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PCP question

  • 13-10-2020 10:39am
    #1
    opinionated3
    Registered Users, Registered Users 2 Posts: 2,174 ✭✭✭


    Hi all. Just a quick question regarding PCP. What happens if the car you're intending to trade in against another car on PCP ( for the first time) has equity in excess of the 30% deposit required? Can the excess be used to further lessen the monthly payments? Thanks in advance for all replies


Comments

  • #2
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    If your trade-in is worth more than the 30% max deposit then they should write you a cheque for the difference. You cannot directly use it to reduce the agreed monthly payments as the way the PCP agreement is setup on the purchase price of the new car - 30% max deposit, 36 fixed monthly payments and 1 final balloon payment at the end of year 3. However you could deposit that cheque into your bank account and use that money towards your monthly payments or the balloon payment at the end of the 3 years.


  • #3
    opinionated3
    Registered Users, Registered Users 2 Posts: 2,174 ✭✭✭opinionated3


    bazz26 wrote: »
    If your trade-in is worth more than the 30% max deposit then they should write you a cheque for the difference. You cannot directly use it to reduce the agreed monthly payments as the way the PCP agreement is setup on the purchase price of the new car - 30% max deposit, 36 fixed monthly payments and 1 final balloon payment at the end of year 3. However you could deposit that cheque into your bank account and use that money towards your monthly payments or the balloon payment at the end of the 3 years.

    Thanks for your reply. Appreciate the info...


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