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Buying a used car still on PCP, what to do
#1567457
24/03/2016 14:26
24/03/2016 14:26
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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I'm looking at a car tomorrow that's on Autotrader. Current owner bought from dealer using a PCP but I'm not sure what needs to happen or what I need to do before buying? Reading what hpi says, it seems to boil down to "trust" between two people who have never met that has to continue past the "transaction" to ensure that the finance company gets paid and the seller gets paid, without the buyer buying twice. Any tips?
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1567474
24/03/2016 16:30
24/03/2016 16:30
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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One compromise is to get the finance company on the phone and for the seller to pay off the settlement amount by Debit Card and for the buyer to do a direct bank transfer straight afterwards, or for the buyer to pay the settlement, with any difference between the "purchase" price and settlement amount to be negotiated. Might be tricky on a bank holiday though I think the PCP regular payments are finished but the PCP not settled. With 85k on the clock, I assume the seller thinks the car is worth more than the settlement figure, and is hoping to effectively pay off the PCP and keep the difference. It would be a lot easier if the seller had just paid off the PCP first
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1567495
24/03/2016 21:21
24/03/2016 21:21
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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I thought I was naturally suspicious, but you guys are even more suspicious that I am! Or maybe you're just looking out for me It's half way through a 4 year PCP and the guy wants to get out early, he's doing far too many miles and would have to pay a big penalty in 2 years time. Settlement amount back in Feb was £15.8k, car is advertised for £15k versus Autotrader private sale valuation a little over £14k. He does a lot of miles and has a company car now, just wants rid of the one he's selling. V5 is in his name and he thinks the car is his to sell but I told him it isn't. He can get an updated settlement figure over the phone (automated system) but probably can't do a payment on a bank holiday, it would have to be after Easter. He agreed that we need to do a simultaneous payment (when I pay him, he pays off the PCP plus the balance to cover the difference, or I pay off the PCP and he pays the balance). Either way I am not "buying" tomorrow, but may offer a deposit and "buy" after Easter. What the hell, you only live once.
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1567539
25/03/2016 07:53
25/03/2016 07:53
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Joined: Oct 2008
Posts: 6,783 In the coupe.
magooagain
Club Member 259
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Club Member 259
Forum is my life
Joined: Oct 2008
Posts: 6,783
In the coupe.
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Dave on ph yesterday someone was asking how he could sell a car thats on pcp. It was on general gassing.
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Re: Buying a used car still on PCP, what to do
[Re: magooagain]
#1567622
26/03/2016 00:04
26/03/2016 00:04
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Joined: Dec 2005
Posts: 8,072 South Cambs
Barmybob
Hon Club Member: 003
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Hon Club Member: 003
Je suis un Coupé
Joined: Dec 2005
Posts: 8,072
South Cambs
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When I bought the Audi the Audi dealer who part exchanged the car had not paid off the finance.
When I did a HPI report it came back as on finance so I called Audi finance. They said that the car was indeed still their car - NOT MINE! I then called the dealer who sold me the car who assured me everything would be sorted.
After my call Audi finance called the previous owner, who was rather upset that the Audi dealer hadn't paid down his PCP.
It all worked out in the end but there were a few hours of concern where I didn't actually own the car I had just bought. So my advice would be to steer well clear of the deal until the finance company registers the car finance clear.
Gone Audi mad!
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1567634
26/03/2016 09:07
26/03/2016 09:07
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n3dsd
Unregistered
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n3dsd
Unregistered
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As I understand it if the car is being sold by a proper dealer it is his responsibility to pay off the finance and check that it has no hidden faults ( ie HPI it)so the title would pass to you whatever
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569009
09/04/2016 23:04
09/04/2016 23:04
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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V5 isn't the owner, just the registered keeper....
If finance is paid off then you're all square! Happy motoring!
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569010
09/04/2016 23:05
09/04/2016 23:05
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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What engine / spec is it?
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569097
10/04/2016 18:20
10/04/2016 18:20
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Joined: Dec 2005
Posts: 611 Aberdeenshire,Scotland
Azzura
Enjoying the ride
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Enjoying the ride
Joined: Dec 2005
Posts: 611
Aberdeenshire,Scotland
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OK well despite a lot of advice saying not to, I've gone and bought the car anyway We arranged in advance to pay off the finance together, the seller did the V5 transfer of ownership online. Should have listened to Emjay. You have not bought the car, you have gifted a large sum of money to a man who did not own the car and cannot sell the car to you. The V5 is worthless in terms of ownership rights.
Yesterday Sprint Blue 20VT,today Denim Blue TT225
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569104
10/04/2016 19:33
10/04/2016 19:33
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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I did listen to Emjay but I don't think you read everything I wrote above, I did not pay the "seller", I paid the finance company direct to end the PCP early. The finance will show up as clear within 48 hours.
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569125
10/04/2016 20:54
10/04/2016 20:54
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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What spec dave? Love the xf shooting brake!
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569135
10/04/2016 23:27
10/04/2016 23:27
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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It's "only" a Luxury 2.2D (163bhp, 400Nm) in Cashmere Gold with 18" Vela alloy wheels and Winter Comfort Pack (heated front screen and seats) and poverty spec audio system. Out of all the wheel options, Vela is my favourite anyway.
