Trying to help my niece who is in London and I'm in Glasgow and she doesn't seem to know what she is talking about....
Anyway long story short, she has a PCP on a Polo which is coming to an end in June.She is wanting to pay the guaranteed future value, the admin fee and keep the car.
The only document she seems to have is one called "Sales / Suitability document" which, by the looks of it, is a record of their sales conversation at the time and the recommendations to take the PCP. This has the GFV stated on it.
I got her to phone the dealer but they are refusing to confirm the GFV until she comes in to the showroom and speaks to them. This is obviously to try and get her to buy new, take out a new deal or something to earn them commission.
Anyone on here had PCP that they have then kept car? Did you need to physically go back to dealer or can it be done with a "payment over the phone" or whatever?
(One of these nieces where every fact I asked her has actually turned out to be incorrect - at outset she told me it was a lease, no deposit , £140 per month and 6000 miles cap. In actual fact its a PCP, traded in her car so £3k deposit and the mileage cap is 9000 miles). However she only does 4000 miles so the GFV for her 3 year old Polo SE with 12k miles is only £5500. Similar cars are retailing for £3k more!
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I had a Toyota on a PCP that I wanted to keep - the finance company wrote to me towards the end of the contract confirming the options (return car/ PX / pay balance). I'm fairly sure I paid the balance over the phone with a debit card, I certainly didn't go to the dealership.
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It's not really a GFV, it's an Optional Final Payment.
We had a Honda on PCP (as it was 0%) and they just took the final payment like any other month. They did write to us first though!
With VW (I've briefly had a VW PCP so as to get the deposit contribution) it's nothing to do with the dealer. VWFS deal with it. I Withdrew from ours, but imagine it'll be just the same as the Honda one. She could always call them. I've heard they can be hard to get hold of and somewhat awkward but my own experience is that they were a delight to deal with.
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We kept Berlingo 1 in 2008 after three year PCP ended. AFAIK either the dealer or the finance co wrote to us about a month before contract ended giving us option of making 'balloon' payment or booking an appointment for dealer to appraise vehicle for mileage, condition etc.
We just payed the balloon by card, probably over the phone.
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>>she comes in to the showroom and speaks to them.
The Polo belongs to a Finance Company (Car has nothing to do with the garage) - phone the Finance company directly & pay the £5500. The garage only want to sell her another car.
Friend's daughter had a PCP on a Fiat 500 & was exceeding the mileage by 000's miles (change of job).
She thought she had to go back to the selling Franchise. They "took the car back" - she paid some £2,500 in excess miles & termination (it sat 2 weeks awaiting pickup by the Finance house) & sold her another Fiat 500.
1)Turns out she had paid over 50% of the car finance price & could have returned the car under section 75 & walked away.
2) She bought another Fiat 500, ex day hire car, from the same Fiat dealer on HP & paid some £1200 MORE than she could have paid for the same ex day rent car @ Motorpoint. She did not look at a Bank Loan - the APR on the dealer finance was some 15%.
Fools & their money
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>>Fools & their money
Exactly
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>> Anyone on here had PCP that they have then kept car? Did you need to
>> physically go back to dealer or can it be done with a "payment over the
>> phone" or whatever?
I never had any contact with the dealer once I drove off their forecourt. The PCP was with a separate finance company (RCI) and when I paid it up it was all done online.
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I wouldn't be going back to that dealer on principle, just for being unhelpful.
The term 'GFV' is irrelevant if you are looking to pay the finance off, and it's not for the dealer to confirm or agree anything in this case. It should just be considered a balloon payment needed to settle the agreement. The car could be a burned out shell - it doesn't matter for the purposes of the PCP, unless you are planning to return it to the dealer.
If it were me, I would just contact the finance company directly If it's VWFS:
www.vwfinance.co.uk/en/privatecustomers/manage_agreement/contact_us.html
Drop them a line and tell them what you are looking to do.
With regard to documentation, all of this for my BMW PCP is stored online. It might be worth checking with your daughter to see if she has something similar. In any case, the finance company will be able to help.
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End of PCP contract - Paul Robinson
