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Discussion Starter #1
With the decision to put the country into lockdown for however long kinda forces a situation. The R-S pcp is up at the end of sept. 4 years! Longest I’ve ever kept a car. Had all this not happened, I was looking at buying it outright. But looks like the value will be a lot less than the remaining finance owed. So a big decision is looming Given that driving time in the summer has now been drastically cut.

The choices are:
1. Carry on as is and buy it outright. That’ll cost about £4500 to have it sat there until Oct.
2. SORN it now. Put it back on the road when able, but this situation is going to lose me the summer. Hand it back in Oct.
3. SORN it now. Put it back on the road when able, but this situation is going to lose me the summer. Buy outright in Oct, but still worth a lot less than is owed.
4. VT it now. Probably the most sensible given the drop in secondhand car values, and the impending lack of use approaching.

A sad situation. But hey-ho.

Over to the floor......
 

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With the decision to put the country into lockdown for however long kinda forces a situation. The R-S pcp is up at the end of sept. 4 years! Longest I’ve ever kept a car. Had all this not happened, I was looking at buying it outright. But looks like the value will be a lot less than the remaining finance owed. So a big decision is looming Given that driving time in the summer has now been drastically cut.

The choices are:
1. Carry on as is and buy it outright. That’ll cost about £4500 to have it sat there until Oct.
2. SORN it now. Put it back on the road when able, but this situation is going to lose me the summer. Hand it back in Oct.
3. SORN it now. Put it back on the road when able, but this situation is going to lose me the summer. Buy outright in Oct, but still worth a lot less than is owed.
4. VT it now. Probably the most sensible given the drop in secondhand car values, and the impending lack of use approaching.

A sad situation. But hey-ho.

Over to the floor......
Stay as is and ride it out, you May still get the summer yet, it’s only March
 

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It's a toughie
I'd keep it and see what crops up.

Trust me, we've all took a pasting - owners and renters alike....but only if circumstances force our hands.
 

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Discussion Starter #5
Yep that’s the heart decision.
 

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Well you know the engine is now good, so that's good. They are rare beasts, so may become a collector's item (a good time in the future). I hope to keep mine for many more years to come. I would work out the best way to get from pcp to own it.

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If you want to hang onto it then contact the finance company and offer them a one time price, based on the WBAC price currently on offer.

They’re in serious negative equity at this point, they may take a sensible offer to get rid of it.


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Agreed - for the dealer at the moment cash flow is king. Make them a low offer to terminate the PCP and take it off their hands.
 

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Just for an example, the A7 left us in January with a final PCP payment of £22,500 due to hang onto it.
We were offered £18,250 as a trade-in by a Jaguar dealer, that was top book as the car was immaculate.
It was to go to auction and as yet, it hasn't been re-taxed, so it could just be lying somewhere unsold.

Audi finance lost out big time.
 

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Agreed - for the dealer at the moment cash flow is king. Make them a low offer to terminate the PCP and take it off their hands.
I don't quite understand this. The PCP is with a finance company, the dealer can't alter that final payment? Unless they are selling you a new car and have it figured in somehow?
 

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OK, now it makes sense. But I wish anyone trying this luck...........as the residual value figures will be baked into the finance company's financials. And there is a legal agreement in place.
 

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As above, for the purchaser there's the 50% rule for VT, so the Finance company can lose out at any point.
Making them a sensible offer at this stage may sway them to take it to minimise future financial loss.
 

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Chaps, if I understand this VT correct, once you’re past the 50% of Total amount payable you can walk away then. You are all talking about making a more realistic payment as an alternative. Is my understanding correct?
 

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Discussion Starter #16
Chaps, if I understand this VT correct, once you’re past the 50% of Total amount payable you can walk away then. You are all talking about making a more realistic payment as an alternative. Is my understanding correct?
Correct, but also you need to factor in the milage pro-rata to agreement at point of VT. If over you pay the per/mile penalty.
 

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Correct, but also you need to factor in the milage pro-rata to agreement at point of VT. If over you pay the per/mile penalty.
Not necessarily, if you terminate the agreement, then the terms of the contract are null and void.

Your obligation at that point is to have kept the goods in reasonable condition
 

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Correct, but also you need to factor in the milage pro-rata to agreement at point of VT. If over you pay the per/mile penalty.
I didn't when I VT'd my last XF. In fact I don't think they can penalise you for the mileage.
 

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The Mercedes case highlighted this, they cannot chase you for mileage excess once the contract is VT'd
 
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