Finance cancellation

[nicowalker85]

It's looking like I am going to be starting a new job at the end of Feb. I have my car on pcp, outstanding finance of £20,800 yet we buy any car values at £17,500. To voluntary terminate its over £7500. Any tips on how to minimise losses? I currently have 31 months left of my 42 month contract. The timing couldn't be worse I guess. I'll be gutted to see it go, especially as the company car is a sportage ewwwww...

[jthyssen]

Negotiate with your new employer to use your own car for the next 31months... 

[nicowalker85]

Yeah that's what we thought was going to happen but it's been rejected by finance. :(

[RickTT]

Yeah that's what we thought was going to happen but it's been rejected by finance. :(

 

Its that because your current PCP does not allow business use ?

[nicowalker85]

No, the term has too much time remaining and all their employees are on the company car scheme, also they are already paying the lease on a vehicle for the role

[glosrich]

Tricky situation, I guess there is only so much negotiation you can do with your new employer before they might just ask you 'if you really want the job or not'.....

 

I think the answer is to advertise yours privately for somewhere close to the settlement figure and also take it around a few dealers and see if anyone will offer you more than WBAC.

 

I'd be prepared to lose a small amount maybe up to £1500, as even after you pay your company car tax, its still cheaper than running your own car...

[peter312]

Have you spoken to a Skoda dealer? I would have thought they would be able to offer you a fair bit more than WBAC. (My local deal offered a lot more than WBAC when I thought I might have to sell mine earlier this year).

[SurreyJohn]

Is there anyone else in your family, could you swap cars (you would still need to pay the finance, but could have it covered privately).

Failing that best bet is to contact some dealers and see what you are offered.

There are a handful of other car buying companies that are not so well known that you can try. But beware, often they will try and take a chunk off when they inspect.