Good morning. I took out a PCP on Mazda 6 Sport back in August 2014, which is due to expire with last payment in July 2017. The GFV of the vehicle is £3500 and the current settlement figure is £4100. I have also currently exceeded the mileage allowance by 11,000 miles so far at 14.9p/pm (+VAT) penalty for that. This puts me at a massive negative equity situation and the dealer has valued the car at £2500.
Is my best option to pay the settlement figure the month before the last payment is due to get that as low as possible? I figure I am not going to get out of the negative equity as the GFV will be under £2000 by the time I get to July.
Any advice would be appreciated.
Regards
Steve.