Finance deal coming to an end

[pmk]

Yes Citroen Breakdown is with the AA.

[pmk]

My Citroen Servicing is for 3 years and 1 year for Citroen Assist/Breakdown. Citroen Assist/Breakdown can be renewed at the end of the year.

[Bigfeet]

If you pay off the finance then you shouldn't lose the breakdown recovery as it's a cost that's buried into the deal.

[lfcrule1972]

Yeah I thought the assist cover was only for 12m too, I guess they contact us when it's about to expire ?

[Bigfeet]

Yeah I thought the assist cover was only for 12m too, I guess they contact us when it's about to expire ?

Best to phone them if I'm honest, they don't always contact customers for renewal. With about a month to go phone 08000 72 72 72 and ask about an extension.

[CliveP]

I just paid mine off after about two months ownership - just put max deposit down, phoned up and paid the balance - all I did was effectively pocket the majority of the £1500 Citreon wanted to pay towards me taking the PCP plan - once paid off after that short time I had effectively got it for the best part of £1500 less than cash price would have been if I didn't take the PCP out. After paying it off the car was then all mine to drive/trade when I feel like it.... if I get another I will do exactly the same again
So you can settle right now, then trade/do what you like.

Regards,
Clive.

[Bigfeet]

I've always wondered about the route you took Clive as with the finance interest on PCP it effectively wipes about the deposit contribution Citroen give. I take it you added all the monies up that you paid on the car and it still it worked out less than outright paurchase?

To honest I tried it just now on a DStyle and granted you get a £1,000 towards to finance but the TAP was still £16783.36 on a standard deal while the car is RRP at £15,375.

[CliveP]

I've always wondered about the route you took Clive as with the finance interest on PCP it effectively wipes about the deposit contribution Citroen give. I take it you added all the monies up that you paid on the car and it still it worked out less than outright paurchase?

To honest I tried it just now on a DStyle and granted you get a £1,000 towards to finance but the TAP was still £16783.36 on a standard deal while the car is RRP at £15,375.

Indeed it wipes it out if you go for the full term of the contract.

Of course I did my friend , I've got OCD nothing missed in my planning! I got a deal of about £16,600 cash purchase to pay on the day if I wanted - took the PCP with the deposit contribution of £1500, so only paid about £5000 cash deposit as Citroen Finance paid the other £1500 (deposit was about £6,500) - then I got a settlement figure - there is a interest penalty for paying off early so I paid about two months more interest, but they can't, by law, charge you interest for the 24 months if you pay off early - my settlement was about £10,200 - so I actually paid (including a couple of months payments) £15,400 in total - so cash would have been £16,600 - actually parted with £15,423 in total! - so circa £1200 of the £1500 contribution dropped straight into my pocket!

I have a detailed spreadsheet I calculated it from if you want a copy my friend - it even shows for each months payment what is capital repayment and what is interest, as the amount varies slightly for each of the 24 payments (fixed amounts, interest and capital varies) and gives a projected settlement figure for any month in the 24 months - I worked out that Citroen Finance can charge you two extra months interest at any point - so pay off at month 2, and you'll pay four months interest in total, but still save the interest on 20 months (on a 24 month deal).

If you want me to send you the illustration and go through it over the phone with you my friend, I will do - I know you wouldnt push it with customers as an option, but I'm more than happy to take you through it. Lady at Citroen Finace said 'my goodness you know your stuff', lol when I called them!

Regards,
Clive.

ps if the Citroen contribution had only been £500 of course it wouldn't have been so good....
pps 'To honest I tried it just now on a DStyle and granted you get a £1,000 towards to finance but the TAP was still £16783.36 on a standard deal while the car is RRP at £15,375.' - get a settlement figure after month one, put down maximum deposit and most of that £1000 will become an effective cash saving, like I say more than happy to go through the numbers with you....

[lfcrule1972]

Wow I might look at that next time Clive

[Bigfeet]

Ahh I see what you did now, I forgot to take into account the 3% rebate that the finance company normally applies which then gives you the saving!

Good work my friend!