What to do at the end of your 3 year pcp deal

[Luton Town]

Has anybody on here sold their car privately at the end of the pcp rather than except the value that they promice you at the dealer.Ihave been told that my A45 will be £22500 after 3 years but have seen them privately going for 28 to 30 grand!Is it easy to do or awkward as you have to pay the finance company first which I suppose could put any potential buyers off.

 

[S205-FTW]

3 years is a long time from now. There'll possibly be a new shape, new engine A45 out by 2019 hence yours will be the 'old model' as less desirable than what's for sale now.

It's actually safest for the buyer to pay the finance company direct as that way there can't be any log book loans on the car (unlike an HPI clear car).

Personally, I wouldn't bank on having any equity on a Merc PCP at the end of the term. They tend to put the GMFV quite high to keep the payments down.

 

[Rory]

...but have seen them privately going for 28 to 30 grand! Is it easy to do or awkward as you have to pay the finance company first which I suppose could put any potential buyers off.

I guess what you don't know is how much those cars actually sell for, or indeed of they sell at all. Obviously some people buy cars at this level privately, but it's a pretty small market.

Regarding the finance, I've seen it suggested that the buyer can pay the finance company themselves, that way they know it's been settled. I've no idea how easy that it is in practice.

 

[tuonopepper]

Looking at the GFV of my GLC it seems inflated so I'm fully expecting little, if any, equity and entered into the agreement fully prepared and almost expecting to hand it back and run away.

 

[gIzzE]

You need to advertise in plenty of time, call the buyers of the main dealers and ask them to underwrite it, and then try WBAC etc. as they like desirable, low mileage, young cars, you might be surprised.

And advertise it privately, the buyer pays the finance company and gives you teh difference.
I would only buy a car privately that had finance on it these days, it means it is not a scam, not a cat d etc. and can't have a log book loan on it, it is a bonus if there is finance on it if you are a buyer.

Just don't leave it to the last minute and run out of time, which is what the dealer will be hoping.

 

[tec]

The A series look too much like a Toyota Corolla from behind, so I can't imagine why anyone would want to buy one.

 

[gIzzE]

Did you find the other kids at school used to move away from the table when you sat down?

 

[JBD]

The A series look too much like a Toyota Corolla from behind, so I can't imagine why anyone would want to buy one.

What's an A Series?

 

[Harridog]

If it's worth more doesn't the dealer offer more on a trade in?

 

[Lennox]

Has anybody on here sold their car privately at the end of the pcp rather than except the value that they promice you at the dealer.Ihave been told that my A45 will be £22500 after 3 years but have seen them privately going for 28 to 30 grand!Is it easy to do or awkward as you have to pay the finance company first which I suppose could put any potential buyers off.

When is your deal up?? I assume soon if you are comparing prices?? Otherwise you cannot.

As for being awkward? No I have sold a few privately at the 30 month period (of a 60 month loan) and I just give the new owner the finance details, he settles the loan, once I have confirmation he gets the car. Usually a few days.

I assume it's dealer PCP rather than on on line super deal? Reason I ask is that dealers make a lot more from a PCP deal than a cash sale, (I could triple my commission when I sold PCP) therefore, I wouldn't be surprised if they try to spring you early from you deal.

 

[R13LLX]

So Lennox does that mean that you would have to pay the outstanding amount on the PCP before selling it on?


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[Deleted member 113659]

The A series look too much like a Toyota Corolla from behind, so I can't imagine why anyone would want to buy one.

Because everyone likes different things in life. Maybe, just maybe the OP can't imagine why anyone would want to buy an old CLK270. Just saying.

I think you just like posting negative comments.

 

[Lennox]

So Lennox does that mean that you would have to pay the outstanding amount on the PCP before selling it on?


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Technically yes. But I have sold cars and asked the perspective buyer to clear the balance and pay me any difference before taking ownership of the car. I of course get written proof that the car is paid off before releasing it. Often buyers like this as they get clear title to the car and know it now theirs.

 

[R13LLX]

No worries thanks for the info ,still got about two years left but thinking about a new toy already [emoji23][emoji1303]


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[gIzzE]

No worries thanks for the info ,still got about two years left but thinking about a new toy already [emoji23][emoji1303]

Haha, that's the spirit!!