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(Post Link) post #1 of 10 Old 09-09-13 Thread Starter
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Question about finance

Hi guys,

Picked up a giulietta collezione in June on a 4 yr PCP plan. (Seems to be the standard now) My question is, can I chop it in at three years or earlier?
I'm not keen on keeping it past the warranty plus I get bored easily (in an 2 yr period I had a focus St, Astra Sri, 2 mito's and a Clio rs200!).
Can I look forward to dealers ringing me before the 4 yrs offering me a new car?

Cheers
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Probably, there will be a point in the contract where you will have paid more than the amount that would be owed at the end of the contract, meaning you start to get some deposit for the next car in the range, thats what we did with our Mini, but with AR you are already at the biggest car in the range unless they get their finger out and produce something.
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You can voluntarily terminate the finance once you have repaid half of the finance amount. This is exactly what i plan on doing with my Punto.
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But doesn't show up as a default on your credit report??
 
(Post Link) post #5 of 10 Old 09-09-13 Thread Starter
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Cheers guys.

I won't be looking to walk away from it, just swap it in for another new car before the 4 yrs
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Quote:
But doesn't show up as a default on your credit report?
It should show as an early repayment, not a default. Early repayments improve your credit score, but if you do it too often you can become too good to lend to (i.e. you pay off loans so early that the banks can't make their money from lending to you)
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Ahhh, that is where I am getting my wires crossed.

It is such a minefield with loans, HP, PCP and the reports..
 
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Originally Posted by via el diablo View Post
Cheers guys.

I won't be looking to walk away from it, just swap it in for another new car before the 4 yrs
Well Alfa might have new models out by then.. BUT dont count on it!
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(Post Link) post #9 of 10 Old 10-09-13 Thread Starter
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Not getting my hope up too much! Will probably be the 'sort of' face lifted giulietta
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Depending on your deposit and repayments you may not be in positive equity for a while. I'm 27 months into a 36 month pcp and if I wanted to change now there may be a small positive balance?
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