, but it will be everyone's fault, but not theirs. You will see, evil banks, evil dealers, evil salespeople etc, but not the darling himself.

McCrack

ShadowHearth wrote: »

Obviously for some people other people miss fortune will be interesting and fun.

Ironically PCP finance is the best for this kind of disaster. People who will financially struggle, can just keep paying small payments and then Dump the car on to dealer, it's their problem then. So people who are on PCP are in better position then people who had other finance forms.

As I said on other threads, my PCP ends in June and when I took out my car I put away small bit in to separate savings account for balloon or upgrade. Planned on upgrading, but obviously decided not too, but if I want I can go in and pay off my car fully even now, without touching my other savings.
And yes, due to whole virus, my work is closed and I am out of income temporary. Still, my own financial planning payed off and I am not panicking or worried about my finance.

As always, those people who took out cars, they could not afford will burn now, but it will be everyone's fault, but not theirs. You will see, evil banks, evil dealers, evil salespeople etc, but not the darling himself.

With a dollop of smugness to boot

dhaughton99

I noticed earlier that the neighbor across from us took delivery today of a new white Volvo 4 wheel drive. Poor girl home for the past few days either laid off or in quarantine.

L-M

ShadowHearth wrote: »

.

As always, those people who took out cars, they could not afford will burn now, but it will be everyone's fault, but not theirs. You will see, evil banks, evil dealers, evil salespeople etc, but not the darling himself.

There won’t be any evil salespeople or dealerships. What you’re forgetting is the PCP balloon is nothing to do with the dealer, it’s all underwritten by the bank.

So if anything there could be a bargain to be had.

That said that won’t come to fruition.

Rackstar

dhaughton99 wrote: »

I noticed earlier that the neighbor across from us took delivery today of a new white Volvo 4 wheel drive. Poor girl home for the past few days either laid off or in quarantine.

Or working from home?

beggars_bush

ShadowHearth wrote: »

Obviously for some people other people miss fortune will be interesting and fun.

Ironically PCP finance is the best for this kind of disaster. People who will financially struggle, can just keep paying small payments and then Dump the car on to dealer, it's their problem then. So people who are on PCP are in better position then people who had other finance forms.

As I said on other threads, my PCP ends in June and when I took out my car I put away small bit in to separate savings account for balloon or upgrade. Planned on upgrading, but obviously decided not too, but if I want I can go in and pay off my car fully even now, without touching my other savings.
And yes, due to whole virus, my work is closed and I am out of income temporary. Still, my own financial planning payed off and I am not panicking or worried about my finance.

As always, those people who took out cars, they could not afford will burn now, but it will be everyone's fault, but not theirs. You will see, evil banks, evil dealers, evil salespeople etc, but not the darling himself.

Fair play to you and your financial intuition

A lot of people haven't a clue how pcp works, and live from month to month with their debts, bills and direct debits.

Markcheese

Is there any chance that dealers or the finance provider will extend the finance in some way for those in trouble ?
If a few customers default the dealer can suck it up ,if loads do then the dealers ( and by extension the brands ),have a big problem ...the customer who looses his or her car ,and is then back to work won't go back to vw or Toyota or who ever in a hurry .. and mightnt be able to with a black mark on their credit history ..

bazz26

The finance is loaned by the finance company not the dealer so the dealer wouldn't have to suck up a customer who defaults.

Markcheese

Who gets landed with the car ? And whatever way the money goes with that ?

CIP4

Markcheese wrote: »

Who gets landed with the car ? And whatever way the money goes with that ?

It’s nothing to do with the dealer it’s the finance company. The dealer is paid in full when you get the car they aren’t lending you the money for it. A lot of them that are handed back seem to be auctioned off.

listermint

dhaughton99 wrote: »

I noticed earlier that the neighbor across from us took delivery today of a new white Volvo 4 wheel drive. Poor girl home for the past few days either laid off or in quarantine.

Sounds like your neighbor has a solid job nice car and working from home during the largest pandemic in recent Irish history

CIP4

listermint wrote: »

Sounds like your neighbor has a solid job nice car and working from home during the largest pandemic in recent Irish history

Yes but the story sounds better if you say she lost her job just after getting the car

L-M

CIP4 wrote: »

It’s nothing to do with the dealer it’s the finance company. The dealer is paid in full when you get the car they aren’t lending you the money for it. A lot of them that are handed back seem to be auctioned off.

There isn’t a lot, if any “handed back”. A very rare occasion.

What people are also forgetting is the bulk of PCPs would have been renewed in January and February so lots have people would either have already taken a new car or re finance/paid off the current one. I would say a huge percent of them are already done.

bazz26

I think next January or February with the next major round of PCP maturity that will be more telling. It's the knock on effects to the economy when we get over this.

micks_address

bazz26 wrote: »

I think next January or February will be more telling. It's the knock on effects to the economy when we get over this.

There would be quite a few due in July no?

I was due then but renewed in February

bazz26

micks_address wrote: »

There would be quite a few due in July no?

I was due then but renewed in February

Definitely but not as much as the beginning of the each new year, plus the full reputations on the global economy might not truly be felt until later in the year. This potentially could be worse than 2008.

Jeju

listermint wrote: »

Sounds like your neighbor has a solid job nice car and working from home during the largest pandemic in recent Irish history

And she will be smugly driving to work in her 4wd during the next snow crises as all her neighbours sit at home stranded with their unfit 2wd. Brilliant forward planning.