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Model specific boards => Golf mk7 => Topic started by: buddfridge on 23 March 2020, 07:05
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I am very worried about both my wifes and my job, the gti feels like a luxury I cant afford right now, its on a pcp but thankfully I paid a large deposit, it was a year old in feb with 5k on the clock and I owe approx 17.5 k, times are very uncertain but would you think any vw garage would be interested?
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Maybe, but it could take quite a bit of ringing around to agree a price you're happy with.
I'm sure you already know that now isn't an ideal time to be selling if you don't have to, but obviously it's understandable if income is uncertain and you have greater priorities.
You could try the usual places WBAC, and that other company (not Tootle....Motorway??) and see what they can offer.
How far away are you from being able to voluntarily terminate? I'm guessing quite far if it's only a year old?
I sympathise with your situation, all the best.
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Sure I saw Webuyanycar have been outed for suddenly dropping prices massively to take advantage of people needing to sell.
Just be careful you don't get your leg lifted by a dealer (if they are still open). Very uncertain times ahead for sure but make sure you do your sums would be my advise.
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Thanks for the replies, I feel daft now as I am sure most folk on a pcp are in the same boat, just trying to prioritise really as like most people we pretty much live month to month, but I apologise to anybody who is in a worse position than me, it was just thinking out loud.
Take care all.
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If you do get into financial difficulty (hopefully not) then try getting in touch with VW finance about your PCP. With the current situation they may have some options for you. Might be worth a go.
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It won’t hurt to ring around if you have time on your hands, calculate any loss you’ll make on the value of the car against how much interest you’ll pay over the life of the car finance term and see if the figures stack up.
I really hope it doesn’t come to that for you but possibly acting sooner rather than later might be wise if you’re sure you won’t be able to keep up payments as the longer this goes on the more everything will drop in value as financial hardship spreads. Dealers won’t want stock sitting around for months on end as it costs them in interest they pay on the car themselves and depreciation in an uncertain but depressed market.
Fingers crossed your income stays safe.
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Ring your finance company, and say you have corona, I think they have to put your finance on hold, if you don’t say corona I think they can put your payment day back a month (so if you pay on the 22nd they can take on the 21st of next the next month if you get my drift)
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WBAC before all this were offering 20-21k for my GTI, checked this weekend and its just under 12k.
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WBAC knocked off nearly £10k off a mates RS4 and £5500 off ex's Golf GTD in a few days :shocked:
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WBAC before all this were offering 20-21k for my GTI, checked this weekend and its just under 12k.
Wooooah.
Given that WBAC flip these things pretty much instantly, its probably a reflection of the closing of the auction houses.... you know WBAC is BCA yes?
BCA sales will ONLY be accessible online from Thursday 26th March.
And I guess trade will be somewhat negligible, I mean, who is out shopping for a car right now?
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If you do get into financial difficulty (hopefully not) then try getting in touch with VW finance about your PCP. With the current situation they may have some options for you. Might be worth a go.
This would be my first port of call to see if can get payment holidays as you think most established and so responsible lenders will be seeking to help in line with banks recent stance on mortgages, credit cards etc.
We had to make some difficult choices in the 90's recession just to survive financially and one of the things that went was the car and so the loan - we ran a £1000 Escort for 18 months.
As work for an IT company we quite relevant at moment in keeping everyone connected so financially should be ok but if everything did go wobbly then I just hand keys back and would readily go get myself something second hand that fits the budget.
Wish you well in whatever direction you need to take.
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Speak to Andrew at http://volkswizard.co.uk - he gives pretty much the fairest prices in the trade and is really nice to deal with.
I know a few people who've bought and sold with him over the years.
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Thanks, I have requested a valuation .
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WBAC are owned I believe by BCA so a lot of their cars go through the auctions and as it currently stands they don't want any cars hence doing what they've done. They know no one will accept a low ball quote so it works doing what they've done.
As someone has mentioned talk to the finance company as they are putting payment holiday etc in place to help.
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Heard about WBAC valuations so put my details in to see what they valued my car at, a Mk 7.5 Gti on an April 18 plate with 18800 miles on the clock just had its second service mint condition with a few nice extras they offred £11800 :angry:
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I am very worried about both my wifes and my job, the gti feels like a luxury I cant afford right now, its on a pcp but thankfully I paid a large deposit, it was a year old in feb with 5k on the clock and I owe approx 17.5 k, times are very uncertain but would you think any vw garage would be interested?
