Suzuki swift - Getting my PCP bought out and purchase older car

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Sat 29 Jan 2022 13:15
Suzuki swift - Getting my PCP bought out and purchase older car - JCBBFC27

Hello. Basically to make it short I want out of my PCP deal as I just don't like loans especially when they're expensive (not that I can't afford but just depressing to see how much I spend on a car that's not even mine at the end). I've had my car for a year now but as the value of cars newer cars has abruptly risen my car is worth much more than the buyout figure by almost 3 thousand. The car buying sites are offering a lot way over the settlement figure as obviously it's in brilliant condition. I prefer the thought of having much cheaper older cars that I can just own for a few thousand such as for example the 3rd generation swift that's proven to be cheap and reliable. If I find an older car with a good amount of mileage, known for its reliability for a few grand would it be a good idea or not?

Edited by JCBBFC27 on 29/01/2022 at 13:24

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Sat 29 Jan 2022 13:36
Suzuki swift - Getting my PCP bought out and purchase older car - brum

I bought my house for £100k in 1995, its now worth £300k+.

If I sell up now pay off my mortgage, and find an equivalent house for £100k then I'll be quids in.

Whats that you say? I won't be able to buy a cheap house? Hmmm, I hadn't thought about that....

More seroiusly, you can't buy your way out of PCP until the payments made reach a specified minimum, unlikely if you're only one year in on a 3 year agreement.

How can I end my PCP early? PCP agreements can be ended early so long as you've paid 50% of the total finance amount back to the finance company. Note the total finance amount will include any interest and fees that you have to pay too.

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Sat 29 Jan 2022 13:44
Suzuki swift - Getting my PCP bought out and purchase older car - Xileno

I would keep what you've got and consider paying off the balloon payment at the end so you then own the car. You will have driven it from new so know its history. As brum says you might not be able to get out of the PCP now anyway.

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Sat 29 Jan 2022 14:07
Suzuki swift - Getting my PCP bought out and purchase older car - Terry W

You are proposing to swap a newish car for something older and save some money.

Nothing wrong with this - it all depends how much you enjoy driving a new car, vs the sacrifice made in replacing it with something older and cheaper.

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Sat 29 Jan 2022 14:23
Suzuki swift - Getting my PCP bought out and purchase older car - joegrundy

You can ask for a settlement figure at any point during the PCP contract, pay it and end the contract. You then own the car unencumbered and can do with it what you want. You could take out a (usually cheaper) bank loan to finance that settlement.

Dealers and buyers such as wbac are used to dealing with this - they'll buy the car,settle the PCP and give you the balance.

The settlement figure will be less than the 'current balance' shown on a statement because that includes interest for the whole period of the contract - if you settle early the total interest will be reduced.

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Sat 29 Jan 2022 20:18
Suzuki swift - Getting my PCP bought out and purchase older car - brum

If its Suzuki finance ...

Voluntary Termination: You have the right to end the agreement early and return the vehicle to us. If you do this, you need to pay us all repayments that have fallen due up to the time of termination. If at the point that you terminate, the amount you have paid for the vehicle (including the deposit) is less than half the total amount payable for the vehicle you will also need to make an additional payment to bring the amount up to this sum. You will also need to pay:
the outstanding balance less any rebate of charges due for any insurance products/extras and
any charges that may apply if you have not kept the vehicle in good repair or if you have exceeded the agreed maximum mileage allowance.

Others will be the same regarding the 50% minimum plus interest repayment requirement, so if terminating so early you may get back less than you think.

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Sat 29 Jan 2022 21:09
Suzuki swift - Getting my PCP bought out and purchase older car - veloceman
You can settle a PCP at any time just like any finance/HP.
Just get a settlement figure and pay it off.
It is expected that you will settle before you sell the car but as said above Some buying sites will do this for you and pay you the balance.

Edited by veloceman on 29/01/2022 at 21:10

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Sat 29 Jan 2022 21:22
Suzuki swift - Getting my PCP bought out and purchase older car - Xileno

Get a figure for the settlement if you definitely want out of the PCP. Then come back here for advice on what to buy next.

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Sun 30 Jan 2022 08:11
Suzuki swift - Getting my PCP bought out and purchase older car - Palcouk

Into only the first year of a 3 year PCP, it will cost you a significant amount to settle, ignore the balloon figure, as in early settlement its not relevant. You will be out of pocket.

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Sun 30 Jan 2022 09:03
Suzuki swift - Getting my PCP bought out and purchase older car - SLO76
No need to worry, simply call your finance company for an early settlement figure then look up WBAC or local car buying services to see what they’ll offer. They will pay off your finance and pay any balance to you. No problems. Remember that WBAC will lower their figure when you attend with the car in almost every case and they’ll charge unnecessary fees also. I just sold a Volvo to a local equivalent who charged no such fees.
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