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Home > Orders (L494) > Advice on PCP termination figures please |
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m13lky Member Since: 08 Aug 2016 Location: Scotland Posts: 310 |
I've got my pcp with black horse aswell, the way mine reads is if I pay half the total figure including interest, I can hand it back with no penalties or black marks on your credit file, with my numbers my gfv is set around £3.5k below half the total pcp amount, so if in year 2.5 onwards I'm not getting offered around min £5k more than I owe I will either terminate early once I've paid the 50% & never have another RRS or buy outright & keep it for another few years, extending the warranty of course! By the way after various x5's & x6's I really like the RRS!
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Sat Jul 15 2017 8:22pm |
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RRS-Si Member Since: 24 May 2017 Location: North Yorkshire Posts: 85 |
Thanks m13Iky for the reply. It seems to me my dealer has set the GFV right to the bare bone as it's only a few pounds difference between the half way amount of my total amount payable and the GFV figure. I thought the GFV figures were set in stone and couldn't be changed to suit dealers. It seems odd you have different figures with a few thousand pound difference.
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Sat Jul 15 2017 9:03pm |
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m13lky Member Since: 08 Aug 2016 Location: Scotland Posts: 310 |
I agree, I always put down a minimal deposit & pay as you go so to speak, if I can't afford the payments I don't have the car.
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Sat Jul 15 2017 10:29pm |
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RRS-Si Member Since: 24 May 2017 Location: North Yorkshire Posts: 85 |
Thanks for reply again m13Iky. I have had a few different options on the finance terms etc. It's like you said it all come down to affordability etc. I did notice that by reducing the term by 6 months didn't reduce the monthly payments as much as you would think as the GFV didn't reflect the extra monthly payments.
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Sun Jul 16 2017 8:01am |
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syl Member Since: 10 Mar 2016 Location: Somerset Posts: 412 |
The GMV is set at what the finance company believes the value will be in 2/3/4 years time. They usually add a small margin to be on the safe side. At the end of the contract you can either hand the keys back or pay the GMV and keep the car (or trade it in, the dealer paying the GMV to the finance company). To be competitive, the finance company doesn't want to add much of a margin or the monthly payment will go too high. Completely separately to this, finance law means that you can hand the car back if you have paid 50%. On a car that holds it's value well, like a Land Rover, you are unlikely to ever reach that figure. On some other cars, however..... |
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Sat Jul 22 2017 4:42pm |
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