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Finishing up a PCP

  • 21-01-2019 11:45am
    #1
    tusk
    Registered Users, Registered Users 2 Posts: 5,882 ✭✭✭


    Hi Guys,

    I'm coming to the end of my PCP agreement in March. We've decided to keep the car and pay the balloon - was kind of our plan all along.

    Just wondering what is the actual process for this?

    Do we need to call the finance office/pay by cheque/money transfer?

    No clue what to expect!

    Cheers


Comments

  • #2
    Rusky rusky
    Registered Users Posts: 947 ✭✭✭Rusky rusky


    tusk wrote: »
    Hi Guys,

    I'm coming to the end of my PCP agreement in March. We've decided to keep the car and pay the balloon - was kind of our plan all along.

    Just wondering what is the actual process for this?

    Do we need to call the finance office/pay by cheque/money transfer?

    No clue what to expect!

    Cheers
    It should be described in your pcp contract. VW takes the ballon payment by DD a month after the last monthly payment.


  • #3
    What Username Guidelines
    Registered Users, Registered Users 2 Posts: 2,139 ✭✭✭What Username Guidelines


    Yep, the final agreed payment is just taken from the Direct Debit account. If you call VW Bank they'll give you the settlement date on which your account will be debited to ensure you've the balance in there.


  • #4
    tusk
    Registered Users, Registered Users 2 Posts: 5,882 ✭✭✭tusk


    Yeah I need to root the documentation out. It's for a Hyundai, so went through BOI.


  • #5
    What Username Guidelines
    Registered Users, Registered Users 2 Posts: 2,139 ✭✭✭What Username Guidelines


    tusk wrote: »
    Yeah I need to root the documentation out. It's for a Hyundai, so went through BOI.

    Ah sorry, saw VW in first reply and assumed :o Presume it's same with BOI, a call to them should give you the date. But that's how it worked with VW for me.


  • #6
    Lantus
    Registered Users, Registered Users 2 Posts: 3,027 ✭✭✭Lantus


    Just call them and advise you want to pay off and get terms over 1, 2 or 3 years or the structure on offer. Confirm and advise that payment date should be the same unless advised otherwise.

    Very easy.


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  • #7
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,477 ✭✭✭✭colm_mcm


    Do they offer finance on the balloon amount?


  • #8
    JoeA3
    Registered Users, Registered Users 2 Posts: 7,450 ✭✭✭JoeA3


    colm_mcm wrote: »
    Do they offer finance on the balloon amount?

    Yeah I’d say most of them do. It would probably be more of a traditional loan or HP type of arrangement.


  • #9
    tusk
    Registered Users, Registered Users 2 Posts: 5,882 ✭✭✭tusk


    Cheers folks. Still too lazy to actually find the documentation.

    We have the balloon payment there ready to go, so no need to worry about refinancing :D


  • #10
    James Bond Junior
    Registered Users, Registered Users 2 Posts: 5,140 ✭✭✭James Bond Junior


    colm_mcm wrote: »
    Do they offer finance on the balloon amount?

    BMW do and double interest rate.


  • #11
    GavMan
    Registered Users, Registered Users 2 Posts: 1,920 ✭✭✭GavMan


    James Bond Junior wrote: »
    BMW do and double interest rate.

    Which is probably still cheaper than most bank HP offerings


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  • #12
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,477 ✭✭✭✭colm_mcm


    GavMan wrote: »
    Which is probably still cheaper than most bank HP offerings

    Or personal loan/credit union presumably.

    Wonder if it’s tied to the car though, ie can you sell the car with the loan outstanding?


  • #13
    James Bond Junior
    Registered Users, Registered Users 2 Posts: 5,140 ✭✭✭James Bond Junior


    GavMan wrote: »
    Which is probably still cheaper than most bank HP offerings

    Public service credit unions are about 6% so it made no sense to stay with BMW anyway.


  • #14
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    colm_mcm wrote: »
    Or personal loan/credit union presumably.

    Wonder if it’s tied to the car though, ie can you sell the car with the loan outstanding?

    If you pay off the PCP with a bank loan, you now own the car (if you didn't use the car as security).


  • #15
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,477 ✭✭✭✭colm_mcm


    Wheety wrote: »
    If you pay off the PCP with a bank loan, you now own the car (if you didn't use the car as security).

    I’m saying with whatever arrangement VW Bank are offering.


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