End of PCP process

[PAISLEY1903]

If helps anyone the process Is as below 

Your final payment if keeping car is your actual final payment (not the month later).

5 payments remaining you receive letter in post with options with prepaid envelope.

Your then sent an email a few days later with a personalised video. This video contains your name, date of final payment, your guaranteed buy price and then concludes with you selecting your option to confirm. 

For me - I will gladly keep my 71 Rav4 with 23k on clock for £14750!

Now time to start saving to do same with wife's CHR In 42 months. 

[Broadway One]

17 hours ago, PAISLEY1903 said:

For me - I will gladly keep my 71 Rav4 with 23k on clock for £14750!

Hi...you do right. The dealer would snap it up, settle with Toyota finance (T/F) & add to their sales line  at a considerably higher price. I've used 3 year PCP's for my last 4 RAV's. Similar to you, 12k miles, full Toyota service plan, garaged. Final balloon payment on my current motor £20k. I pass them to family who are happy take up ownership upon delivery of my newbie. Not 100% sure on this but I got the impression that a PCP can be set up with T/F with the new owner in this case one of my daughter's. Why raid one's savings (APR 4/5%) for full settlement if there's a PCP on offer at 2% ? More icing on the cake should that be the case........Barry Wright, Lancashire.      

[forkingabout]

I'm currently on 5 payments remaining on my C-HR so it sounds like I should receive a letter shortly. 

The £16470 CBP is currently sitting earning interest in a 3 year fixed bond plus the PCP is 0% interest so win win. 

Seeing as Toyota no longer make anything I want to purchase, Ill just pay it off at the end of the term & keep the C-HR. 

 

[Flatcoat]

I understand one option offered will be a refinancing of the balance? 

[PAISLEY1903]

On 11/1/2024 at 10:46 PM, Flatcoat said:

I understand one option offered will be a refinancing of the balance? 

Correct (doesn't give the rate)

[forkingabout]

It seems the decision letter process is triggered once your 5th from final payment is taken. 

I had an email this morning telling me I had a new document & logging in to my Toyota finance portal shows the letter which you also should receive via the post. 

4 options given are:

Upgrade, Keep, Refinance ( the GFV ) or Return. 

If you wish to refinance the GFV you have to call up the customer solutions team on the number in the letter to discuss it - between 12 & 60 month terms seem to be available. 

 

I'm going with the Keep option & paying the GFV as Toyota UK no longer offer anything I wish to buy.