PCP balloon payment question

[RickW]

I'm about to order a new Fabia but I'm a little confused about my  VWFS PCP agreement.

 

I owe about £8600 on the agreement and the dealer said they'll give me that for the car and pay it off. So no equity.

 

Do I then have a balloon payment? Is that the end of the matter?

 

Am I at liberty to say no thanks and sell privately if I pay the £8600 off myself first? 

 

My Fabia could possibly reach as much as £9500 if sold privately and webuyanycar has offered £9000.

 

My question really is,when I pay off VWFS one way or the other is that it done and dusted?

 

[Auric Goldfinger]

9 minutes ago, RickW said:

I'm about to order a new Fabia but I'm a little confused about my  VWFS PCP agreement.

 

I owe about £8600 on the agreement and the dealer said they'll give me that for the car and pay it off. So no equity.

 

Do I then have a balloon payment?  NO.     Is that the end of the matter?    Yes

 

Am I at liberty to say no thanks and sell privately if I pay the £8600 off myself first?  Yes

 

My Fabia could possibly reach as much as £9500 if sold privately and webuyanycar has offered £9000.

 

My question really is, when I pay off VWFS one way or the other is that it done and dusted?  Yes

 

 

If you pay off the car yourself you will get a letter from VWFS saying they have no further interest in the Car, ( or words to that effect )

 

 

Edited 20 September, 2018 by Auric Goldfinger

[RickW]

Thanks AG great relief!

[Auric Goldfinger]

We traded Mrs G's Fabia in for a new CitiGo.  We did a deal  with the dealer, we owed £7500 but they gave us £8500 for the car so we were a Grand up, The new  CitiGo was in there stock.

 

So a Grand from the dealer, £1500 from Skoda, I put £500 in and the dealer put an extra £500 in so we had a £3500 deposit.   

 

 

 

 

[RickW]

Thanks again.

 

I may end up hawking it around dealers and see what I can get for it.

 

It doesn't seem to make a difference that I've polished it every day and drive at 30 mph all the time (hyperbole but close) as opposed to someone who redlines their car all day,never washes it and eats McDonald's in it each lunchtime.

 

To a dealer same car same price.

 

I also guess the extras I want on my new Fabia  won't make a difference in price at the end of the deal either.

 

[penguin17]

36 minutes ago, RickW said:

 

 

I may end up hawking it around dealers and see what I can get for it.

 

It's always worth phoning around a few dealers to see what price you can get.  Some dealers may already have a healthy stock of Fabias that they can'tshift but another dealer may have little stock or even have a prospective customer in mind. e.g When I wanted to p/x my SEAT Leon it was proving difficult due to VW diesel-gate, very few dealers were interested in a VAG TDI and the p/x price was crap; I phoned a dealer in Leicester who had a person who had been in earlier in the week looking for a car just like mine.  The stars aligned, I got the price I wanted (ended up a cash buy) the dealer got an easy sale. 

 

 

Edited 20 September, 2018 by penguin17

[GeneralPurpose]

Rick, it does make a difference if you look after the car. I always meticulously clean my vehicles inside and out every month. Importantly, this includes keeping the engine and engine bay clean too. It's not hard. Each year I give them two coats of a good resin based polish, and a third coat of protective high gloss 'wet look' polish to protect the resin. It's actually easy to do, but takes two or three hours addmittedly. It's easily not just as good as dealer paint protection, but better. I've done this for years since finding the dealer paint protection has some drawbacks. 

 

Anyhoo, all my cars upon trade in get me loads of extra dosh. My last 1.6 tiptronic estate, 7 years old, looked brand new netted me £1400 more than book price on a dealer trade in for another new Skoda. He sold the car for £6k. Webuyany offered £2,750 but upped the offer upon seeing it to £3500. Skoda gave me £4200. All because of its superb condition and  glossy clean state. Same with my 18 month old MK3 hatch, book price £8750, Citroen dealer gave me just over £10k. I owed £8500, so £1500 up! Citroen dealer said he hadn't seen such a well cared for motor for ages. No swirl marks on paint is always good, so aim for that. Of course, full paperwork with service history is vital along with invoices if possible. 

 

Do shop around Rick. I bet you can do better. Extras can make a difference too, just depends what they are.

[RickW]

I will shop around EM,but up to now dealers have only offered me below list price even though it looks like new.

 

I may try some independents who have a shortage of newer vehicles.

[Mikhail]

Current trade valuation live today comes out at;

 

Clean - £9750

 

Average - £9125

 

Below - £8525

 

It's actually risen by £300 since the beginning of the month strangely.... 

 

Good luck! 

 

[RickW]

Thanks Mikhail.  I'm looking to get rid when my new car arrives but I've been putting the feelers out.

 

Webuyanycar offered me more than Skoda dealers.

[RickW]

My car valuation on confused.com Dealers offering me £8600.

Edited 22 September, 2018 by RickW

[Mikhail]

£8,600 seems harsh! Especially for an auto! I would be paying over the odds for any automatic!

[RickW]

My view is that there's a general greed and dishonesty in the motor trade with odd exceptions.

 

They aren't my mates and I won't roll over for them unless of course they trick me with clever convoluted sentences (which has happened in the past).

[Ootohere]

http://wizzle.co.uk

 

See what you get offered.

Or Evans Halshaw.

Edited 22 September, 2018 by Offski

[RickW]

I'm  not ready to sell just yet offski and it's asking for my phone numbers so I'll leave wizzle for now,but thanks for the advice.

 

I have a local Evans Halshaw so I'll go there when I'm ready too.

[RickW]

4 hours ago, Mikhail said:

£8,600 seems harsh! Especially for an auto! I would be paying over the odds for any automatic!

 That price is as offered by two Skoda dealers accompanied by the usual dead pan faces and looks of barely detectable disdain.

They know it's worth more but would never let me know that.

I'm determined to get more for it.

[Auric Goldfinger]

13 hours ago, RickW said:

 That price is as offered by two Skoda dealers accompanied by the usual dead pan faces and looks of barely detectable disdain.

They know it's worth more but would never let me know that.

I'm determined to get more for it.

 

Before we traded Mrs G's Fabia for the CitiGo we called in at another dealers in Hull ( Guess who ) and they would take the car off us and pay off the ballon payment but they wanted £500 of us as they said they couldn't sell the car at the  payoff price as it wasn't worth that much.  The dealer we traded it in at gave us a grand more and an extra £500.  Just shows to shop around.

The dealer we used was in Scarborough 

[RickW]

Scarborough is 139 miles from my home but for the right price I would travel.

[GeneralPurpose]

My Skoda dealer offered the lowest price for my 2017 Fabia 1.2 dsg 110ps hatch. Almost everyone else offered more, by quite some way in some cases.  My Skoda dealer could have still been smarting from the bashing I gave them over my intial new car rejection. I just don't know for sure. It did cost them and Skoda UK to give me a new car, but then Skoda should make better cars and it wouldn't have happened, if you see what I mean. Shopping around is key Rick, but you know all that by now. I'm sure you will get a good price at the time you come to do the deed. Good luck mate!

[RickW]

Thanks EM,I'll make sure I don't give the car away!