Dealer PCP - Audi S3 / Cupra

[soziblewuup]

Hi guys,

I'm new to the PCP world and just looking for some advice (apologies if there's a more appropriate section).

I currently own a 1.8 Leon FR DSG. Really like the car, but I'm one of those car hoppers who can't stick with one for too long. I've got a 4 year PCP finance currently, but the dealer mentioned the possibility of a swap-out at 2 years.

Is it possible to finance an Audi through Seat? I'd be looking at either a Cupra or S3 after the 2 years is up (1 year remaining). Be interesting to hear if someone has done something similar.

If so, how does it work? Would Seat first purchase the Audi and then offer me Finance?

Any help would be greatly appreciated

 

[chrishale]

I've got a Leon on a 3 year PCP, and the dealer mentioned that I had the choice to hand the car back after half the term (18 months) - no questions asked. Apparently that's the case for all PCP (from what I've heard). Not sure if you'd also be eligible to swap at that stage.

 

[tha_ben]

Indeed this is possible, however not quite on the terms that you have both mentioned:

With any PCP deal you can voluntarily terminate the PCP agreement after 50% of the fiancel has been paid (or make up the shortfall to 50%)

When you 'hand' the vehicle back it must be in roadworthy condition, sometimes someone inspects the car, sometimes its just collected and sent to auction.

Im currently doing the exact same thing with an Audi A3.

In my case Audi do not care that:
I have gone over my agreed milage
The car is due for its MOT/Service next month.
I don't have to pay any admin fees, just had the car over with the V5/2 keys.

I believe this will 'show up' on your credit file, however it should not effect it.

I believe sometimes finance companies can get 'funny' about it, but I'm sure the dealer would do anything they can to make the sale.

 

[bretth1974]

Can't believe Seat would buy an Audi for you and then offer you finance in that.

 

[soziblewuup]

Thanks for the info guys, really helpful.

You're right Bretth, it would make more sense going directly to Audi.

I suppose the next step is working out when 50% is paid off. I believe for the first couple of months, or so, of a PCP, you're simply paying off the interest. I'd imagine the interest is not included in the total; therefore, 50% would be more like 30 months of a 48 month contract. Would that be correct?


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[firstleonowner]

Thanks for the info guys, really helpful.

You're right Bretth, it would make more sense going directly to Audi.

I suppose the next step is working out when 50% is paid off. I believe for the first couple of months, or so, of a PCP, you're simply paying off the interest. I'd imagine the interest is not included in the total; therefore, 50% would be more like 30 months of a 48 month contract. Would that be correct?


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May be longer than that, depends what the final payment is at the end.

You know how much the car cost

add the deposit to X x monthly payments until you get to half the cost.

 

[Ckpearce91]

Thanks for the info guys, really helpful.

You're right Bretth, it would make more sense going directly to Audi.

I suppose the next step is working out when 50% is paid off. I believe for the first couple of months, or so, of a PCP, you're simply paying off the interest. I'd imagine the interest is not included in the total; therefore, 50% would be more like 30 months of a 48 month contract. Would that be correct?


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It took me a year to pay off the interest, I've only recently started paying off the value of the car. 3 years left of a 4 year plan

 

[tha_ben]

Call them - they will advise when you can VT.

 

[soziblewuup]

Interesting. I'll sit down and take a look at the figures.

Cheers for the help all. Much appreciated.


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[Rob66]

Pretty sure your finance will be through VAG Finance, therefore it is possible that if you go to Audi to buy a car that they would be able to advise on options for paying off the finance and re financing an Audi - sorting it all out 'in house' as it were.

 

[soziblewuup]

Pretty sure your finance will be through VAG Finance, therefore it is possible that if you go to Audi to buy a car that they would be able to advise on options for paying off the finance and re financing an Audi - sorting it all out 'in house' as it were.

I'm with Close Brothers Premium Finance. I was informed when purchasing the car, Seat, or the local dealer I bought off, were changing the Finance company they dealt with to Close Brothers. Can't seem to find any mention of others with this company however.

 

[Rob66]

Mever heard of them. I have never had PCP but when I had HP it was VAG Finance.

 

[grantcolborn]

You can request a settlement figure from the finance company like any finance deal. It's then a case of working out whether to trade it in against an Audi where the dealer settles the finance on your car or just hand it back to seat


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[Obee72]

Look at your agreement and in particular the halves and quarters section. I believe you can hand back at the half way point as long as you've paid half the finance. The vehicle also needs to cover any final payment so as long as the value hasn't dropped through the floor.


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