Some advice if possible, guys & gals.

 

My Octy 1.4 TSi SE DSG hatch is on a 42 month PCP which expires August 2018. I've had a call from the selling dealer inviting me to discuss an early termination deal because my car is in a 'sweetspot' for its value and they've got some decent offers on.

 

I didn't take the call and know no more than that. But I'd be interested to hear from Briskodians who may have experience of this kind of scenario. May be its just flannel to interest me in a routine offer, may be now might be a better time to change. What do people think?

 

Thanks for any replies.

Edited 15 July, 20178 yr by MorrisOx

I'd be wary, not because of the dealer's deals (after all, they want you on a new long-term deal) but because of your credit rating. I believe that early termination can be a negative for your rating. Worth investigating. 

neutral not negative, some future lenders may take note of neutrals but, they aren't suppose to affect your credit rating

6 minutes ago, bigman1976 said:

I'd be wary, not because of the dealer's deals (after all, they want you on a new long-term deal) but because of your credit rating. I believe that early termination can be a negative for your rating. Worth investigating. 

 

If you trade your car in to say the same dealer and taking out another PCP before your other one has finished you arn't terminating your PCP early. The finance is sorted by the dealer and they pay all the fees as though you have finished your original PCP. Your credit rating shouldn't be affected.

 

Mrs G and myself have done this a couple of times, no problem

 

Edited 16 July, 20178 yr by Auric Goldfinger

Just now, Auric Goldfinger said:

 

If you trade your car in to say the same dealerand taking out another PCP before your other one has finished you arn't terminating your PCP early. THe finance is sorted by the dealer and they pay all the fees as though you have finished your original PCP. Your credit rating shouldn't be affected.

 

Mrs G and myself have done this a couple of times, no problem

 

Thank you for the clarification. Wasn't 100% certain but thought it worth some more investigation!

Be very interested in how you get on if you do go and speak to the dealer as my car on PCP finishes Sept 2018.

 

Come back here and let us know, please.

Edited 16 July, 20178 yr by fergiet
Wording change.

Thanks for those replies, and reassuring to hear that switching PCPs through the same dealer shouldn't affect the credit rating; that hadn't occurred to me at all, and will make a point of asking.

 

Not sure whether this will make much difference either, but when I checked my mileage last night I'm running nearly a thousand miles under my 'allowance' under the terms of the PCP.

The idea is to get you into a new car for roughly the same payments. they'll also get more profit for selling the PX

If your not in a rush to buy don't be drawn in by up front offer.  My story is pretty similar to the original post. I was aiming for same payment took about 8 weeks from first offer which was high to come back with two further offers at about 4 and 8 weeks (I made no other contact in this time) to drop the original "That's the best I can do" by £50 / month (£2100)