Tesla PCP Finance

[MsNobody]

Hi all.

I have a December 2022 Tesla model 3.
Payments are £800.55 per month.
I got it over 3 years PCP.
I want to give it back ASAP.
I cant afford it on my reduced salary.

Do I really have to wait until the 50% point is reached before I can VT ?

[FlabbyMidgets]

Some more information may be helpful here, such as

Rough vehicle value
Settlement figure
Balloon payment

[jonathan_roberts]

Just ask for the settlement figure and try to sell it privately for same amount or more.

[MsNobody]

FlabbyMidgets said:

Some more information may be helpful here, such as

Rough vehicle value
Settlement figure
Balloon payment

At the end of 36 months, they want £21000 to buy it outright.

[MsNobody]

FlabbyMidgets said:

Some more information may be helpful here, such as

Rough vehicle value
Settlement figure
Balloon payment

Its probably worth £25,000

[MsNobody]

jonathan_roberts said:

Just ask for the settlement figure and try to sell it privately for same amount or more.

Can I just do that ?

[FlabbyMidgets]

MsNobody said:

jonathan_roberts said:

Just ask for the settlement figure and try to sell it privately for same amount or more.

Can I just do that ?

Yes, you can sell the vehicle and pay off the finance. Ask the finance company for a settlement figure. When you sell the car you, or the buyer, will pay the finance company. You would have to stump up the difference (if negative) or you can keep the profit if there is some too

[jonathan_roberts]

FlabbyMidgets said:

MsNobody said:

jonathan_roberts said:

Just ask for the settlement figure and try to sell it privately for same amount or more.

Can I just do that ?

Yes, you can sell the vehicle and pay off the finance. Ask the finance company for a settlement figure. When you sell the car you, or the buyer, will pay the finance company. You would have to stump up the difference (if negative) or you can keep the profit if there is some too

As above. Almost certainly the most pain free way out. The finance company doesn’t care who settles the debt as long as it’s settled. If that means you selling the car for them to clear the debt then they’re happy.

[Presuming Ed]

Get a settlement, get a valuation off Motorway or similar, if the car is worth more then then settlement, happy days, get it sold on their platform and the buyer will settle the finance directly and you get what ever is left over between sale price and settlement.

[jezzaaa]

MsNobody said:

Hi all.

I have a December 2022 Tesla model 3.
Payments are £800.55 per month.
I got it over 3 years PCP.
I want to give it back ASAP.
I cant afford it on my reduced salary.

Do I really have to wait until the 50% point is reached before I can VT ?

I sympathise with this...was in the same situation a while back...

How far away is the 50% point? I presume you didn't buy it new since you'd already be past the 50% probably if so. Edited to say that you need to account for the mileage limit on the finance agreement...if it's higher then they'll also sting you for the pence per mile to give it back.

The final payment (balloon) of £21000 is not the settlement figure...the settlement figure will be (roughly speaking) that £21,000 plus the remaining payments to be made minus an adjustment for the payments/interest which would not have to be pad for the remaining months by settling now.

Depending on how far in you are and how much deposit you put down, it may be significantly more than the car's worth. As others have said, get a settlement figure and get it valued and then you'll know.

Edited by jezzaaa on Sunday 20th October 10:35

Edited by jezzaaa on Sunday 20th October 10:38