My PCP agreement is ending soon. I want to find a new PCP deal, but I can’t get to a dealership because of the Coronavirus restrictions. I’m worried the finance company will try and take the final payment from my bank account.
If your PCP deal is ending soon, and you want to replace your vehicle rather than pay the final payment, the best first step is to contact your finance company. Advise them that you will be handing the car back, and ask that they begin the inspection and collection process … they won’t be able to actually do this until the lockdown restrictions are lifted but because you have instructed them they won’t take the payment.
You might be worried about whether it will be possible to coordinate the collection of the vehicle from the PCP agreement that is ending, and the delivery of new one, because of government restrictions. Inspections and collections are currently postponed for the foreseeable future and once lifted there will naturally be a backlog to get through. Whilst most dealerships are closed you can still speak with us at TYSONCOOPER and we can advise on pricing … quotations and expected lead times [ as much as possible ] and also do all we can to coordinate as smooth a changeover as possible once restrictions are lifted.
This is a situation that is shifting day by day, and will depend on individual funder policy, so our best advice is to discuss this with your finance company to find out the best way forward. Different companies are likely to offer different solutions to the problem of making sure PCP deal changeovers are as smooth as possible, so don’t make assumptions based on anything you’ve heard or read about how this will work, your finance company is best placed to advise.
You might be tempted to make that final payment, and hang onto the car for a while, until life returns to normal. However, whether this is a good idea will depend on whether your final payment figure represents good value for the car right now. If it isn’t, then it’s an expensive way to proceed when there are other options
We can help you by advising on whether your final payment is a good deal for the car you have, and also by explaining the other possible ways forward – it’ll just take a few minutes, simply call our friendly team on 01473 372020 to make sure you’re fully in the know about your choices (and don’t worry, there’ll be no hard sell).