Getting out of a PCH deal...

[Psycho Sonny]

If You cant get out early You can go option B and crash the car.

Brilliant advice. He could also burn his house down. Get the insurance money and use that to buy the car too.

 

[Hades]

Brilliant advice. He could also burn his house down. Get the insurance money and use that to buy the car too.

That's Plan C.

 

[peige]

This is why I bought both my cars cash. I don't need 2 either but they aren't really costing me anything apart from insurance so I'll keep them for now. I'll probably in 2-3 years time sell both and move to 1 car most likely electric or plug in hybrid.

Both cars are costing you something, they are devaluing every day and when you sell them they will be worth less. Granted this is a sliding percentage that ramps down with age but just because you don't see a payment going out every month doesn't mean its costing you nothing to own those cars.

To the OP, I can't see how your going to get out of your position, you may be able to get payment holidays or the like but just saying meh, don't want them is something I can't see working.

 

[[TW]Fox]

This is why I bought both my cars cash. I don't need 2 either but they aren't really costing me anything apart from insurance so I'll keep them for now

Both our cars were bought cash. They still cost quote a bit a year even if we don't use them... As do yours, unless they are of particularly low value.

 

[Scania]

If You cant get out early You can go option B and crash the car.

Oh don't even joke about it (I'm assuming your kidding Zeed! )

I know a guy who thought crashing his car & claiming on his insurance would be a great way to sort his car problems, it kind of did, he's now in a wheelchair because of said accident but at least he has a mobility car now.
Those amongst us who know how he got in this position never let him forget it!

 

[Silent_Scone]

.....way early, is it possible? I know how much I would roughly have to pay to do this but with furlough, lockdown and being office based, we just dont see the need for 2 cars. My furlough is extended and I'll be mainly home based for a while after I do go back. Mrs is in the same boat.

My Mrs is a year in with 2 to go, I'm 5 months in to a 3 year deal.

Any one had experience of trying to wrangle a deal or is the contract just that, no wiggle room? I would like to think a better deal could be made given the circumstances.

I got out of mine 3 months in. I sold the car back to the dealer.

 

[[TW]Fox]

I got out of mine 3 months in. I sold the car back to the dealer.

Not on a PCH you didn't. It's a hire car - there is no option to purchase etc like a PCP or HP. You probably had PCP or HP.

 

[Psycho Sonny]

Both cars are costing you something, they are devaluing every day and when you sell them they will be worth less. Granted this is a sliding percentage that ramps down with age but just because you don't see a payment going out every month doesn't mean its costing you nothing to own those cars.

To the OP, I can't see how your going to get out of your position, you may be able to get payment holidays or the like but just saying meh, don't want them is something I can't see working.

Them devaluing isn't costing me anything as I've already paid for them up front the way I look at it. They cost me when I paid for them. They could both be worth zero as far as I care they are paid for. I know I will get 5 figures back easy but it's the fact I'm not dipping into my pocket every month for them.

All cars will lose value and everyone pays for that in one way or another I paid for mine all up front.

Being debt free is a nice place to be. This generation loves credit. The only debt I have is mortgage and tbh its below 50% and I've only been a home owner for 3 years and 9 months now. So it's not exactly a problem for me.

When I trade both these cars in ill buy cash again. I'm hoping for a big crash in the car market because me as a cash buyer will be exactly what they are looking for. Credit will be getting squeezed. So I have plenty of once in a lifetime deals to look forward to. The best deals won't be available until next year as that's when desperation will be rife to sell.

 

[[TW]Fox]

but it's the fact I'm not dipping into my pocket every month for them.

It does cost you, you just decline to accept it.

Your car didn't lose its entire value on day 1 and it's value throughout its life is part of your overall financial position.

I don't pay anything per month for my car but it doesn't stop it costing me every month I own it...

Cashflow is only one part of a person's financial position.

 

[Maccy]

It does cost you, you just decline to accept it.

Your car didn't lose its entire value on day 1 and it's value throughout its life is part of your overall financial position.

I don't pay anything per month for my car but it doesn't stop it costing me every month I own it...

Cashflow is only one part of a person's financial position.

I wouldn’t bother debating with this one mate.

 

[J35T3R]

One of the guys who I work with has just done this, terminated a PCH since his car payments from work has ceased for the foreseeable future, he had 17 months left of 3 years with VWFS and negotiated a deal with him only liable for 6 months of payments, but handing the car back immediately. He did inform them that he would end up defaulting on the payments if they couldn't negotiate, and he'd be more than happy to go to court about it.

That sounds promising, I'm maybe over worrying as I'm on furlough still, I'm down to 80% wages and no sign of being back working unless the housing/construction industry picks back up quick.

I'm maybe worried I lose my job in the long run. I was going to get a run about then thought otherwise.

Crashing the car isn't an option!

 

[Trifid]

Not on a PCH you didn't. It's a hire car - there is no option to purchase etc like a PCP or HP. You probably had PCP or HP.

There is no right to purchase. Doesn't mean you can't receive a purchase offer at the end. However the wording of the original comment does shout PCP anyway.

 

[nam]

the op should have considered a two year deal if it is a pch , as those are always the best value deals. I had recently come off an Audi S4 deal which was just over 7k on a two year. Pistonheads forums probably the best place for these deals. Currently you have two legal choices speak to the lender see if there is any option for deferring payments alternatively is there anyone else that you could transfer the lease to for the remainder of term this is allowed on personal leases with the approval of lender

 

[AiiR]

When I trade both these cars in ill buy cash again. I'm hoping for a big crash in the car market because me as a cash buyer will be exactly what they are looking for. Credit will be getting squeezed. So I have plenty of once in a lifetime deals to look forward to. The best deals won't be available until next year as that's when desperation will be rife to sell.

A big crash in the market will mean your current cars will be worth a lot less on trade in?

But of course, it hasn't cost you anything so won't matter.

 

[Psycho Sonny]

A big crash in the market will mean your current cars will be worth a lot less on trade in?

But of course, it hasn't cost you anything so won't matter.

New and nearly new cars are going to crash more than older cars.

Shouldn't need to explain this tbh.

 

[[TW]Fox]

There is no right to purchase. Doesn't mean you can't receive a purchase offer at the end. However the wording of the original comment does shout PCP anyway.

Option to purchase is a contractual part of a PCP, with PCH they can sell it to whoever they want at what they think it's worth. Often this may include you but it isn't the same thing.