PCP finance.

SteelyDanJalapeno · 06-09-2019 08:42AM

XsApollo wrote: »

Yea just bad timing.
About to start a house purchase and refinancing will complicate that and my funds are being used to pay for the house.
Had planned to pay off the GMFV.
It is stupid but more important things have popped up.

And no it wasn’t a bad purchase
Car is in the green by about 3 or 4K at least.

Sell it privately then?

XsApollo · 06-09-2019 08:43AM

SteelyDanJalapeno wrote: »

Sell it privately then?

Yea I have it up.
No takers yet.
It’s not an expensive car.
Seat Ibiza

ELM327 · 06-09-2019 09:07AM

SteelyDanJalapeno wrote: »

Sell it privately then?

very few people would buy a car that is on finance

Toyotafanboi · 06-09-2019 09:17AM

Unless the house purchase is imminent or your cash is already tied, why dont you buy the car out and then sell it privately, from what you're saying it's probably going to make you money that way. You'd probably turn the whole thing around in 4 weeks or so.

Ryath · 06-09-2019 10:05AM

Could you not try chatting to the chatting to the garage? I know they don't have too but they may give you more than the GMFV hopefully you have enough equity in it.I'm assuming its the Ibiza Mk4, being the old model may hurt you though. Explain the situation with the mortgage and say after that is sorted you can enter another PCP deal.

XsApollo · 06-09-2019 11:15AM

Ryath wrote: »

Could you not try chatting to the chatting to the garage? I know they don't have too but they may give you more than the GMFV hopefully you have enough equity in it.I'm assuming its the Ibiza Mk4, being the old model may hurt you though. Explain the situation with the mortgage and say after that is sorted you can enter another PCP deal.

Yea I’m going in this lunchtime.

Won’t be doing any more car deals on finance tho.
Anyway see what happens.

SteelyDanJalapeno · 06-09-2019 01:39PM

XsApollo wrote: »

Yea I have it up.
No takers yet.
It’s not an expensive car.
Seat Ibiza

What do you mean by "its in the green by 3 or 4k" ?

You think its worth say 10k, but the gmfv is 6 - 7k?

XsApollo · 06-09-2019 01:54PM

Surely it worth 9.5k
Car has 20kkms on it.
Anyway decided to keep it.
So

SteelyDanJalapeno · 06-09-2019 02:02PM

XsApollo wrote: »

Surely it worth 9.5k
Car has 20kkms on it.
Anyway decided to keep it.
So

I only ask because we were in a similar position last year, garage offered 8k for 2 year old clio, we ended clearing the outstanding balance and selling privately for 11k

XsApollo · 06-09-2019 02:18PM

I had a good offer for the car if I went new again.
Pretty much continue on with a new car same spec and same payments.

DaveyDave · 09-09-2019 11:37PM

Here's a silly question, which is most likely a no, but can refinancing the final payment be handed over to someone else?

It would be great if the GF could take my Golf off my hands while I get another one. That would be too easy though.

mickdw · 09-09-2019 11:53PM

Gf gets personal loan in her name for outstanding amount. Gives it to you. You clear finance then sign car to her.
You are then starting from zero with a new car so will have to find a deposit. You have basically given all your equity away to your gf.

sk8board · 12-09-2019 11:27AM

What refinance interest rates have people got for their balloon from VW?

Mrs has a 171 golf coming to end of 3 year PCP. Balloon is €10k.

XsApollo · 12-09-2019 11:29AM

5.9 is what I was offered there the other week.

CoBo55 · 12-09-2019 11:40AM

XsApollo wrote: »

5.9 is what I was offered there the other week.

Over how many years? 5.9 isn't bad compared to C.U.

XsApollo · 12-09-2019 12:02PM

Over 1,2 or 3

CoBo55 · 12-09-2019 12:07PM

XsApollo wrote: »

Over 1,2 or 3

Are you going to pay it off or will you change the car?

sillysocks · 12-09-2019 12:09PM

We got 6.9 over 5 years, will probably pay it off quicker but wanted to keep the payments down as we had to change a second car around the same time.

CoBo55 · 12-09-2019 12:13PM

sillysocks wrote: »

We got 6.9 over 5 years, will probably pay it off quicker but wanted to keep the payments down as we had to change a second car around the same time.

8 years is a long time to be paying for a car, you'll be sick looking at it.

mickdw · 12-09-2019 12:23PM

CoBo55 wrote: »

XsApollo wrote: »

5.9 is what I was offered there the other week.

