PCP ends soon – sell or return?

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This topic contains 1 reply, has 2 voices, and was last updated by Stuart Masson Stuart Masson 2 years, 10 months ago.

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  • #61625 Reply



    I bought my first car almost three years ago from Toyota. My 3 year PCP is coming to an end this summer and I won’t be needing a car anymore. I am considering two options – return the car to the dealer and pay nothing OR sell the car and try to make a profit. If I were to go with the second option, how would it work? Do I have to pay off the GFV first or can the sale be arranged before the PCP runs out? What kind of paperwork is required? If I don’t want to sell privately, where would I find the dealers that are interested? Is it even worth trying or do most people just return the car? Any advice would be much appreciated.

  • #61629 Reply
    Stuart Masson
    Stuart Masson

    You will need to speak to the finance company (usually Toyota Finance) and advise them that you wish to sell the car privately. As it is your finance obligation and they still have ownership title on the car, they need to agree with your plans.

    Some finance companies will insist that the buyer pays them directly for the amount owing, and then any balance to you separately. Some will allow you to take the buyer’s money and them pay them within a certain period of time. Your buyer will need to be aware that there is finance owing on the vehicle and the amount.

    If your car is in good condition, it may be worth selling it privately compared to simply handing it back, as you may get more than the GMFV for the car. Also, if the car does not have a full service history or has gone over its agreed mileage, you will get penalised by the finance company if you give it back so you may be better off (or less worse off) selling it yourself.

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