laserlad2010 wrote: » Went through the letters again. The letter asking for 11k and the car was from earlier this year as she had enquired about this previously. The most recent figure is 19,000 to buy the car. It was 27,000 initially with credit costs. She's a primary school teacher so can't just change jobs, or get public transport as the school isn't near a bus or train. I think she just has to keep the car until the contract is up and then take out a loan for the GMFV. Thanks all for your comments.
rustynutz wrote: » Her name is on the logbook, its hers to sell. The only problem she may have is the new owner may look for proof she has paid off remaining finance. .
mickdw wrote: » Ok so we are getting somewhere. 19k to buy it outright. A bit more than i expected. Given tha tshe would owe a further 5700 over the next 18 payments, that would suggest a very high gfv of over 13.5k on a car that costs 23 or 24k. Something not right here. Is it possible that there are payments missed. This would make more sense. Anyway. The car is currently worth a very large chunk of the outstanding so its not a terrible position. She has a good job with guaranteed money so to be honest i wouldnt panic. Id stick with it, buy it out with loan at end and drive it for years after.
Danbo! wrote: » My point was that even though the salesman knew I was only using the pcp for convenience, he still put on the big show of “brand new car for flip all, you’d be stupid not to” etc.. I could imagine many people who cannot afford the car to be blinded by the low deposit and the heavy focus the salesman puts on repeating “only €xxx per month”
bazz26 wrote: » BMW stuck a pretty high GFV on their PCP deals, something like 50% of the original value. I presume they did similar with the MINI.
laserlad2010 wrote: » Folks all responses appreciated, try to stick to the questions at hand rather than slagging her off please. Yeah, look, I can't argue with the line "tough cookies, she should have realised what she was getting into" because that's exactly what's gone on. However, I'm just trying to help her fix the situation. Her repayments are 320 a month, and with tolls and petrol her car costs approach 700 a month. I have gone through the paperwork and that's what they want if she returns the car now, which is bizarre but that's the official written response they've given. It possibly includes the mileage charge. Look, at the end of the day, she can make the repayments but then she struggles for the rest of the month. I feel it's probably a combination of the overall car costs rather than the actual PCP repayments. My query really is how else can someone get out of a PCP rather than the halfway clause. Has anyone sold the car separately and then given the financiers a cheque?
mickdw wrote: » Yep but this mini was 23 or 24k id assume. That should be at maximum 12k gfv. It looks more like 13.5 to 14k in this case.
laserlad2010 wrote: » Went through the letters again. The letter asking for 11k and the car was from earlier this year as she had enquired about this previously. The most recent figure is 19,000 to buy the car. It was 27,000 initially with credit costs.
bazz26 wrote: » I wonder were there any extras added to it though or did the OP's girlfriend pay full retail?
VW 1 wrote: » From the OP.
gflood wrote: » Im sorry but its already been said. You dont own the car in a PCP agreement, you are renting it ... and renting it for quite a lot of money over the term. PCP is a fooking ticking time bomb, how many others were duped (easily) into getting them. The ads for PCP should be considered illegal and fraud. They don't at all explain the consequences of the whole situation. I was looking at PCP on a new BMW (drive an E92 at the moment) and I told them to fook off with themselves). The blatant lying about the whole contract was laughable. I would have spent nearly 25 grand renting the car over several years with possibility of never owning it.
Cee-Jay-Cee wrote: » . I think she needs to start looking for a new job, without being presumptuous, it’s probably not a highly skilled job she’s in and I’m going to hazard a guess that she’s in retail or the beauty service industry. Surely she can get something similar closer to home to save on the commuting bill??
Cee-Jay-Cee wrote: » First of all the dealer doesn’t want the car back, they appear to be simply giving her the balloon figure which isn’t due for another 18 months in order to get out of the deal now. They’re probably hoping that she either continues with the PCP deal or pays the €11k and haves the car back. Like others have said, the main problem is that your GF is traveling mental miles to a low paid job. Could she now get a similar low paid job closer to home and save herself the commuting bill? She could take an even lower paid job closer to home and still be better off!! Her job is the problem, the payments are low and €300 a month to have a near new car isn’t a huge amount of money.I think she needs to start looking for a new job, without being presumptuous, it’s probably not a highly skilled job she’s in and I’m going to hazard a guess that she’s in retail or the beauty service industry. Surely she can get something similar closer to home to save on the commuting bill??
Cee-Jay-Cee wrote: » First of all the dealer doesn’t want the car back, they appear to be simply giving her the balloon figure which isn’t due for another 18 months in order to get out of the deal now. They’re probably hoping that she either continues with the PCP deal or pays the €11k and haves the car back. Like others have said, the main problem is that your GF is traveling mental miles to a low paid job. Could she now get a similar low paid job closer to home and save herself the commuting bill? She could take an even lower paid job closer to home and still be better off!! Her job is the problem, the payments are low and €300 a month to have a near new car isn’t a huge amount of money. I think she needs to start looking for a new job, without being presumptuous, it’s probably not a highly skilled job she’s in and I’m going to hazard a guess that she’s in retail or the beauty service industry. Surely she can get something similar closer to home to save on the commuting bill??
Larbre34 wrote: » its unsecured money for nothing.
frozenfrozen wrote: » she's a primary school teacher on 35k
tabby aspreme wrote: » If the teachers Union's get hold of this thread there will be hard bargaining in the next round of pay talks. With headlines such as, "Young teacher cannot afford a Mini car"
givyjoe wrote: » The first thing they need to do is ban the use of the term Guaranteed Minimum Future Value! It's misleading..when it should be really called 'the massive fcuking lump sum you pay if you want to keep the car' / aka 'Balloon Payment'.
