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Just wondering what is the best thing to do.
We have a car on PCP - monthly payment with balloon at end. We have about £5k equity in this car based on WBAC valuations. I'm going to lease our next car (imminent) so cant part-ex it with a leasing company so do I sell it to WBAC or approach our local Audi dealer to see if they want it? which is likely to get me the better price? is there another option I'm not aware of?
I don't really want the hassle of a private sale and from our last experience of selling a private car not many people buy higher value cars privately because everyone wants to finance them.
thanks.
Are you far enough through to do a voluntary termination and hand it back? Or do you think the car is worth more than remaining payments (is that what you mean by having equity in it?)?
My understanding, and I am happy to be corrected, but most dealers (and the likes of WBAC in particular) will not touch a car with outstanding finance. The finance needs to be cleared first and then they'll take it off your hands.
WBAC and the like will settle the finance for you.
https://www.arnoldclark.com/sell-my-car
How do I sort out the outstanding finance I have against my car?
We will pay any settlement figure to a third party within ten business days and any final balance due to you in three business days, after the settlement figure has been paid into the bank account of the registered keeper.
Ah ok that makes sense 🙂
WBAC took away my 1 year old car, settled the finance and gave me the difference. Took about 20 minutes and the money was in the bank 3 days later.
So wbac seems the most straightforward option by the sounds of it.
By having equity in it, I meant that the value of the car is about £5k higher than the finance settlement figure I have at the moment.
Guess I might phone the local dealer to see what they’ll offer, our last car was for sale privately and they phoned us up and bought it they were so short of stock!
Motorway is the other option and gave us a better payout than WBAC.
So wbac seems the most straightforward option by the sounds of it.
Probably.
Less likely to be the most lucrative. A friend of mine's response to We Buy Any Car was "so do I at that price, git." Only he didn't use the word 'git'.
If the PCP is with Audi talk to them as well, dealers are all desperate for stock at the moment and if it's a desirable model you might get a very good offer.