Advice on Car finance needed please

[wkd_clio_16v]

Right, I purchased a Clio in September 2003 brand new. I financed it through RFS on a 3 year PCP with 2.8%APR, thought is was a good idea and I was 17 at the time so done it in my Dad's name.

The agreement will be up in September, I basically haven't looked after the car since I've had it and haven't even had a single service. The car is on 31k miles now and is rarely used as I do my mileage in a company car now. Was just after some advice on whether its within my interest to hand it back now, as I've done 31k and my agreement is 36 months @ 10k miles a year, and the service history state, and minor scratches and dents on car.

Any help would be greatly appreciated.

 

[msa197]

If your not using it, I'd hand it back and get some money back.

 

[wkd_clio_16v]

How do I stand with service history and scratches etc? How do you mean money back?

 

[yeecup]

you cant hand it back without paying a settlement figure as the agreement hasnt ran its full duration, oh and the final payment that is on the agreement is subject to the car being in good condition and serviced according to manufactures service intervals so it will be worth a lot less than the guaranteed future value on your agreement.

 

[wkd_clio_16v]

You can still hand the car back after paying off 50% of the agreement, I know that. The service history/damage/mileage would only be a problem if I were to hand it back at the end of agreement, but your still allowed £150 worth of bodyshop work per panel.

 

[AHD]

I am handing back my clio 53 plate and have the same finance agreement, you will be able to hand it back but they may charge you due to lack of service history,

I phoned up rfs and was told i had to write a letter stating i wanted to volantary terminate my agreement and was liable for conditon of vehicle only

I have done 15500 miles in under 3 years little scartch on the back of car and the alloys are scuffed, im just hoping they dont charge for it .

 

[wkd_clio_16v]

That's the worrying bit because if your just chucking the car back at them, the charges for damage etc. are gonna go right up aren't they!

 

[msa197]

How do you mean money back?

How much do you owe on the car and what's it worth, part ex value.
The difference will be your if they own you or you could end up paying them.

 

[kev O]

if you are are handing the car back and walking a way from the car, reno will assess the car eg milage, service history and conditon. with pvp plans you can only do curtain amount of milages, if you are over you will get charge per mile over, they also may bill you for conditon of car / service history, read some print on term and conitions... hope it helps

 

[wkd_clio_16v]

well it judging what its worth without service history etc.
thanks kev_O will have to dig out finance agreement.

 

[mcoppen]

Had 2 clios on finance, handed the first back after 2 yrs and didnt pay a penny, as is the agreement in the paper work you signed. However as far as i was aware you had to have it serviced at the agreed intervals, or you violate your side of the agreement. Also every agreement i have has been for 10,000 miles a year, with a 6p a mile charge if u go over. If you have done 31k and it still has 8 months to go on the contract their going to hit you with that. If its in bad condition as well they use a set database that goes on the state of the car as into what they give you back for it. You will just have to hope that this is more than the final ballon payment left on the car, or your be paying them to take it away.

 

[The Hoff]

Personal loan is always a better option than these crappy PCP's written to the car. Least with a loan you always have the ability to sell the car and repay the loan etc.

 

[steveV6]

Personal loan is always a better option than these crappy PCP's written to the car. Least with a loan you always have the ability to sell the car and repay the loan etc.

Unfortunately I have to agree with this, i have had 2 PCP's in the past an neither of them worked out favourably. Much better of with a personal loan IMHO.

 

[Bluebeard]

Every deal is diffetent. Best option is to call rfs, find out settlement figure, then get the free ads paper and find out what they are currently selling for.
Voila, sell the car, pay off the pcp, and aunt ***** is roberts brother.
So long as you tell the potential buyer of your car that its on finance, no probs! That way you won't have to fork out anything!

 

[nelson182]

Unfortunately I have to agree with this, i have had 2 PCP's in the past an neither of them worked out favourably. Much better of with a personal loan IMHO.

I agree too with a loan, but the swinging decider for the purchase of my 182 was that it was 0% finance with a 35% initial deposit. So the car will be mine at the end of the term at least!