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Author Topic: PCP GFV question?  (Read 313 times)

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Field Marshal Dr. Opti

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PCP GFV question?
« on: 03 January 2019, 12:29:31 »

If, for example, the GFV is 34000 after 2 years, but the car is worth around 45-47000, can the excess be used for anything other the the deposit on another PCP/finance deal?

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hotel21

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Re: PCP GFV question?
« Reply #1 on: 03 January 2019, 12:39:35 »

Yes, as far as I understand it.

You have a financial deal that requires the GFV to settle the final balloon payment, presumably.

If a buyer wants to give you 48k or whatever, you pay the balloon payment and pocket the balance.  Most garages will look for you to put that surplus into another car but if the price is right, will buy it from you outright and you can walk out with your dosh.
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Field Marshal Dr. Opti

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Re: PCP GFV question?
« Reply #2 on: 03 January 2019, 12:55:46 »

Yes, as far as I understand it.

You have a financial deal that requires the GFV to settle the final balloon payment, presumably.

If a buyer wants to give you 48k or whatever, you pay the balloon payment and pocket the balance.  Most garages will look for you to put that surplus into another car but if the price is right, will buy it from you outright and you can walk out with your dosh.


The dealer says they will give me a cheque for the difference if I don't go for the balloon payment.

Doesn't sound quite right to me.

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aaronjb

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Re: PCP GFV question?
« Reply #3 on: 03 January 2019, 13:06:08 »

They will settle the finance (the baloon payment) with the finance company direct, and give you the difference.

Sounds right to me :)

[edit] Or, because I bought a Derv, they'll settle the finance direct and then I pay them the difference (if I walk away early), or just give it back and walk away (if I let it run to the end)..
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STEMO

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Re: PCP GFV question?
« Reply #4 on: 03 January 2019, 13:33:26 »

I've never heard of a car being worth that much more than the GFV. It it's correct, well done.
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Field Marshal Dr. Opti

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Re: PCP GFV question?
« Reply #5 on: 03 January 2019, 14:05:16 »

I freely admit I know SFA about 'renting cars' as every car I've owned  has belonged to me 100%

However, with the old saying " buy things that appreciate (house) and rent things that depreciate (car)".... perhaps I should consider renting.

Figures are based on 15000 deposit and then 497 for 2 years with 0.9% APR. Servicing for two years included along with first year road tax. Start price about 5000 below list price.
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aaronjb

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Re: PCP GFV question?
« Reply #6 on: 03 January 2019, 14:10:12 »

Your deposit appears to be the cost of an entire car, so I can only assume you're talking about PCP on a shiny new Jag-whar, Lord Opti?

Then again, 497 is quite low so.. perhaps not an F-Type.
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Field Marshal Dr. Opti

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Re: PCP GFV question?
« Reply #7 on: 03 January 2019, 14:15:03 »

Your deposit appears to be the cost of an entire car, so I can only assume you're talking about PCP on a shiny new Jag-whar, Lord Opti?

Then again, 497 is quite low so.. perhaps not an F-Type.


I'll probably keep the XFR.....lovely car and only 14000 miles under it's Draco's.

The car in question is Italian rather than Indian.
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STEMO

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Re: PCP GFV question?
« Reply #8 on: 03 January 2019, 14:18:36 »

Your deposit appears to be the cost of an entire car, so I can only assume you're talking about PCP on a shiny new Jag-whar, Lord Opti?

Then again, 497 is quite low so.. perhaps not an F-Type.


I'll probably keep the XFR.....lovely car and only 14000 miles under it's Draco's.

The car in question is Italian rather than Indian.
He's only gone and bought a Ferrari.  ;D
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STEMO

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Re: PCP GFV question?
« Reply #9 on: 03 January 2019, 14:22:35 »

Or....it's the Alfa four leaf clover guilia thingy. 60,000 for an Alfa?  :-X
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Re: PCP GFV question?
« Reply #10 on: 03 January 2019, 14:27:37 »

If anything, its ride and handling blend feels most like that of a sporting Jaguar (which we mean entirely as a compliment), so it is set up beautifully for British roads.

Sounds like you've already got one.  ::)
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Field Marshal Dr. Opti

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Re: PCP GFV question?
« Reply #11 on: 03 January 2019, 14:37:05 »

Or....it's the Alfa four leaf clover guilia thingy. 60,000 for an Alfa?  :-X

The first genuinely good Alfa worthy of it's name in a generation and preferable to a BMW M3 in my humble opinion.

About 65000 at full list and without options......but nobody pays that.
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Re: PCP GFV question?
« Reply #12 on: 03 January 2019, 14:47:20 »

I don't know that I would be prepared to chance your assumption without it written in plain English from the finance company and dealer  :-\

Summat along the lines of... "We guarantee to pay you x at the end of your PCP agreement. This figure is the guaranteed value of the car minus the Ballon payment and will be paid by direct bank credit immediately upon return of the car and on provision of the car being in perfect condition and within the mileage restrictions."

Not sure why they wouldn't simply discount the total monthly payments or deposit by 15k instead... The amount of" guaranteed profit" equates to over 11k off the deposit and a monthly payment of 0...which might be a better deal...  ???
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Re: PCP GFV question?
« Reply #13 on: 03 January 2019, 18:20:43 »

I freely admit I know SFA about 'renting cars' as every car I've owned  has belonged to me 100%

However, with the old saying " buy things that appreciate (house) and rent things that depreciate (car)".... perhaps I should consider renting.

Figures are based on 15000 deposit and then 497 for 2 years with 0.9% APR. Servicing for two years included along with first year road tax. Start price about 5000 below list price.

The GFV is usually set at what they think the car will be worth come the end of the agreement. I think a cheque is unlikely, a more realistic scenario is that you get a GFV of say 15k, come to the end of the agreement and they say they'll give you 17k against a new alfa or 14k cash because "that's what its worth sir, we're doing you a favour to offer you 17k" and probably that's bottom book.

What they want is to get you in another shiny new Alfa and get that car back on the forecourt with a 19k sticker on it.

Also, I don't think 5k off list is that great, Broadspeed is showing 7855 off list is available, so even if you take their fee off (250), you'd still be leaving 2500 on the table.  :y
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Re: PCP GFV question?
« Reply #14 on: 03 January 2019, 18:43:26 »

It's a risk thinking Alfa will be worth money when you go to get rid off it. >:(
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