PCP car on trackday

[lb3nson]

I know it may differ from one finance company to another but has anyone got any general experience of if a PCP’d car is allowed to be used for trackdays in the eyes of the finance company?
I haven’t yet seen the T&Cs of a future car I’m getting on PCP and Google doesn’t turn up much concrete information.
Obviously suitable track insurance would be a given.

[Caddyshack]

lb3nson said:

I know it may differ from one finance company to another but has anyone got any general experience of if a PCP’d car is allowed to be used for trackdays in the eyes of the finance company?
I haven’t yet seen the T&Cs of a future car I’m getting on PCP and Google doesn’t turn up much concrete information.
Obviously suitable track insurance would be a given.

I would guess it just needs to be insured and expect it happens all of the time....often one of those things that if you ask the company it will open a can of worms. Ask for copy T&C's now but do not be specific as to why.

[lb3nson]

Caddyshack said:

I would guess it just needs to be insured and expect it happens all of the time....often one of those things that if you ask the company it will open a can of worms. Ask for copy T&C's now but do not be specific as to why.

That was my thinking, is it a ‘grey area’ that most chose to not ask about…

[anonymous-user]

I don't think there's a one-size-fits-all answer. Track use can invalidate some manufacturers warranties too.

If you say what make of car it is and who the finance provider is then it's much more likely someone with personal experience will be able to post.

As long as you're properly insured and don't let pictures of it being hooned on track with your registration on it slosh around the internet the chances of any comeback are very low.

[lb3nson]

charltjr said:

I don't think there's a one-size-fits-all answer. Track use can invalidate some manufacturers warranties too.

If you say what make of car it is and who the finance provider is then it's much more likely someone with personal experience will be able to post.

As long as you're properly insured and don't let pictures of it being hooned on track with your registration on it slosh around the internet the chances of any comeback are very low.

Thanks, it’s Hyundai so track use is covered under warranty. I would say track use is even encouraged by the brand!

[Xcore]

Can always spot a pcp car as they usually have their plates gaffa tapped over!

[Kswap]

Xcore said:

Can always spot a pcp car as they usually have their plates gaffa tapped over!

This.
Although recently I’ve seen a Clio 182 and a Civic EJ with numberplates taped over. God knows what that’s about :s

[Caddyshack]

Kswap said:

Xcore said:

Can always spot a pcp car as they usually have their plates gaffa tapped over!

This.
Although recently I’ve seen a Clio 182 and a Civic EJ with numberplates taped over. God knows what that’s about :s

I think that is just people not wanting future buyers to find pics of the car being used on track.

[RB Will]

lb3nson said:

Thanks, it’s Hyundai so track use is covered under warranty. I would say track use is even encouraged by the brand!

I tracked the hell out of My i30N while on finance. Didnt even think to check with the finance co. As you say it is warranted for track use so has to be in the remit of allowed use surely. I did make sure I was fully insured, so as long as the finance co got their money if I wrote it off I guess they would be happy.

[lb3nson]

RB Will said:

I tracked the hell out of My i30N while on finance. Didnt even think to check with the finance co. As you say it is warranted for track use so has to be in the remit of allowed use surely. I did make sure I was fully insured, so as long as the finance co got their money if I wrote it off I guess they would be happy.

Thanks, my plan is to do the same, so I’ll carry on assuming it’s fine!

[Throttlebody]

Loads are running cars around on finance. Just got to accept the risk if all goes wrong. Many are just occasional track day punters.

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

[RB Will]

Throttlebody said:

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

I've done both. Overall found the financed car preferable.

Cheaper to run for me. Needed nothing other than tyres and pads, which a dedicated track car would have needed too at similar cost. All my older / cheaper track cars have needed more ongoing maintenance.

I haven't found I have more worry in the more expensive cars. Generally have the same concerns over crashing anything, my road insurance covers track use, I'd rather not put myself through a crash and I need to drive home at the end of the day.

Definitely have a more stress free day in the modern / expensive stuff as reliability has been way better, so far I've never not made if home in a financed car, had a fair few AA trips home in other stuff.

Not a problem if your dedicated track car is just that and you trailer it but then you need trailer / tow car and associated costs and storage.

