fusion350z Posted January 4, 2007 Share Posted January 4, 2007 After a relaxing new year I have found that my job is in the balance and even worse my partner has been made redundant. Having a new house and 2 new cars my pride and joy has to go. Any advice would be appreciated. 1. My Z is a July 06 non gt with 3700 miles on the clock. It is std apart from full paintshield front, matts and tonneau cover. How much is she worth? 2. Now the tricky one. The car is on PCP (never had finance before) and have found a settlement fee. Obviously I can not settle this so do I have no other option than return to dealer and sell them the car back? I would ideally like to sell private to ensure a fare price and a genuine buyer but assume this is not possible. Quote Link to comment Share on other sites More sharing options...
sl114 Posted January 4, 2007 Share Posted January 4, 2007 If you have had it for over half the time that the finance is for, then you can just give it back, if not, there will be a fee, depends on the dealer and finance company though Quote Link to comment Share on other sites More sharing options...
Guest prescience Posted January 4, 2007 Share Posted January 4, 2007 What kind of deal is it: - deposit, N monthly payments and final payment (and/or return) - deposit, N monthly payments - N monthly payments Any credit you have been advance will almost certainly be regulated under the Consumer Credit Agreement which means that if you settle early you get a rebate on the interest. You will almost certainly lose out either way (sorry), so you need to understand what you owe (by asking the dealer or finance company for a settlement figure) and proceeding from there. As a general rule, if you want car finance, you should take out a Personal Loan yourself with a 3rd party to keep your options more under your control Feel for you Quote Link to comment Share on other sites More sharing options...
Guest prescience Posted January 4, 2007 Share Posted January 4, 2007 See here ... http://www.askaprice.com/torque-article ... e&item=311 this implies you basically have to pay the settlement figure to buy your way out of the PCP Contract before the car can be sold and in turn implies that you have to 'bridge' the finance for the intervening time (and at a time when you most are not in a position to do that). I don't know enough to understand whether that is the case - but if it is, its a bloody risky type of way to finance a car if anything goes wrong. By taking it out, you're backing that your circumstances do not significantly change until the term expires It could be worse, you could have PCH (Personal Contract Hire) Quote Link to comment Share on other sites More sharing options...
H5 Posted January 4, 2007 Share Posted January 4, 2007 The other option you have is get a settlement figure and compare that to a price you can sensibly get for the car. Then, take out a personal loan to pay off the finance and take title of the car, and then sell it privately (or even back to dealer), that way either breaking even or exceeding your loan value. Quote Link to comment Share on other sites More sharing options...
Guest prescience Posted January 4, 2007 Share Posted January 4, 2007 The other option you have is get a settlement figure and compare that to a price you can sensibly get for the car. Then, take out a personal loan to pay off the finance and take title of the car, and then sell it privately (or even back to dealer), that way either breaking even or exceeding your loan value. That does increase you level of debt substantially in the 'bridge' period which when your job is at risk is a difficult one; also your deposit needs to be taken into account when calculating your 'profit' Quote Link to comment Share on other sites More sharing options...
captint Posted January 4, 2007 Share Posted January 4, 2007 Should you not wait to see what happens to your job and what your partners package will be and whether there is a chance of falling into a new job. Always best to wait than jump and regret it. Quote Link to comment Share on other sites More sharing options...
H5 Posted January 4, 2007 Share Posted January 4, 2007 The other option you have is get a settlement figure and compare that to a price you can sensibly get for the car. Then, take out a personal loan to pay off the finance and take title of the car, and then sell it privately (or even back to dealer), that way either breaking even or exceeding your loan value. That does increase you level of debt substantially in the 'bridge' period which when your job is at risk is a difficult one; also your deposit needs to be taken into account when calculating your 'profit' Agreed, but it's just another option. Quote Link to comment Share on other sites More sharing options...
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