If you paid a large deposit then not only should you possibly be in positive equity (based on non-crisis values), but your PCP payments are probably quite low too. If only a year in and owe £17500, you're only servicing a likely £4500 over the nextc2 years plus interest.
Lose all that equity you have and if you still need a car, you'll still be paying most of your monthlies on a car worth half as much or paying £100 a month for an old heap.
If you've got a tracker mortgage and a sizeable balance, you could be saving upwards of £50 a month there. If you're working from home or have been told not to come in then there's petrol money saved in the short term from commuting.
There's 3 month mortgage holidays available.
If you're not self employed, the government is guaranteeing 80% of your wage. Lots going on to help - more than I thought would be available.
You're going to be spending nowt on socialising or eating out right now too.
Don't panick and get taken advantage of.
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What car is it you are selling
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What car is it you are selling
Its 400 per month, like most people I am fearing the worst but there are lots of people who are worse off, its a car/ job some are contending with homes cars jobs and lives all at the same time, lets hope ever body gets through this.
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What car is it you are selling
Gti pp 2019 5 door white manual.
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I was looking at WBAC out of interest as I want to get in to a economical diesel for a while. I then had 2 chasing calls from WBAC asking if I wanted to go through with the extreme low ball offer so whilst I originally thought they just don't want to buy cars, I now suspect they are taking advantage of others in desperate situations.
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WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.
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WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.
What kind of car is it :smiley:
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WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.
What kind of car is it :smiley:
57 plate Honda Jazz, 50k on the clock. Used as a runaround before her new car arrived yesterday.
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There might be somebody who could answer this for me, I am the director of a small company, we get by but have never really done well so as such the company and my own finances will last a few weeks, possibly a month or two, I have two employees who I can put into the governments 80% support scheme for their wages
But ( government guidelines) -
Electrical Retail Premises are required to close with immediate effect.
Thats my business, so I have no work, my employees will get at least 80% of their wages but my understanding is because I am a director ( employed paye) I will have no entitlements £0 and I cant go to work.
This is what I am being told, the reality for me is I run a small business and have had to pay myself a low salary to keep the business viable, that salary helps pay the bills with my wifes but now it looks like disappearing and we genuinely dont know how we will manage.
Does anybody know ant different?
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Sorry to read of your difficult situation. :sad:
I am no expert, but it appears you are broadly correct in that there is no direct help (yet) for you or those that are self employed in a similar scenario. There are the usual (albeit enhanced) safety nets such as universal credit etc, and you may qualify for a loan, but you would need to speak to your bank.
However, according to Martin Lewis, the government is looking at this and something more substantial could be announced this week
https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#selfemployed
Best of luck, I hope it all works out for you :smiley:
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Thanks, but I am not classed self employed as I am employed paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.
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VWFS must be bricking it right now. If thousands of people default or start handing their cars back under VT rules things are going to get very messy for them.
Tough times for everyone.
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Thanks, but I am not classed self employed as I am employed paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.
I have the same status as a company director and understand your predicament. I have every confidence that the government is going to be so ill prepared to deal with the volume of grants that they won't be able to issue them as quickly as needed anyway. I do hope I'm wrong.
VWFS will want to retain contracts particularly as new car sales figures will be hugely impacted for 2020. With new vehicle production and logistics delayed, you may put yourself in a better position getting a payment holiday until things stabilise. Better to be transparent about your position and communicate with other creditors to make arrangements too. Everyone recognises these are unprecedented times and responses will need to recognise that. In three months time, things will be very different.
Selling a vehicle now to exit a finance commitment is going to guarantee the lowest price (if you can sell) as others have said. While some have suggested unethical behaviour, offers likely reflect trader expectations of having to hold stock for considerably longer until market confidence returns and COVID-19 is brought under control. As a trader, I would only be considering buying the best and lowest mileage examples to de-risk.
I feel for you and hope you get the best possible outcome.
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Thanks, but I am not classed self employed as I am employed paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.
I have the same status as a company director and understand your predicament. I have every confidence that the government is going to be so ill prepared to deal with the volume of grants that they won't be able to issue them as quickly as needed anyway. I do hope I'm wrong.
