New Mazda MX5 RF - PCP Help

[MissFlashGordon]

Hi All
I currently have a Honda Civic Sport thats 3 years into a 4 year PCP. Ive gone 3000 miles over already and Honda charge 4p per excess mile. I have my heart set on the new Mazda MX5 RF 2.0 in either the GT Sport Nav+ or the Sport Nav +.
I just dont know how to get the best deal. Visited 1 Mazda dealer today that was awful actually, the Sales guy knew nothing about the different specs ( I had to tell him), he didnt even look at my current PCP contract, but simply said my Civic was 3k negative equity and there was nothing he could do for me!!!!! I have paid over 1/2 the value specified in my PCP contract enabling me to return the goods, just want to know what the best way to sort a deal when on a pcp with negative equity.
Any help would be much appreciated from anyone who has recently managed to get a similar deal I’m after.
Thanks

Edited by MissFlashGordon on Sunday 2nd June 22:15

Edited by MissFlashGordon on Sunday 2nd June 22:34

[PHuzzy]

Concerned about £120?

4ppm is a great excess mileage rate.

Even if you get charged pro rata for the remaining year (I'm less clear on how a PCP would deal with that compared to leasing) it's not going to be more than £500.

If you're worried about £500, you probably shouldn't be 'buying' a new car.

[MissFlashGordon]

PHuzzy said:

Concerned about £120?

4ppm is a great excess mileage rate.

Even if you get charged pro rata for the remaining year (I'm less clear on how a PCP would deal with that compared to leasing) it's not going to be more than £500.

If you're worried about £500, you probably shouldn't be 'buying' a new car.

I’ve worded it wrong... I’m trying to get out the pcp but because there is negative equity according to Mazda, I can’t seem to get a deal. I can certainly afford a new car.

[Barga]

Look at your pcp agreement and see if you can VT.

[PHuzzy]

Voluntary termination is what you're looking for then but I'm going to guess you'll be doing this with Honda (or the finance company the contract is with) rather than Mazda.

VT the car, pay the excess mileage and order the Mazda.

[MissFlashGordon]

Barga said:

Look at your pcp agreement and see if you can VT.

Thanks :-) Is that probably the best thing to do? I thought maybe a dealer I’m buying the new Mazda from could sort all that out for me. I can VT as I’ve paid the amount stated in the pcp.

[bennno]

MissFlashGordon said:

Hi All
I currently have a Honda Civic Sport thats 3 years into a 4 year PCP. Ive gone 3000 miles over already and Honda charge 4p per excess mile. I desperately want to by a new Mazda MX5 RF 2.0 in either the GT Sport Nav+ or the Sport Nav +.
I just dont know how to get the best deal. Visited 1 Mazda dealer today that was awful actually, the Sales guy knew nothing about the different specs ( I had to tell him), he didnt even look at my current PCP contract, but simply said my Civic was 3k negative equity and there was nothing he could do for me!!!!! I have paid over 1/2 the value specified in my PCP contract enabling me to return the goods, just want to know what the best way to sort a deal when on a pcp with negative equity.
Any help would be much appreciated from anyone who has recently managed to get a similar deal I’m after.
Thanks

Edited by MissFlashGordon on Sunday 2nd June 22:15

Speak to Honda finance and confirm your understanding of the VT value and payments made, mileage is not charged - will be just 50% of the total payments due under the agreement. Honda will just send somebody out to collect their car.

Then go and negotiate a deal on your new car at a Mazda dealer, there are £199 deposit and £199 per month deals on the 1.5 Mx5 - not the RF. Note its a fairly complex process for Mazda dealers to get cars due to Brexit and their Euro hub being in Belgium.

Edited by bennno on Sunday 2nd June 22:26

[PHuzzy]

Everyone with a PCP or hire purchase has VT in their contract, by law it has to be.

BTW, you are aware the 50% figure to VT is the whole cost of the car + interest and not just the PCP payment? Just checking on that point.

[Barga]

MissFlashGordon said:

Barga said:

Look at your pcp agreement and see if you can VT.

Thanks :-) Is that probably the best thing to do? I thought maybe a dealer I’m buying the new Mazda from could sort all that out for me. I can VT as I’ve paid the amount stated in the pcp.

If you are in NE it’s definitely the best thing to do as you don’t want to be rolling any NE into the next deal.

[Wacky Racer]

Don't take this the wrong way, buy why not just let your current deal run out?

The MX5 will still be there for you next year.

Also, it's never a good idea to buy anything, car/house whatever, when you are "desperate".

Usually logic flies out of the window.

[MissFlashGordon]

PHuzzy said:

Everyone with a PCP or hire purchase has VT in their contract, by law it has to be.