I had been looking at XFs for a long long time, initially only the 3.0D V6 in Premium Luxury or Portfolio, preferably 2010-2011, with only certain trim colours and wheels that I liked, and I wanted to be able to play/control an iPod, and preferably have Xenon lights and rear view camera, all options which increase the price. The missus has an old Volvo V40 on almost 220,000 miles and with knackered top mounts which will be replaced, it's living on borrowed time. I had looked at a couple of X-type estate Sovereigns for her, but 2.2D Sportbrakes have started to show up, and this one was a good way to combine 2 cars into one, and all the "options" I was looking for are standard.
Except we still need 2 cars and the XF was supposed to be "mine" and the "estate" hers.
As much as I'd like a high powered XF, I still have my high powered Coupe, and with 18" wheels the ride will be softer, the tyres a lot cheaper, and the 2.2D engine means low tax and good economy. It's such a relaxed drive, I thought I'd only use the semi-auto paddle shift, having driven some fairly awful autos 20 years ago, but the 8 speed auto box is brilliant.
And given that I always go for non-mainstream or cars that are a little unusual, the Sportbrake is still rare enough and a bit like it used to be when the Coupe was new: you'd see a few, sometimes several in one journey, but sometimes go weeks without seeing one.
The only things I wish our Sportbrake had was the seat memory, and perhaps a proper spare wheel. Some people do put a space saver in the spare wheel well, but it's currently partly occupied by the "tyre repair system" and the rear air suspension, so maybe not so straightforward. Also, some people stick on a twin exhaust rear valance and dummy second tail pipe, but that seems a bit daft, I might as well just stick an "S" badge on the rear.
I'm loving it so far, but may need to get an X-type estate Sovereign or SE for the missus otherwise she's going to want to keep driving it too.
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569156
11/04/2016 07:42
11/04/2016 07:42
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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Sounds great, that engine has had great reviews and having 20 inch wheels is a bum clencher with every kerb and pot hole! Jaguar do a great job with the ride so bigger wheels don't feel too bad at all. Do you have the rear strut brace (I'll guess not) which I think is the worst thing about mine as there is a raised area across the centre of the boot floor and makes packing suitcases frustrating.
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569165
11/04/2016 08:46
11/04/2016 08:46
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Joined: Dec 2005
Posts: 4,831 Haslemere, Surrey
Mark_S
Forum is my job
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Forum is my job
Joined: Dec 2005
Posts: 4,831
Haslemere, Surrey
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I did listen to Emjay but I don't think you read everything I wrote above, I did not pay the "seller", I paid the finance company direct to end the PCP early. The finance will show up as clear within 48 hours. That is how I purchased my Coupe many moons ago Hope you enjoy the new wheels Dave
997 C4S
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Re: Buying a used car still on PCP, what to do
[Re: ]
#1569173
11/04/2016 09:51
11/04/2016 09:51
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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Do you have the rear strut brace
No I don't, it's a completely flat load area and the way that there's no "lip" to have to lift things over is great too. That is how I purchased my Coupe many moons ago Hope you enjoy the new wheels Dave Thanks Mark, I was wondering if any of us old timers had bought their Coupes by buying out a previous PCP...(not me, I bought at auction where you are "guaranteed" ownership when you buy)
Last edited by DaveG; 11/04/2016 09:53. Reason: 2 replies in 1
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569272
11/04/2016 18:16
11/04/2016 18:16
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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Have fun in it, I love mine to bits. Even just sat in traffic (except the mpg, that makes me wince) it's a truly pleasurable place to be.
How do you find the infotainment screen? The motoring press sanction it as the xf's main weakness vs the market place.
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569273
11/04/2016 18:36
11/04/2016 18:36
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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MPG was showing up as 39.4 but that was from the previous "owner" who had been clocking up monster miles. I just filled it up for the first time today (and was cursing the mis-fuelling nozzle widget) so will get a better idea in the next few weeks.
The infotainment screen is a revelation to us, the youngest car in the family fleet previously was 2003 with no such system. I have an iPod playing head unit in the Coupe which displays album art (except the iPod database is all screwed up and displays the wrong art, oh and I forgot, the head unit is not working) and so I miss that in the Jag. The Sat Nav seems clunky compared to GoogleMaps/Sygic/Waze (I'm not a great fan of TomTom) but does the job. We've not got Voice Control either, but there are enough new features to keep us smiling. So when you compare it to nothing, it's great!
Edit: However, I would like to see instantaneous MPG and not just average MPG
Last edited by DaveG; 11/04/2016 18:38. Reason: Instantaneous MPG would be nice
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569308
11/04/2016 22:58
11/04/2016 22:58
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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I'd like instantaneous too, just to see if full throttle is 1 or 2 mpg.... You'll grow to love it, mine just eats the miles....
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569316
11/04/2016 23:36
11/04/2016 23:36
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Joined: Dec 2005
Posts: 8,420 Lightwater, Surrey
DaveG
OP
Club Treasurer Member 311
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OP
Club Treasurer Member 311
Je suis un Coupé
Joined: Dec 2005
Posts: 8,420
Lightwater, Surrey
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There are two "trip computers" A & B that you can reset individually but also the "auto" one that resets every time the ignition is switched on, so for a short journey it's the closest to instantaneous you'll get.
1996 Portofino 20vt & 2000 Pearl White Plus 2008 Ferrari F430 & 2017 Fiat 124 Spider
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Re: Buying a used car still on PCP, what to do
[Re: DaveG]
#1569340
12/04/2016 07:37
12/04/2016 07:37
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Big_Muzzie
Unregistered
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Big_Muzzie
Unregistered
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Yeah I use the journey one, and pull it up for the first mile on the screen as it's amazing how low it can be when the cars cold... Does yours have the e-diff?
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