VWFS will want to retain contracts particularly as new car sales figures will be hugely impacted for 2020. With new vehicle production and logistics delayed, you may put yourself in a better position getting a payment holiday until things stabilise. Better to be transparent about your position and communicate with other creditors to make arrangements too. Everyone recognises these are unprecedented times and responses will need to recognise that. In three months time, things will be very different.
Selling a vehicle now to exit a finance commitment is going to guarantee the lowest price (if you can sell) as others have said. While some have suggested unethical behaviour, offers likely reflect trader expectations of having to hold stock for considerably longer until market confidence returns and COVID-19 is brought under control. As a trader, I would only be considering buying the best and lowest mileage examples to de-risk.
I feel for you and hope you get the best possible outcome.
Thanks fingers crossed.
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Not looking good.
I run an honest business,as a director I do things right so almost all of my income is from wages paye, I have been told by my accountant that I will probably miss out on the 80% support for being furoughed because I will be in theory still running the company even though my doors are locked and my turn over is now zero.
Double whammy, because I have two very small shops I am not eligible for small business rate relief, so for the last several years I have been paying rates on both small shops while other shops with a higher rateable value than both mine combined have had no rates to pay
Now to rub salt into the wounds, those same bigger shops not paying rates ( not having a go at shop keeper here) are now going to get a £10,000 grant to see them through whilst I will not qualify because I have not had this discount, the irony of that.
Now I am not some rich guy, I have just turned 50 I work 50 weeks a year, have a pension pot of about £2000 or so and not much more in savings, but I have followed the rules, I am so desperate scared for my future now it feels like I should just give up
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But the chancellor said the 5% of people who will be missed had over £200,000 so it must be true 😠.
Do you rent your premises? Did you manage to speak to vw finance? Did your accountant suggest anything else? It's annoying to hear your plight when other big corporations are getting handouts left right and centre.
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Yes I rent, someone advised me after another five payments 1/2 through I can hand the car back, so thats my plan b, actually as of tomorrow another four payments.
I know we are pretty much missing out everything on offer but to miss out all it takes is being a director of two very small shops one has a rateable value of £5400 the other is just two rooms with a value of £3800, the only way I would have qualified having two shops is if one had a value of £2899, that figure must have been devise in the 70s as there is probably nothing out there that low, however having one larger busier shop with a rateable value of 12k would not only get the £10000 grant now but would have also paid no rates for the last several years, and shops over 15k can receive up to £25000.
I don't know what to do now other than to A keep my fingers crossed, B liquidate now, pay off all my business debt, pay off my two employees and hope there is something left, or C , actually I dont want to think about C.
Thanks for the moral support.
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Update, I just phone my landlord to tell him of my struggles, he told me not to worry as their was always people after shops. Lol
At that I have broke down and cried in front of my wife and daughter.
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I can't even begin to understand the pain you're going through. I really hope something comes your way to help and soon.
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Update, I just phone my landlord to tell him of my struggles, he told me not to worry as their was always people after shops. Lol
At that I have broke down and cried in front of my wife and daughter.
Sorry to hear of your predicament, it must be deeply worrying for you and your family.
Under rules introduced recently, you cannot be evicted from your shops if you don't pay the rent for a period of three months.
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The landlord sounds like a stand-up guy!! Sorry I meant to say prick. Can your accountant not suggest anything? What is it your business does if you don't me asking?
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Definitely contact VWFS:
https://www.carmagazine.co.uk/car-news/industry-news/coronavirus/car-finance-payment-holiday/
That will fix one problem.
As others have said, you are entitled to freeze your rent payments under current law.
That guy though is so wrong, likely as not if you vacate the premises he won't let that any time soon, if ever. Commercial retail property was virtually unlettable even before this virus, after I'd guess the situation will only be worse. He needs to keep you sweet even if that means sucking it up for a while or he will have nothing.
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The landlord sounds like a stand-up guy!! Sorry I meant to say prick. Can your accountant not suggest anything? What is it your business does if you don't me asking?
I sell appliances, not on line, we had 8 deliveries going on Wednesday but after tuning in to the Boris speech on Monday night he actually mentioned electrical retailers specifically and said we must close, no ifs no but
So on tuesday morning I told my staff not to come to work, I then turned up myself and phone/ apologised to all those expecting deliveries, refunds given, after spending the full day doing duties I went home only to hear the news that if you could not work from home return to work, next morning I went to work on my own, I phoned all the cancellations to ask if they still wanted the appliances, understandable 5 out of 8 had bought online, I know there are more serious issues going on but you couldn't make that up.