Over how many years? 5.9 isn't bad compared to C.U.

Credit union is a very expensive place to borrow money. Given the way they seem to now have the same lending criteria as all the banks, I honestly don't see the point of them.
Heavy enough interest rates plus holding 25 percent of loan in savings. It doesn't add up as far as I'm concerned.

XsApollo · 12-09-2019 12:34PM

CoBo55 wrote: »

Are you going to pay it off or will you change the car?

If you read back a bit I was debating wether to hand the car back , as I’m in the middle of something and financing wasn’t an option.
I paid off the balloon in the end.

sillysocks · 12-09-2019 12:56PM

CoBo55 wrote: »

8 years is a long time to be paying for a car, you'll be sick looking at it.

We probably won’t hold onto it for 8 years, just gave us more options at the time.
Although there’s plenty of people do hold onto cars for 8 years!

CoBo55 · 12-09-2019 01:26PM

sillysocks wrote: »

We probably won’t hold onto it for 8 years, just gave us more options at the time.
Although there’s plenty of people do hold onto cars for 8 years!

Very true, having lived with a father who literally drove his cars until they fell apart I vowed never to be like that!!

Lantus · 12-09-2019 01:48PM

sk8board wrote: »

What refinance interest rates have people got for their balloon from VW?

Mrs has a 171 golf coming to end of 3 year PCP. Balloon is €10k.

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

sk8board · 12-09-2019 02:06PM

Lantus wrote: »

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

Thanks - we’re tempted to refinance or just pay it off, and wait for the ID3 test drives later next year. We need a slightly bigger family car now for 3 kids across the back, but only 1 in a child seat.

ShadowHearth · 12-09-2019 10:25PM

Lantus wrote: »

Vw is typically 5.9 and payable over 1, 2 or 3 years. You can pay off early easy enough and the set up is seamless. Just one document to sign and some Id. I even had a 1 month gap between the old and new deal payment wise which was no issue.

If you pay via credit union the car is yours so even if economy goes bonkers and you default on cu loan they can't take car....

When I was talking to Seat ( same VW bank ) I was told it's 5.9% and you choose yourself how much you want to finance and for how long. The only important condition was that it has to be minimum 5k eu. It's handy and lower alr then any bank or credit union. People forget that they don't need to refinance the whole sum. If your balloon is about 10k, you can pay your own 4k and refinance 6k. It's an option.

Lantus · 12-09-2019 10:42PM

sk8board wrote: »

Thanks - we’re tempted to refinance or just pay it off, and wait for the ID3 test drives later next year. We need a slightly bigger family car now for 3 kids across the back, but only 1 in a child seat.

Is Id3 not a golf sized model? 3 kid compatible??? Do they have dimensions...

If the car needs to be bigger move now. You've got flexibility for any brand.

sk8board · 13-09-2019 02:24PM

Lantus wrote: »

Is Id3 not a golf sized model? 3 kid compatible??? Do they have dimensions...

If the car needs to be bigger move now. You've got flexibility for any brand.

everything i've seen online says the ID3 is golf size externally but passat size internally, due to the lack of engine allowing them to extend the wheelbase a pretty decent 5-6".

We have 3 kids, 13, 11 and the youngest is 1 this month, so we only need 1 full-size isofix and nothing else, but obviously need more shoulder room with this next car as they grow.

What we're after is a 5-seat car with a reasonably proper middle rear seat.

Lantus · 14-09-2019 11:33AM

sk8board wrote: »

everything i've seen online says the ID3 is golf size externally but passat size internally, due to the lack of engine allowing them to extend the wheelbase a pretty decent 5-6".

We have 3 kids, 13, 11 and the youngest is 1 this month, so we only need 1 full-size isofix and nothing else, but obviously need more shoulder room with this next car as they grow.

What we're after is a 5-seat car with a reasonably proper middle rear seat.

It's the width that's critical. Not many cars where 3 in back is feasible or comfy beyond school runs. Any dimensions for comparison.

Edit; looks like it's 1800 wide which is 10mm more than a golf and 10 less than an octavia. Passat and superb are an inch bigger. Of course that won't necessarily translate to internal width....

BelovedAunt · 15-09-2019 12:30PM

Lads what's the general consensus on PCP. My friend was telling me it's a good (but expensive) way of having a new car every three years, even if you never own it.

PCP finance.

Comments