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Kettle7



Member Since: 17 Aug 2017
Location: South East
Posts: 5

United Kingdom 
Changing Finance provider

Hello all,

Short term lurker but have already gained some valuable insight so thanks to all who contribute. I hope Tom be able to reciprocate in due course. Wink

I am so to take delivery of a LR vehicle that will be financed (PCP) through LR/Black horse. I have read that there is a cool off period of sorts where you may decide not to continue with the finance and instead, doing 'something different'. Can anyone advise me of:

How this is done
How long does one have after taking delivery of the car to make this decision
If it is possible to change to a different finance provider at this point
How to do so whilst ideally keeping the finance contribution.

Apologies if this isn't one for open forum. Please feel free to PM me if this is more appropriate. Any and all advice appreciated.

Thanks in advance folks!

Post #533049 Thu Aug 17 2017 12:38pm
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syl



Member Since: 10 Mar 2016
Location: Somerset
Posts: 63

United Kingdom 

You've got 14 days to withdraw from the agreement. You ring them up and cancel it - you will have to pay the outstanding amount in full. You get to keep the finance contribution.

After 14 days you can always settle the finance, by paying the outstanding amount in full plus however much interest you have accrued. You still get to keep the finance contribution.

You can get a standard loan from a bank, or other institution, to pay off the balance (what you may find a bit harder to do is to get a PCP loan from a bank or other institution to pay off the balance, rather than pay directly to the dealer). The monthly payments, however, may not be all that different if you take out a regular loan over double the term (say 6 years), with the intention of selling the car and paying off the balance halfway through as you would with a GMV on a PCP. Unfortunately the majority of the better unsecured high-street loan deals are on amounts under £25K, which doesn't get you much of a new Range Rover.

Post #533056 Thu Aug 17 2017 1:35pm
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Kettle7



Member Since: 17 Aug 2017
Location: South East
Posts: 5

United Kingdom 

Thanks Syl.

Any reason why one cant get a PCP from another provider and use that to pay off the outstanding amount? Why would this be difficult?

Post #533073 Thu Aug 17 2017 5:39pm
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syl



Member Since: 10 Mar 2016
Location: Somerset
Posts: 63

United Kingdom 

When you get a PCP, the finance company pays the money directly to the dealer for the car. The car is at least some security against the loan. In your case, you'd be asking them to pay the money directly to you, so you could use it to settle existing finance. How do they know you'll do that rather than take it all down the casino? Some might go to the hassle involved in refinancing by paying the money to the original finance company, but I expect that many won't, especially the cheaper ones like Halifax.

Post #533118 Fri Aug 18 2017 12:57am
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