GR86 Coming to the end of the PCP agreement.

KobayashiMaru86 said:
What is the process? May try and get it done before end of the year.
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I paid for my 86 outright but I just finished the finance on my Corolla and they contacted me 3 months before the end of the agreement.
They give you the option to hand the car back, pay it off with a lump sum or they offer you another finance agreement for the remaining amount.
You can give amounts to them to try and tailor your budget. I have no idea what the rate is though as I’ve just paid mine off. If you check the rates for used Toyota in the dealers then I’m sure they won’t be far off of that.
 
Not sure if the same with Toyota but on both of my wife’s Mazdas they have extended the finance term by an extra year with no fuss at all.
 
KobayashiMaru86 said:
What is the process? May try and get it done before end of the year.
Click to expand...
After trying to phone Toyota Finance and being on interminable hold I gave up and requested a settlement figure via the portal (which I registered for when I first got the car).

I then sent a secure message on the portal asking for confirmation of the settlement figure and their account details for a BACS transfer payment. This arrived by secure message and I paid it using my banking website.

Probably easier and quicker to do all this by phone, if you can actually get through to them!
 
I’m not sure if you all know this so thought I’d share, maybe for the next car: when I bought mine back in Oct 23 I put down the maximum allowable deposit and paid cash for the extras. I want the safety net of GFV that PCP gives (consider EV price collapses). Then, after taking ownership I contacted Toyota finance and made the maximum possible overpayment. Since then, I pay something like £120/month which is a rounding error with my crazy household finances. It is worth considering guys.
 
I plan to pay mine off. There isn't really anything new that I want. I'm not ready to give up the manual gearbox just yet and so when I do think of other cars that I want, they have all been discontinued apart from the MX-5. So the GR86 will get paid off and kept, then I'll be weighing up the pros and cons of whether to get a second car or just keep to one.
 
I'm still hoping to convince my partner to bin off her automatic aygo and we go halves on a Renault 5, which I can then use for the odd commute.
 
chopper602 said:
I'm currently 'at risk of redundancy', so as I've been with my current company for nearly 20 years, I'm thinking of using some of the redundancy payment (if I'm one of the chosen) to pay off the car . . . I'm certainly not going to hand it back o_O
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My redundancy payment came through this morning, so I'm going to reduce my monthly outgoings and pay off the car. Only thing I'm going to have to query is the 'settlement' quote says there are another 8 months for it to run - first payment I made was March 2023, so don't know what thats all about . .
 
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The site didn't work so had to phone them and they emailed me bank details to send to. I've paid it, nice to say it's all mine as it's not going anywhere any time soon. Is slightly unnerving how a large chunk of money can be sent so easily. Far easier now than it used to be. Do you get a letter confirming it's all paid off? The portal hasn't updated yet.
 
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