8 months left on PCP

tinsh82 · 26-02-2018 7:18am #1

Hi guys looking for some help. I have 8 months left on my PCP, I have taken a job abroad which means I am out of the country for 6-8 weeks at a time and my car is locked up and not in use while I'm away. I had planned to pay off the bulk end amount at the end of the contract. I am just wondering if it is possible to pay off the last few months payments and lump sum early so I own the car then I will either sell the car privately or see if the garage will buy it back off me. I will not be going back into PCP as I won't be in the country much over the next year.

tedpan · 26-02-2018 7:28am

tinsh82 wrote:

Hi guys looking for some help. I have 8 months left on my PCP, I have taken a job abroad which means I am out of the country for 6-8 weeks at a time and my car is locked up and not in use while I'm away. I had planned to pay off the bulk end amount at the end of the contract. I am just wondering if it is possible to pay off the last few months payments and lump sum early so I own the car then I will either sell the car privately or see if the garage will buy it back off me. I will not be going back into PCP as I won't be in the country much over the next year.

Yeah, it depends on which bank you did the PCP with though. Ring them and they'll tell you your options on early payment.

tinsh82 · 26-02-2018 8:24am

tedpan wrote: »

tinsh82 wrote:

Hi guys looking for some help. I have 8 months left on my PCP, I have taken a job abroad which means I am out of the country for 6-8 weeks at a time and my car is locked up and not in use while I'm away. I had planned to pay off the bulk end amount at the end of the contract. I am just wondering if it is possible to pay off the last few months payments and lump sum early so I own the car then I will either sell the car privately or see if the garage will buy it back off me. I will not be going back into PCP as I won't be in the country much over the next year.

Yeah, it depends on which bank you did the PCP with though. Ring them and they'll tell you your options on early payment.

Thanks its BOI I'm away for the next 2 weeks I will have to sort it out once I am back in Ireland

biko · 26-02-2018 9:25am

You can use BoI Talk To forum and see if they can help you there.
They will probably ask you to verify yourself over PM etc but at least you should get some answer.

ba_barabus · 26-02-2018 7:58pm

Isn't there a half term rule similar to HP

bazz26 · 26-02-2018 9:50pm

That's only if you want to hand the car back and walk away empty handed. OP probably has equity in the car so wants to buy it out of PCP and then sell it on.

ba_barabus · 26-02-2018 9:55pm

bazz26 wrote: »

That's only if you want to hand the car back and walk away empty handed. OP probably has equity in the car so wants to buy it out of PCP and then sell it on.

My bad I misread the ops post

bazz26 · 26-02-2018 9:59pm

Ah no worries, do it myself at times.

MarkN · 27-02-2018 7:40am

I’d just stick it up privately and see what happens. Ring the finance company and see how sticky they are, I know Close Brothers who are about to launch a big campaign here soon (they’ve been here for a few years anyway but I believe are to become aggressive in the market) encourage you to trade in a vehicle that they’ve an interest in but are not against a car being sold privately.

End of the day, the bank just want their settlement money, I personally wouldn’t be losing sleep over grey areas in their terms & conditions, a bit like they’re not worried about selling your mortgage to a vulture fund.

8 months left on PCP

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