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Home Forums Car finance PCP CONTRACT END

This topic contains 3 replies, has 2 voices, and was last updated by Stuart Masson Stuart Masson 1 month, 3 weeks ago.

  • Author
  • #173269 Reply
    Dianne Paton

    My 4 year PCP deal is shortly coming to an end. Im currently looking at the different options available to me. I have visited several garages re part exchanging it with a brand new car, however there appears to be a £2000 negative equity on it. If I decide to buy my own car at the Final Baloon Payment, will the Finance Company negotiate on this figure, and come down a bit, as my car clearly isnt worth what the Baloon Payment is?

  • #174390 Reply
    Stuart Masson
    Stuart Masson

    Hi Dianne. No, your final payment is simply what you owe to settle the outstanding finance. The actual market value of your car is irrelevant if you are paying the balloon payment to keep the car.

    • #175012 Reply

      Can I please ask a question or couple regarding the PCP contract end. My 4 year PCP comes to an end in 14 months. I have an allowance of 8k miles per annum (32000 total), which I have exceeded (changed job since getting the car) I do some 12000 estimate a year, and am currenly just under 4k miles in excess. This means that y the contract end I will have some serious excess. What are my options- is it possible to renegotiate/amend the mileage with the finance company, should I run the contract to the end and part exchange the car – what will then happen to the excess mileage – will this be absorbed in new contract- I estimate the charge will be enormous with 10p per mile +VAT, as per contract. The car is kept in very good condition and all service and MOT are up to date, I am anxious about this issue, not sure which way to move, Would appreciate an advise on this. Thank you

    • #175197 Reply
      Stuart Masson
      Stuart Masson

      Hi Anne. The finance company may allow you to increase your mileage allowance (which will increase your monthly payments) in order to cover your additional miles.

      However, they may not, in which case you need to start saving now to either pay the excess mileage bill or cover any shortfall in the part-exchange price at the end of your contract.


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