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PCP agreement ending - full term completed BPF
Hi,
I am looking for advice specifically in relation to a PCP agreement with Barclays Partner Finance that is coming to an end because the duration is up. My agreement ends in March 2019.
Most posts on here are about VT, but I want to know what to expect and what my obligations are when my PCP ends because the loan period is complete?
I didn't intend to keep the car and pay the balloon payment. I intended to just surrender the vehicle when the finance is over, but I am also considering all options including immediate VT...? I am just not sure
I am having the car physically valued face to face this weekend to genuinely find out the value, and to potentially use the valuation as evidence to prove worth, should the condition of the car be questioned later on if I return.
So I have a few questions I am looking for help with:
1) I have been told by BPF in all cases I will have to pay a 'completion fee' of £150 - is this true?
2) If the agreement ends naturally, am I liable to collection charges or damage costs etc. (like in a VT scenario)?
3) Finally is there any legal way to sell a vehicle to settle the finance if the value is more than the finance (balloon payment) outstanding?
Background data - FYI:
(Note: I have lost my original agreement paperwork so don't know my mileage or legal obligations)
March 2015 - Part exchanged a 2005 blue Nissan Qashqai and bought: 2012 Grand Ford C-Max from THINK Ford on a 48 month PCP contract.
Sale price £12,500 ish (can't remember exactly) Part-ex Qashqai value £2,000 ish (can't remember exactly)
Loan amount £10,499.00
Total interest £3,239.20
Total loan £13,738.20
Payments 47x £190.90 pcm until March 2019
Balloon payment of £4,750 (April 2019) plus £150 completion fee?
Settlement figure £5,775 (valid until end of Jan 2019)
Black, Grand C-Max (TD) Titan (116), 1560cc, Diesel,
Registered: November 2012
MOT: October 2019
Mileage: 67,297 (on 4th Jan 2019)
Online Valuations (based on ‘some’ service history): The car is in fair condition with appropriate wear & tear. There are a few scratches / chips (less than 5cm) on the rear panel and bumper but everything else is good working order and well maintained. I have serviced regularly (not main dealership) but lost some paperwork over the years. I have spare key and all log book and sundries it came with etc.
Think FORD
Good £6,725
Average £6,250
Poor £5,750
We Buy Any Car
Online £6,396
(Based on declared damage / chips on rear panel)
I am in arrears for November and December due to a year out studying an MSc and a job change (with a three month employment gap in Aug / Sept / Oct with no income). So including the Nov and Dec arrears and the upcoming Jan, Feb and March payments; I have just FIVE payments left @ £190.90 = £954.50
What is financially the most savvy course of action (subject to valuations)?
a. Let the agreement run to its term (March 2019) pay the arrears and surrender the car
b. Let the agreement run to its term (March 2019), pay the arrears and balloon payment and sell (if possible)
c. Sell the car and then pay the settlement figure this month.
or
d. VT right now because there is no financial value in holding on for 3 more months.
*** It is also worth mentioning my current credit score is not great as I've had several late payments in the last year, so re-finance isn't an option, nor is loans to settle up etc. I simply wouldn't qualify for a loan or finance right now. My plan is to buy a cheap £1,000 run around until my credit improves.
I am looking for advice specifically in relation to a PCP agreement with Barclays Partner Finance that is coming to an end because the duration is up. My agreement ends in March 2019.
Most posts on here are about VT, but I want to know what to expect and what my obligations are when my PCP ends because the loan period is complete?
I didn't intend to keep the car and pay the balloon payment. I intended to just surrender the vehicle when the finance is over, but I am also considering all options including immediate VT...? I am just not sure
I am having the car physically valued face to face this weekend to genuinely find out the value, and to potentially use the valuation as evidence to prove worth, should the condition of the car be questioned later on if I return.
So I have a few questions I am looking for help with:
1) I have been told by BPF in all cases I will have to pay a 'completion fee' of £150 - is this true?
2) If the agreement ends naturally, am I liable to collection charges or damage costs etc. (like in a VT scenario)?
3) Finally is there any legal way to sell a vehicle to settle the finance if the value is more than the finance (balloon payment) outstanding?
Background data - FYI:
(Note: I have lost my original agreement paperwork so don't know my mileage or legal obligations)
March 2015 - Part exchanged a 2005 blue Nissan Qashqai and bought: 2012 Grand Ford C-Max from THINK Ford on a 48 month PCP contract.
Sale price £12,500 ish (can't remember exactly) Part-ex Qashqai value £2,000 ish (can't remember exactly)
Loan amount £10,499.00
Total interest £3,239.20
Total loan £13,738.20
Payments 47x £190.90 pcm until March 2019
Balloon payment of £4,750 (April 2019) plus £150 completion fee?
Settlement figure £5,775 (valid until end of Jan 2019)
Black, Grand C-Max (TD) Titan (116), 1560cc, Diesel,
Registered: November 2012
MOT: October 2019
Mileage: 67,297 (on 4th Jan 2019)
Online Valuations (based on ‘some’ service history): The car is in fair condition with appropriate wear & tear. There are a few scratches / chips (less than 5cm) on the rear panel and bumper but everything else is good working order and well maintained. I have serviced regularly (not main dealership) but lost some paperwork over the years. I have spare key and all log book and sundries it came with etc.
Think FORD
Good £6,725
Average £6,250
Poor £5,750
We Buy Any Car
Online £6,396
(Based on declared damage / chips on rear panel)
I am in arrears for November and December due to a year out studying an MSc and a job change (with a three month employment gap in Aug / Sept / Oct with no income). So including the Nov and Dec arrears and the upcoming Jan, Feb and March payments; I have just FIVE payments left @ £190.90 = £954.50
What is financially the most savvy course of action (subject to valuations)?
a. Let the agreement run to its term (March 2019) pay the arrears and surrender the car
b. Let the agreement run to its term (March 2019), pay the arrears and balloon payment and sell (if possible)
c. Sell the car and then pay the settlement figure this month.
or
d. VT right now because there is no financial value in holding on for 3 more months.
*** It is also worth mentioning my current credit score is not great as I've had several late payments in the last year, so re-finance isn't an option, nor is loans to settle up etc. I simply wouldn't qualify for a loan or finance right now. My plan is to buy a cheap £1,000 run around until my credit improves.
