How do I get rid of my car?

[Audi A4 Lover]

Ok, a bit of a strange one I know, but I need/want to get rid of the A4. It's not that I cant afford it, its just I need to move out (still living with parents!!!) and its just a case of priorities! I've gotten rid of cars in the past, normally just wash them, take fancy pictures of them, tweak them in photoshop and throw them on auto trader! However I've own all my old cars, the A4 is ono a PCP, and I've no idea how to get rid! If I just sell it privatly I don't think I'll get anything like what I paid for it,and it wouldnt cover the outstanding finance. However with it being on a PCP, can I just hand the car back to them? I've no idea how to do it!

[RickT]

Found the below for you..

It is possible to extract yourself from a PCP deal before it reaches its end, but it depends on the car purchased, and the exact details of your deal. The terms and conditions of the contract should be with the paperwork you signed when the package was agreed.

Any regulated loan agreement (your PCP deal should be included) is covered under the Consumer Credit Act, and allows you to hand the car back and walk away after your payments have equalled 50% of the total amount payable in the contract. Contact the finance company that organised your loan for the exact amount.

Alternatively, you may be able to settle the agreement by selling the car privately or to a dealer, and paying off the outstanding amount. If you are lucky, you might even be able to sell the car for more than the settlement figure, and make some money.

Contact the finance company for a settlement figure, and investigate the value of your car. You will get more money selling it privately, but this may take longer than going to a dealer. If you do want to sell the car, you should inform the finance company first, which may require you to settle the loan agreement before you transfer ownership.

Best bet, is to call the company who owns the PCP contract for you.

Get a settlement figure for the amount you owe and settle the outstanding balance by selling the car via Auto trader or other.

One other thing which will make it harder for you to sell is that if someone HPI checks it, it will show as outstanding finance and therefore put people off.

One option to consider, but is risky.... get a loan to cover the difference owed on the settlement figure if you dont have the cash, pay the PCP off and repay the loan once the car is sold... (this method will include total loan interest so depending what is owed it may not be the best option.)

If you are just wanting to decrease your monthly outgoings, one other option which again will cost you more in the long run is to repay the PCP with a loan, taking the loan over a larger number of years to de-crease your monthly outgoings.

if you own over 50% of the car already, you may be able to return the car with a small admin fee.

On a negative note, due to the used car market dropping on the likes of A4's, you may find your self out of pocket.

Or better still, give the PCP company a call and ask them what options they offer.

Its a tough one to get resolved without costing you more cash.

(Please seek your OWN advice before deciding what to do and remember the above is just an opinion or option, and not in anyway a recommendation or best practice.)

With PCP, you get the benefit of lower monthly payments and paying off the loan at the end. This does mean that you are paying for a 3 year old car, but with the GFV, you cannot get into negative equity, and this alone makes it extremely attractive to those of us who have fallen into that trap before.

There are those that argue that PCP works out more expensive as you pay a lump sum for a 3 year old car, but you have had the car from new . Obviously as with buying a car from anywhere, the expense incurred will depend on how hard you are prepared to look for a good deal.

Unfortunately, although the PCP procedure will be the same wherever you go (deposit, monthly payments, balloon payment etc), that doesn't mean that you will get the same value for money wherever you go.

Most important for a lot of people is that there is no chance of negative equity. You have a agreed a guaranteed future value of the car, which is bound by the consumer credit act so even in the unlikely event of the bottom falling out of the car industry, you would be protected.
Of course, the loan cost does not include the money you lose in depreciation. If you choose to sell your car after 3/4 years, then you will have to take the hit, and sell your car for the market value, which may be less, or more than the GFV. In the case of PCP, the provider will take the hit or pay you the difference. If you have paid upfront for the car, it's you that takes the hit on both counts.
In most cases, the car acts as security against your loan. If you need to take out an unsecured loan the chances are your APR will be higher than if the loan was secured. However if you take out a secured loan, it will usually be secured on your property or business if you have one. If things were to go wrong and your income is altered, you could end up losing more than just your car unless you have taken out extra loan protection which can be expensive. You could end up losing your house too if your loan is secured against it. If you have taken out early termination insurance (check), then you should be covered for any loss of job etc.
You always have the option to hand back your car at the end of the term, and avoid all the hassle of reselling. It’s worth noting too, that if you are handing your car back to the provider, and it is valued at more than the agreed GFV, then you will get the extra back, which you can then use as either a deposit on another car. However, should the car be valued at LESS than the GFV then you wil not have to make up the shortfall. Of course, if you have paid upfront for a car, then you have to take the hit and move on.
Always attractive, is the fact that you can have a car from new that you otherwise might not be able to afford. When you come to the end of the contract you know the car well enough to decide if you want to keep it. It’s also a great preference to some people that the car has been theirs from new, so they know its history, and that it has been treated well.

Cheers

Rick

[elvismiggell]

We recently sold an A4 and A5 from work, they were company cars we owned out-right. We actually got more than we expected because apparently decent German cars are in demand at the moment.

We sold one to a guy in Guildford, and one to a guy in Scotland.

[zf44]

Try these franchised dealer groups they are very desperate for used stock.....

http://listersgroup.co.uk/PartExchange/YourVehicle

https://www.inchcaperetail.co.uk/Con...llYourCar.aspx

The most they may be able to offer will be to settle your finance.