UK Customers

[SteveUk]

My current Kuga is 4 years old on 31st March. As I am trading it in for my MME I am going to ask my dealer if he will lend me a loner if my MME is only a couple of weeks away. That way I won't have to get it serviced, MOT'd and taxed, all of which he would do before he sold it anyway. Worth a try I think. He can only say no after all.

are you trading it in as a part ex with the same dealer as you're buying the mache?

If so then you're worrying about something which has only become an issue because of Ford not supplying the car you ordered on time.

An mot is mandatory but a service isn't so you could skip that. And tax is prorata.

Some people would even ask for the mot to be done by the dealer as a gesture of decency as the only reason it's needed is due to the extreme late delivery of the car.

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[Wonky_Donkey]

As we are potentially entering a slow news period while we wait for a certain ship to make an appearance in Mexico, I thought I’d share my trade-in story too. It highlights an issue of negative equity on a vehicle, and how I have managed to find a little known solution to it...

So the short version of the story is this ... I currently have a PCP Agreement with Toyota for Prius Plug In Hybrid. It’s been an awesome car that has allowed me to go almost fully electric for 99% of my driving for almost 3 years.

I’m still 8months away from the end of my current contract, but in the last 7 PCP deals I’ve had the dealership has always got me to take a new car up to a year before the contact end, and financially somehow it’s been cheaper for me to upgrade every time.

But this time everything is very different - the second hand value of PHEV’s seems to have plummeted recently and my settlement figure to pay off my PCP is about £5000 higher than the current trade in or private sale value of my car. I’m effectively in very big negative equity!

I enquired if I could trade my Toyota in as part of my Mach-E purchase and Ford have offered me £8k for a £32k car that is 2½ years old with 11,000 miles on it.

My thoughts were “oh sh!t” the Mach-E is gonna cost me a fortune as I will have to pay off £5k just to start from zero again and any deposit I’m due to pay.

As a side note I saw an article on the BBC News website today about the slump in second hand car demand, and how lease returns are contributing to that. (link)

So I started to see what my termination rights were with the Toyota PCP contract I had. Turns out that you can just hand back the car at any point - but you will be liable for, and will need to repay 50% of the total vehicle cost. It turns out that when my March Direct Debit goes out I will have paid off 50.3% of the overall cost! Phew! So the Toyota is dust at the end of March.

What I do find interesting is that this means that the remaining 8months I had left on the PCP before the natural end of the contract where I had the optional balloon payment or hand back option is just pure profit for Toyota - and that works out at about £7k.

Just thought I’d share my experience in case anyone else is in a similar situation.

 

[portlandg]

Sorry peeps. No good news at this time. Port of Houston is still shut down

 

[Tim03]

As we are potentially entering a slow news period while we wait for a certain ship to make an appearance in Mexico, I thought I’d share my trade-in story too. It highlights an issue of negative equity on a vehicle, and how I have managed to find a little known solution to it...

So the short version of the story is this ... I currently have a PCP Agreement with Toyota for Prius Plug In Hybrid. It’s been an awesome car that has allowed me to go almost fully electric for 99% of my driving for almost 3 years.

I’m still 8months away from the end of my current contract, but in the last 7 PCP deals I’ve had the dealership has always got me to take a new car up to a year before the contact end, and financially somehow it’s been cheaper for me to upgrade every time.

But this time everything is very different - the second hand value of PHEV’s seems to have plummeted recently and my settlement figure to pay off my PCP is about £5000 higher than the current trade in or private sale value of my car. I’m effectively in very big negative equity!

I enquired if I could trade my Toyota in as part of my Mach-E purchase and Ford have offered me £8k for a £32k car that is 2½ years old with 11,000 miles on it.

My thoughts were “oh sh!t” the Mach-E is gonna cost me a fortune as I will have to pay off £5k just to start from zero again and any deposit I’m due to pay.

As a side note I saw an article on the BBC News website today about the slump in second hand car demand, and how lease returns are contributing to that. (link)

So I started to see what my termination rights were with the Toyota PCP contract I had. Turns out that you can just hand back the car at any point - but you will be liable for, and will need to repay 50% of the total vehicle cost. It turns out that when my March Direct Debit goes out I will have paid off 50.3% of the overall cost! Phew! So the Toyota is dust at the end of March.

What I do find interesting is that this means that the remaining 8months I had left on the PCP before the natural end of the contract where I had the optional balloon payment or hand back option is just pure profit for Toyota - and that works out at about £7k.

Just thought I’d share my experience in case anyone else is in a similar situation.

The only thing to investigate is how that will impact your credit rating. I’ve heard of the 50% before, however also heard it impacts your credit. I don’t think it’s a lot but worth just a little research mate.

 

[SteveUk]

Voluntary termination and it may appear on your credit file. For that amount of saving i'd risk it appearing on my file.

 

[portlandg]

GOOD NEWS AT LAST. She has slipped her berth at Houston and is on her way to Veracruz. ETA 1600(LT) 2200(UTC) 20/2/21.

 

[Pomini]

lol you just beat me too it

 

[portlandg]

lol you just beat me too it

Sorry ?

 

[jongodfrey]

Voluntary termination and it may appear on your credit file. For that amount of saving i'd risk it appearing on my file.

No I don't think it does... but worth checking.

Reason is it is actually part of your PCP contract and the regulations which sit behind it. I looked at a similar option on my Discovery but it doesn't really work out for me.

It's not a contract delinquency or breach it's simply part of the deal you signed. It's their risk.

 

[Pomini]

No I don't think it does... but worth checking.

Reason is it is actually part of your PCP contract and the regulations which sit behind it. I looked at a similar option on my Discovery but it doesn't really work out for me.

It's not a contract delinquency or breach it's simply part of the deal you signed. It's their risk.

My daughter gave back her Audi Q3 after paying over 50% of cost with no impact on her credit rating 2 years ago .

 

[SteveUk]

GOOD NEWS AT LAST. She has slipped her berth at Houston and is on her way to Veracruz. ETA 1600(LT) 2200(UTC) 20/2/21.

phew!

I really don't know how you long term pre-order folks have managed to handle this for so long!

 

[SteveUk]

No I don't think it does... but worth checking.

Reason is it is actually part of your PCP contract and the regulations which sit behind it. I looked at a similar option on my Discovery but it doesn't really work out for me.

It's not a contract delinquency or breach it's simply part of the deal you signed. It's their risk.

I googled it before and it said "may" but I can't see future applications being cross checked to see if you have done a voluntary termination as it's within law and not a default.

 

[Berth48]

phew!

I really don't know how you long term pre-order folks have managed to handle this for so long!

we didn't manage anything, just suffered

 

[portlandg]

phew!

I really don't know how you long term pre-order folks have managed to handle this for so long!

Jovial banter between like minded people in a similar situation helps. I think it has been made worse because of the current circumstances because we have all been focusing our attention on the car rather than other "normal" events. The light at the end of this (very) long tunnel is getting larger and brighter. The next major hurdle will hopefully be overcome tomorrow when some of our cars get loaded onto the ship.
I know there will some of you who will be angered that some cars will be leaving when yours are still in Mexico and I sympathise with you. Your time will come, just hang on in there.

 

[SteveUk]

I think I read yesterday that it can take 7000 cars so I think that might be enough space?

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