[Ami C]

Hello our 3 year pcp deal is about to end. We have done 60,000 miles in the car. We would like to keep the car. Has anyone had any success in getting a good deal from RCI so they can keep the car? Any tips on getting a better deal with them? At the moment our payments would go up if we refinanced it.

 

[DrEskimo]

How much is the final payment, and what interest rate are RCI offering?

 

[Ami C]

Final payment is 11,442
They have offered to finance it over 24 or 36 months at 8.9% both of these options put our payments up considerably.

 

[pcfarrar]

Just get a personal loan to cover the £11,442. You should be able to get around 3% and it will be much cheaper.

 

[Ami C]

Thanks for your reply. I just wondered if RCI are likely to offer us a better deal especially considering the current climate and if anyone has any experience of them doing this?

 

[Stead]

I'd second the loan option.

what was your mileage allowance on your PCP? 20k a year I would of thought you would of been paying quite a large PCP and the payments would of been more than the amount for a low interest loan over 3 years???

 

[DrEskimo]

Final payment is 11,442
They have offered to finance it over 24 or 36 months at 8.9% both of these options put our payments up considerably.

As above, you might be able to get a better rate by going with a high street bank. Although the exact rate you are offered will depend on your credit history.

It will be higher per month, but it's a completely different type of loan. The interest you pay will be much lower and you have no large final payment. Whilst the monthly may be higher, the cost will be lower.

You can certainly ask RCI for a discount, but I'm not sure how successful that will be. I've heard of reductions when the final payment is much higher than the value, but I'm not sure that is the case here.

To reduce the cost of the personal loan, I would use any savings towards the car that you can spare and borrow less.

 

[Kingpleb1]

To be honest for £11,442 unless its a Tekna and in VERY good condition, i'd hand it back to them and look online for another one with less miles.
SOH is something to consider as well if you can check it, Also any upcoming services, tyres needing replacement... All factors into the true total cost.

Im guessing you maybe got it on one of the £200PCM deals?
There are Zoe deals that are close to that and offer a good car and mileage for the money.

 

[Ami C]

I'd second the loan option.

what was your mileage allowance on your PCP? 20k a year I would of thought you would of been paying quite a large PCP and the payments would of been more than the amount for a low interest loan over 3 years???

The PCP is £247 a month. The milage allowance was 20k a year and we are slightly under that. I’m not sure how much the car is worth now. I’ll check.

 

[Ami C]

To be honest for £11,442 unless its a Tekna and in VERY good condition, i'd hand it back to them and look online for another one with less miles.
SOH is something to consider as well if you can check it, Also any upcoming services, tyres needing replacement... All factors into the true total cost.

Im guessing you maybe got it on one of the £200PCM deals?
There are Zoe deals that are close to that and offer a good car and mileage for the money.

Really how much are the Zoe deals at the moment? I presumed that the dealerships are not trading at the moment?

 

[Stead]

The PCP is £247 a month. The milage allowance was 20k a year and we are slightly under that. I’m not sure how much the car is worth now. I’ll check.

fair play that seems pretty good!

have you looked at comparable leaf's for sale to figure if the price is fair on yours?

 

[Kingpleb1]

Really how much are the Zoe deals at the moment? I presumed that the dealerships are not trading at the moment?

Yeah they are trading but all remotely so its hands free deliveries where they are doing them or wait till the lockdown eases.
There are deals out there starting at £189+VAT

Range Details

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Just a case of shopping around i think

 

[dk6780]

There are deals out there starting at £189+VAT

Not by the time you factor in the 9 months up front and the VAT - that's over £300/month.

 

[Neilew]

Final payment is 11,442
They have offered to finance it over 24 or 36 months at 8.9% both of these options put our payments up considerably.

There are companies that will give you a far better interest rate than that. Hitachi Finance is one that comes to mind. My last loan with them was for 3.9%. Don't forget that you are allowed to get your finance elsewhere. You don't have to go with RCI (in fact they'd be the last company I would go with)

 

[Neilew]

You can certainly ask RCI for a discount, but I'm not sure how successful that will be.

With first Zoe (2015-2018) we had to fight tooth and nail to get them to give us a discount as the GFV was far higher than market value of the car. GFV was £5550 (ish) and it took two attempts to get them down to £4442. Market value was in the region of £3.5k. Zoe went to Mannheim, who tried to screw another £460 for defaults. I think the OP would have as much chance platting fog as he would of getting a discount at this juncture.

 

[Neilew]

Just a case of shopping around i think

WeeVee looks pretty good too.

 

[Kingpleb1]

Not by the time you factor in the 9 months up front and the VAT - that's over £300/month.

True but then for that few quid more you get a new car with warranty on all its bits.
Now that leaf has passed 3yr/60k the only thing warranted is the battery and some parts attached to it. And thats only for 2 more years. IE warranty drops before the OP owns the car fully. Bit to much risk in my eyes for the small amount of difference in payment.

 

[DrEskimo]

True but then for that few quid more you get a new car with warranty on all its bits.
Now that leaf has passed 3yr/60k the only thing warranted is the battery and some parts attached to it. And thats only for 2 more years. IE warranty drops before the OP owns the car fully. Bit to much risk in my eyes for the small amount of difference in payment.

Doesn't the newer 30kWh come with an 8yr battery warranty? Can't the car warranty be extended like on the Zoe?

Your comparison in monthly costs is flawed as it is comparing apples with oranges. The £350-400 loan payment for keeping the Leaf isn't a reflection of how much the car is actually costing to own. It will likely be worth around £6-7k in a few years time, so the actual cost in terms of deprecation after selling/trading is equivalent to about £100/month vs the lease at £300/month (actually more like £350-400 when you account for 20k miles). Suddenly the cost difference is massive. Certainly much higher than the cost for extending the warranty on this current Leaf.

Then there is the fact the OP needs to do something again after 2yrs, whether thats to try and buy the lease if they let them at a higher cost, lease again and perpetually pay new car deprecation costs, or buy a used car. Once the loan on the current Leaf is over that's it. No more payments and the car is theirs for however long they want it.

 

[dm57]

There are lower mileage Leafs out there for lower price. Leaf values have dropped since the shutdown. I tried getting a discount on our car but there was no movement on price that was 12 months ago. Fortunately we had the cash to pay balloon without a loan and benefited from the low cost/low deposit deals around 3 years ago.
As mentioned already SOH is one of the indicators you need to be aware of.

 

[GOSPORT DAVE]

The NISSAN battery warranty expires at 100K miles, if the current usage pattern continues at 20K miles a year, that will be in 2 years time.

Probably by then the winter range could drop to 60 - 70 miles range.

If it was me, I would hand it back and walk away - that vehicle would a good choice for somebody pottering to the local shops doing 5 - 6K miles a year but not 20K mile a year.

Any decent deals on the MG ZS? seems to be a hell of a lot on Auto Trader.

Or a low mileage older model Hyundai Ioniq, a good car for high miles.