I bought my RRS on a Land Rover PCP in June 2005. There is a GFMV (I assume this is the balloon payment) of £23760. Now while I'm not intending to settle up now unless I can get a better refinancing deal (shouldn't be too difficult to beat LR's rates!), in June 2008 if I go to the end of the PCP, is it worth paying up the balloon or buying a new car.............................. I know what the dealer would like, but then LR stands to make £10k profit out of me too if I settle up and keep the car! 2020 Pangea Green 1st Edition D240 New Defender 110 is here and loving it
2018 Melting Silver Mini Countryman PHEV - soon to be replaced
2015MY Corris Grey SDv6 HSE Dynamic, the best car I have ever owned, totally reliable only a cou0le of rattles in 3 years, now no longer in my care
Also in my garage is a 1996 TDi300 Defender 90 County HT made into a fake CSW

I'm in the exact same position. I would be interested in any advice too. 2005 Zambezi TDV6 - Gone but not forgotten
2009 Alaska TDV8 - Gone and much missed.



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What's your car worth in June 2008 - market value then will be xxxx ? who knows ?????????? 
" WITH MORE EXTRAS THAN A HOLLYWOOD EPIC "

My GFMV is £24k and I doubt my car will be worth that much. Will LR do me a deal?  2005 Zambezi TDV6 - Gone but not forgotten
2009 Alaska TDV8 - Gone and much missed.



WINNER - 2009 �Idler Of The Year� Award
Runner Up - 2009 �Just Doing What It�s Designed To Do� Award


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Yes - but they'd probably want the keys to your house  
" WITH MORE EXTRAS THAN A HOLLYWOOD EPIC "

To be perfectly honest with you I would be very happy to settle up now by taking out different finance (you get a rebate for early settlement!!) and then refinance the car another way over another couple of years. It is running so well just now and there really is no other reason than that I would like a new white RRS, to get rid of it or change it.
Wonder what Kam advises or can do settling the finance. I've still got 11months to go before I HAVE to do anything! 2020 Pangea Green 1st Edition D240 New Defender 110 is here and loving it
2018 Melting Silver Mini Countryman PHEV - soon to be replaced
2015MY Corris Grey SDv6 HSE Dynamic, the best car I have ever owned, totally reliable only a cou0le of rattles in 3 years, now no longer in my care
Also in my garage is a 1996 TDi300 Defender 90 County HT made into a fake CSW

Kam - where are you? 2005 Zambezi TDV6 - Gone but not forgotten
2009 Alaska TDV8 - Gone and much missed.



WINNER - 2009 �Idler Of The Year� Award
Runner Up - 2009 �Just Doing What It�s Designed To Do� Award


DO NOT CLICK HERE!

Just be careful when you try to settle your outstanding finance. I was in a similar situation when I part chopped my two year old Freelander for my RRS. Despite a 15% deposit and two years worth of monthly payments I was still in negative equity!

The dealer explained that these deals are only beneficial to the customer if they run the full term. You may find that your RRS will still be worth slightly more than the GMFV. Arctic Frost TDV6 SE. Aspen Leather, Cherry Wood, Privacy Glass, PTI, Tow Pack, Mudflaps, Tasmods, a new Fuelflap, a RRSport.co.uk umbrella in the boot & a RRSport.co.uk sticker on the rear glass.
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Some people accuse me of thinking the world revolves around me, but I'm not stupid . . . I know it revolves around the sun. Which shines out of my @rse!!!

most PCP deals have the interest front loaded so if you try to pay off early you can find yourself in neg equity - unless you put a large deposit up front that is

This is where those balanced payments deals work quite well... you pay half interest and half capital throughout the loan term. Generally PCPs aren't designed to be chopped in early - usually if you chop in anywhere before half the term has expired, you will probably lose money. However, if you find yourself lucky to be in the position of PCPing a car that has maintained it's value very well, you could still end up OK. I got rid of my RRS a year after taking out the PCP and the p/x value was 3k over the outstanding finance, which hardly ever happens - but it was when the RRS was still a very desirable car to the market... it's a little bit less so now, but even so the RRS is performing very well in terms of residuals.

Speak to Kam about some feasible exit routes - this is where brokers can really add value. Your LR dealer is tied somewhat to their own products and may not be able to formulate a suitable plan. 

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shmoogle wrote:

............. but even so the RRS is performing very well in terms of residuals.

 
" WITH MORE EXTRAS THAN A HOLLYWOOD EPIC "

Well, the sensible diesel models are anyway... not these fly-by-night SCs  

2009 Outstanding Contribution Award - Joint Runner Up
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In 2003, I bought a new Focus RS for 20K on PCP.
GFV after 3 years was 13K.
I sold it privately for 17.5K.

So 2.5K to run a Focus RS for 3 years !! Bargin. RRS TDV8 HSE - Hybrid TV - Sunroof - Adaptive Front Headlights - Harman/Kardon LOGIC7 system

BMW GT

Guys, i can refinance these bulk amounts for you, and refinance out of PCP agreements, and we reccomend BRP deals too, as they aren't front loaded and work out much better for the client. PCP's are good for one thing, and thats a phat commission for the dealer.. i would gladly put you on a pcp if you requested it, however would always advise against them. With most prestige vehicles, residuals can be predicted to a degree, therefore you're paying for a guarantee you'll never make use of, also, most people walk in with a large deposit, therefore, would you ever hand the keys back in and walk away even with equity remaining in the car? answer is usually no! Although if the car did landslide that much, something somewhere has gone very wrong!

If anyone wants a refinance quote, let me know.. as always no commitment.. although im off to dubai tommorow, so will be back next week! would be pleased to quote you happy (i hope) at that point..

Cheers
Kam.