BTW, you are aware the 50% figure to VT is the whole cost of the car + interest and not just the PCP payment? Just checking on that point.

Yes thanks, the 50% amount is specified in the pcp and I requested a settlement figure which is less than the amount, which is good. Just heard bad press about VT in terms of the companies trying to scare you into paying various things and being unhelpful when you try and exercise this right to VT.

[Nick67]

MissFlashGordon said:

Yes thanks, the 50% amount is specified in the pcp and I requested a settlement figure which is less than the amount, which is good. Just heard bad press about VT in terms of the companies trying to scare you into paying various things and being unhelpful when you try and exercise this right to VT.

The easiest thing to do is contact Honda finance again and confirm the amount you'll need to pay due to the excess miles. We did VT on our previous Mini Cooper as the residual was diabolical, contrary to what we were told when we bought the car.

TBH I wouldn't read too much into the press, our VT was straight forward, BCA chap took loads of pics and video, we had nothing extra to pay as ours was well kept, you may get charged if you dents/scratches or badly dinged rims.

Go via Carwow and see what offers are currently available, coming up to the end of 2nd 1/4 so maybe some wiggle room.

We went for the 2.0 convertible Sport Nav +, didn't think the GT was worth and preferred the black leather

What ever you get enjoy

[MissFlashGordon]

Nick67 said:

MissFlashGordon said:

Yes thanks, the 50% amount is specified in the pcp and I requested a settlement figure which is less than the amount, which is good. Just heard bad press about VT in terms of the companies trying to scare you into paying various things and being unhelpful when you try and exercise this right to VT.

The easiest thing to do is contact Honda finance again and confirm the amount you'll need to pay due to the excess miles. We did VT on our previous Mini Cooper as the residual was diabolical, contrary to what we were told when we bought the car.

TBH I wouldn't read too much into the press, our VT was straight forward, BCA chap took loads of pics and video, we had nothing extra to pay as ours was well kept, you may get charged if you dents/scratches or badly dinged rims.

Go via Carwow and see what offers are currently available, coming up to the end of 2nd 1/4 so maybe some wiggle room.

We went for the 2.0 convertible Sport Nav +, didn't think the GT was worth and preferred the black leather

What ever you get enjoy

Thanks very much for the advice. I’m going to call Honda today. I think I’m going for the Sport Nav + as I don’t like the tan leather in the GT.
thanks again

[HRL]

Sorry, not a lot to add other than I completely agree about the tan leather. I can’t understand why the colour isn’t just optional.

Looking at a 2l ND here but can’t decide on the spec.

Not PCP either, buying outright.

[MissFlashGordon]

HRL said:

Sorry, not a lot to add other than I completely agree about the tan leather. I can’t understand why the colour isn’t just optional.

Looking at a 2l ND here but can’t decide on the spec.

Not PCP either, buying outright.

Totally agree, you’d think it would be optional. I’ve seen some GTs for sale though with black leather, but Mazda dealer I went to said it’s tan colour only, so I’m confused. You can get the Sport and just spec it up to GT without the tan seats.. think that’s what I’m going to do :-)

[Nick67]

MissFlashGordon said:

Thanks very much for the advice. I’m going to call Honda today. I think I’m going for the Sport Nav + as I don’t like the tan leather in the GT.
thanks again

How did it go with Honda finance?

The 2 things I have found annoying
1 The window switch has one touch for down, but not up
2 The screen wash bottle is small and doesn't have a low level warning

[loskie]

ffs you sound like you have a tough life!

[bennno]

Nick67 said:

MissFlashGordon said:

Thanks very much for the advice. I’m going to call Honda today. I think I’m going for the Sport Nav + as I don’t like the tan leather in the GT.
thanks again

How did it go with Honda finance?

The 2 things I have found annoying
1 The window switch has one touch for down, but not up
2 The screen wash bottle is small and doesn't have a low level warning

'#firstworldproblems'

[MissFlashGordon]

Nick67 said:

MissFlashGordon said:

Thanks very much for the advice. I’m going to call Honda today. I think I’m going for the Sport Nav + as I don’t like the tan leather in the GT.
thanks again

How did it go with Honda finance?

The 2 things I have found annoying
1 The window switch has one touch for down, but not up
2 The screen wash bottle is small and doesn't have a low level warning

They said I needed to make an appointment and to put my VT request in writing.... going to see a few more Mazda dealers and speak to Honda before putting anything in writing.

[Nick67]

MissFlashGordon said:

They said I needed to make an appointment and to put my VT request in writing.... going to see a few more Mazda dealers and speak to Honda before putting anything in writing.

That seems very strange, all I had to do with Mini/BMW finance was request over the phone, then sign the paperwork and return it, once they received it I could not retract it.

Why is there a need to visit more Mazda dealers?