Selling mid-PCP contract - what can I do?
In August last year I bought a 62 plate Skoda Yeti TDi 170 Elegance from my local dealer. We traded in my wife's Octavia (£3200) and did a PCP at £345 pcm, minimum future value approximately £8500 if I remember correctly. 14 months on and I am changing to a new job (walking to work!) so would like to get rid of the Yeti.
Problem is the outstanding finance amount is £16200 and the car is only worth £15k. So 14 month's ownership will have cost me over £6000.
Have taken a pay cut for the new job, could do with not having to pay for a car I don't need - any advice other than grin and bear the loss?
Problem is the outstanding finance amount is £16200 and the car is only worth £15k. So 14 month's ownership will have cost me over £6000.
Have taken a pay cut for the new job, could do with not having to pay for a car I don't need - any advice other than grin and bear the loss?
Asked on 15 September 2014 by Old-Git
Answered by
Honest John
You need to read your PCP contract very carefully and then go to see the dealer you bought the car from to find out what can be done. This is the trap of 'Personal Contract Purchases' v/s HP or a loan. You enter a contract that, unless a get-out clause is built in, means you are contracted for the full term.
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