On the subject of written off value, with the insurance, a write off excess would cost me far less than throwing away the cheapest track worthy / competent car, let alone one that is as quick / fun / reliable.

[Nickjd]

When people are saying fully insured, I am assuming they are meaning Trackday cover as well, as the vast majority of road insurance is not going to cover you for air bag deployment if you put it in the barriers. Your PCP provider is not going to be too happy either if you attempt to return it covered in gavel rash, so best get friendly with a wheel refurb operation if that is likely.

[Throttlebody]

RB Will said:

Throttlebody said:

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

I've done both. Overall found the financed car preferable.

Cheaper to run for me. Needed nothing other than tyres and pads, which a dedicated track car would have needed too at similar cost. All my older / cheaper track cars have needed more ongoing maintenance.

I haven't found I have more worry in the more expensive cars. Generally have the same concerns over crashing anything, my road insurance covers track use, I'd rather not put myself through a crash and I need to drive home at the end of the day.

Definitely have a more stress free day in the modern / expensive stuff as reliability has been way better, so far I've never not made if home in a financed car, had a fair few AA trips home in other stuff.

Not a problem if your dedicated track car is just that and you trailer it but then you need trailer / tow car and associated costs and storage.

On the subject of written off value, with the insurance, a write off excess would cost me far less than throwing away the cheapest track worthy / competent car, let alone one that is as quick / fun / reliable.

It’s never quite as clear cut as just the insured write off or no damage scenario.

I chap I know put his PCP car into the barrier, not a write off and track day insured, repaired with a sizeable excess but he now has a car on the Cat Register worth significantly less than retail. Not sure how his finance company will be dealing with the issue. Huge overall cost implication.

[samjlevy]

Throttlebody said:

It’s never quite as clear cut as just the insured write off or no damage scenario.

I chap I know put his PCP car into the barrier, not a write off and track day insured, repaired with a sizeable excess but he now has a car on the Cat Register worth significantly less than retail. Not sure how his finance company will be dealing with the issue. Huge overall cost implication.

But it is a write off if it's Cat registered car? Cat is the Category of the write off.

I had a GT3RS I bought with a friend on PCP (Great deal, too hard to turn down), it was insured for track days, friend wrote it off at Anglesey whilst I was abroad, insurance company paid out minus the 10% excess which worked out to around £10k less than what we got it for. Paid off the finance, bought the car back from the insurance company, made up the loss and actually made a little bit of profit. There was no issues at all from the finance company (Porsche Financial Services).

I really can't see any issues tracking a car on PCP as long as you have track insurance.

Edited by samjlevy on Wednesday 1st June 10:58

[Throttlebody]

samjlevy said:

Throttlebody said:

It’s never quite as clear cut as just the insured write off or no damage scenario.

I chap I know put his PCP car into the barrier, not a write off and track day insured, repaired with a sizeable excess but he now has a car on the Cat Register worth significantly less than retail. Not sure how his finance company will be dealing with the issue. Huge overall cost implication.

But it is a write off if it's Cat registered car? Cat is the Category of the write off.

I had a GT3RS I bought with a friend on PCP (Great deal, too hard to turn down), it was insured for track days, friend wrote it off at Anglesey whilst I was abroad, insurance company paid out minus the 10% excess which worked out to around £10k less than what we got it for. Paid off the finance, bought the car back from the insurance company, made up the loss and actually made a little bit of profit. There was no issues at all from the finance company (Porsche Financial Services).

I really can't see any issues tracking a car on PCP as long as you have track insurance.

Edited by samjlevy on Wednesday 1st June 10:58

That was a total write off, not returned to the road. Different scenario.

[samjlevy]

Throttlebody said:

That was a total write off, not returned to the road. Different scenario.

I'm confused, if a car is Cat registered (Not sure if that is the correct terminology) the insurance company has deemed it write off and paid out for the car.

We bought the car back off the insurance company, sold it to someone who has now fixed it and put it back on the road.

I do agree though that if you have a bad accident and they don't write the car off the car will be devalued from the damage which could cause potential issues as you'd have to make up the shortfall, but that's no different than if you actually bought the car outright.

