Paying off PCP finance early

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stallturn
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Post by stallturn »

I am looking at buying a second car (a BMW, not a Macan), and the best deals are offered with PCP finance.
I am not interested in PCP finance (I am lucky enough to have the cash), but want the best deal.
I have read I can take advantage of PCP deals but pay off the entire finance within a month(?) with no penalty.
Is this correct? Are there any catches?

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Paul
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Post by Paul »

None whatsoever. Done it 3 or 4 times in the past. Take the “finance incentive”or “deposit contribution” and the ask the finance co for a settlement figure (normally automated)
If you like and feel a bit obligated towards the dealer let one payment go through (they will loose brownie points.)
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MacanArif
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Post by MacanArif »

Agree with Paul - don't it myself a few times. I think the dealers sometimes get penalised if you haven't made 3 payments.
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Deleted User 1874

Post by Deleted User 1874 »

Did it once with a Porsche and it was a right pita to save a grand. Loads of paperwork and f*** ups from start to finish. Don't think I would bother going through the hassle again.
Isleaiw
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Post by Isleaiw »

Common approach with BMW - do it within 14 days and there should be next to no interest charged either...
NSinc
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Post by NSinc »

This is a difficult one as I'm in sales and would hate to think of someone being so dishonest and giving their word on a deal with full intention of doing something different behind my back. Although i don't do B2C so it is slightly different when it's peoples personal money so it's a tough one!

I think if the salesman was nice and helpful then i'd struggle, but i suppose if he wasn't then ir's probably fair game! it's a tough one! After all, it's not the dealership who are penalised / affected as much by this. It's the salesman's commission!
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Wing Commander
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Post by Wing Commander »

Am not sure that ‘dishonesty’ is an accurate term here. It’s not like you say to the salesperson “I hereby promise to maintain this finance arrangement for its full term of x years”. And surely the terms applicable if the finance is repaid early should be properly explained by the salesperson? E.g. If you repay the finance early, before xx/xx/xx, the early redemption penalty would be £x. Sounds to me like buyers simply taking advantage of incentives offered by the dealership to persuade them to buy a car. If the dealership leaves big loopholes in the offers which buyers can ‘take advantage of’, then it’s their lookout.
Simon

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