Anybody who is ill , a key worker or has lost someone I am sorry of making a fuss.
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First class advice from Monkeyhanger as usual. Good luck to the OP.
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The landlord sounds like a stand-up guy!! Sorry I meant to say prick. Can your accountant not suggest anything? What is it your business does if you don't me asking?
I sell appliances, not on line, we had 8 deliveries going on Wednesday but after tuning in to the Boris speech on Monday night he actually mentioned electrical retailers specifically and said we must close, no ifs no but
So on tuesday morning I told my staff not to come to work, I then turned up myself and phone/ apologised to all those expecting deliveries, refunds given, after spending the full day doing duties I went home only to hear the news that if you could not work from home return to work, next morning I went to work on my own, I phoned all the cancellations to ask if they still wanted the appliances, understandable 5 out of 8 had bought online, I know there are more serious issues going on but you couldn't make that up.
Anybody who is ill , a key worker or has lost someone I am sorry of making a fuss.
you've got no need to apologise, affects each and everyone one of us differently 👍
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Yes I rent, someone advised me after another five payments 1/2 through I can hand the car back, so thats my plan b, actually as of tomorrow another four payments.
If you are referring to 'voluntary termination' (VT) of your credit agreement with VWFS, this is only possible once half of the money borrowed under the agreement is paid, not once half the monthly payments have been made. If you purchased using a PCP, the financed amount includes the final payment. Therefore, the VT point is usually only reached a few months prior to the end of the term, not midway through.
It's all documented in your credit agreement and a call to VWFS will clarify the situation.
Apologies if you're already aware of this. Best of luck.
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Buddfridge: Are you sure about how the Givernment measures your income/profit as a business? I was under the impression that what they would be giving you is based on previous tax returns - if you had a decent year last tax year, your financial help will be based on those figures.
If you are between 2 areas of business rates/rental help and have effectively fallen through the crack of government help, get in touch with Citizens advice Bureau and write to your local MP to let them know of your plight. The letter should be concisely summarised at the front end to grab attention, give the details later. Don't make it a hard read to get to the crux of your issues.
May have to face facts - if your business hasn't made you a decent income before this crisis, ask yourself why you've carried on - is it flexible/convenient? Would you be worse off taking a regular job with more security, appropriate to your skill set?
If you want to carry on after all this, might be time to apply furloughment to your staff. You won't have to pay them, the government will pay 80% of their wage.
Sounds like you've exhausted nice enquiries with your landlord- they've called your bluff. If you can't afford to pay your rent then call his bluff and give notice or do what you can to get your agreement cancelled. If you do want to get a job going forward, consider bankruptcy or liquidation if it doesn't jeopardise your home (if mortgaged) -is yours a limited liability company?
VT is as above - half of the car cost paid back:
Say you buy a £34k RRP car, but have discount and deposit contributions of £5k and put £5k down yourself, you've effectively paid down £10k on day one. Half of £34k is £17k, so you've got to have made enough payments to cover the remaining £7k in capital. As around 1/3 of your monthly payments on PCP are interest with6% APR, you'll need to have made about £10k payments to cover that £7k. £10k at £400pm is 25 monthly payments made.
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Thanks M/H
There might be better news after all,Martin Lewis apparently is saying directors will be allowed to furlough after a wave of criticism came forward, fingers crossed.
The reality and what you are seeing now is that traditional retailers without online facilities are all finding life tough, I have a feeling that some of the tax burden from this crisis will be reallocated to online sales to try and even out the discrepancies.
I have contacted my MP regarding missing out on the grant, he has replied to say he is looking into this, so as of monday I will be Furloughed which should buy me some much needed time, I am not a director who takes big dividends to make up my salary so 80% of my wage together with my wifes will pay the bills.
Thank you for your support ( thats to everyone) and time composing you reply.
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Good news Buddfridge, that does seem much more hopeful 🙂
If you're a self-employed limited company director, there have been a lot of conflicting reports on this. Over to Martin who has the lowdown: "I have now had it absolutely confirmed by both the Treasury and HMRC that self-employed limited company directors CAN be furloughed as employees on their PAYE element, even if they’re the sole employee.
"Technically they can't then work for the firm, but can continue to perform their statutory obligations as directors, eg, official legal filings."