Edited by samjlevy on Wednesday 1st June 11:25

[lb3nson]

Throttlebody said:

Loads are running cars around on finance. Just got to accept the risk if all goes wrong. Many are just occasional track day punters.

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

I haven’t got the time/patience/money to run 2 different cars anymore, hence moving to one car that covers all the bases. I can’t imagine i’ll be doing more than 2 or 3 track days a year anyway, so definitely doesn’t justify having a separate car for that.

[Deep Thought]

Throttlebody said:

RB Will said:

Throttlebody said:

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

I've done both. Overall found the financed car preferable.

Cheaper to run for me. Needed nothing other than tyres and pads, which a dedicated track car would have needed too at similar cost. All my older / cheaper track cars have needed more ongoing maintenance.

I haven't found I have more worry in the more expensive cars. Generally have the same concerns over crashing anything, my road insurance covers track use, I'd rather not put myself through a crash and I need to drive home at the end of the day.

Definitely have a more stress free day in the modern / expensive stuff as reliability has been way better, so far I've never not made if home in a financed car, had a fair few AA trips home in other stuff.

Not a problem if your dedicated track car is just that and you trailer it but then you need trailer / tow car and associated costs and storage.

On the subject of written off value, with the insurance, a write off excess would cost me far less than throwing away the cheapest track worthy / competent car, let alone one that is as quick / fun / reliable.

It’s never quite as clear cut as just the insured write off or no damage scenario.

I chap I know put his PCP car into the barrier, not a write off and track day insured, repaired with a sizeable excess but he now has a car on the Cat Register worth significantly less than retail. Not sure how his finance company will be dealing with the issue. Huge overall cost implication.

On Cat register (VCAR) = written off. So its either a write off or its not.

If it was written off the insurance company own it at that point and would have either disposed of it via Copart or similar or sold it back to the owner for repair.

But to write it off they have to physically own it, which would mean informing the finance company. The first thing they would do would be to HPI it and check if theres finance owing, and to who. In fact, i think they pay the finance company direct if theres finance owed. If he owed more than the pay out, then thats a discussion he'll need to have with them as to how to settle the difference.

So no, thats not the situation with that car.

Edited by Deep Thought on Thursday 2nd June 11:59

[Throttlebody]

Deep Thought said:

Throttlebody said:

RB Will said:

Throttlebody said:

Personally, I prefer a track slag. A cheaper car you have already written off it’s value. Less worry on track, no need for insurance, more fun, cheaper to run.

I've done both. Overall found the financed car preferable.

Cheaper to run for me. Needed nothing other than tyres and pads, which a dedicated track car would have needed too at similar cost. All my older / cheaper track cars have needed more ongoing maintenance.

I haven't found I have more worry in the more expensive cars. Generally have the same concerns over crashing anything, my road insurance covers track use, I'd rather not put myself through a crash and I need to drive home at the end of the day.

Definitely have a more stress free day in the modern / expensive stuff as reliability has been way better, so far I've never not made if home in a financed car, had a fair few AA trips home in other stuff.

Not a problem if your dedicated track car is just that and you trailer it but then you need trailer / tow car and associated costs and storage.

On the subject of written off value, with the insurance, a write off excess would cost me far less than throwing away the cheapest track worthy / competent car, let alone one that is as quick / fun / reliable.

It’s never quite as clear cut as just the insured write off or no damage scenario.

I chap I know put his PCP car into the barrier, not a write off and track day insured, repaired with a sizeable excess but he now has a car on the Cat Register worth significantly less than retail. Not sure how his finance company will be dealing with the issue. Huge overall cost implication.

On Cat register (VCAR) = written off. So its either a write off or its not.

If it was written off the insurance company own it at that point and would have either disposed of it via Copart or similar or sold it back to the owner for repair.

But to write it off they have to physically own it, which would mean informing the finance company. The first thing they would do would be to HPI it and check if theres finance owing, and to who. In fact, i think they pay the finance company direct if theres finance owed. If he owed more than the pay out, then thats a discussion he'll need to have with them as to how to settle the difference.

So no, thats not the situation with that car.

Edited by Deep Thought on Thursday 2nd June 11:59

It was returned to the road. Not a full write off. Also insured through a 3rd party track day insurance company. Worked out the cheapest option for him but hugely costly.