You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
I would like to ask if this is possible, I bought a car on PCP (42 months term) but now (19 months later) due to change of circumstances wants a different car and wants a different brand/make, can a different dealer sort this out to make a sale of what I am after? or am I stuck with current car till the 42 months term is finish? ...in the contract there is a clause that if I made half of the payment overall value I can/will also be able to end/terminate he contract.
You can voluntarily terminate if you've cleared 50% of the total amount payable including the guaranteed value IIRC, so at less than 2 years in that's gonna be quite a chunk of money to hand a car back. So not ideal but yes you can end it.
yah I have calculated that as well.. gonna be 5 months more 🙁 ,,i kinda need a big (ish) car for my summer biking plans 😐
The dealer will just need the settlement figure from the finance company for the first car (x), he'll value the first car (y), quote you for the new car (z)
So you'll need to pay...
z-y+x
Normally on pcp, unless you got something that's got exceptionally good residuals x=y
Check this, but assuming you've got a final payment to make as its pcp I.e. The guaranteed future value of the car which is normally optional, I think you might have to pay half of that as well as the 5 more months? Could be wrong though.. Should be clear in the contract what the total amount payable is.
Yes, it's half the total loan, not half the monthlies bit. So look at the total repayable including the optional final payment, halve it, and see at what point in your 42 months you'd have paid that. Chances are, it's around month 40...
But another dealer can sort it out as mentioned by m0rk. Just expect to lose a shedload of money.
[I]yah I have calculated that as well.. gonna be 5 months more ,,i kinda need a big (ish) car for my summer biking plans [/I]
Rent a van for your holiday?