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PCP - car finance flathunting

Posted: Mon Feb 27, 2017 11:13 am
by misprize

I apologise if this in on the wrong board but wondered if anyone has any experience of handing a car back when you have PCP finance on the car?

I took a car on PCP in October 2014 for 4 years and ideally would like to hand it back as soon as I can. I can afford the repayments and am under the mileage associated but would rather not be paying for a car each month.

Is there a specific point in the agreement when you can hand the car back? Does this affect your credit history?

Many thanks for any information.

Posted: Mon Feb 27, 2017 11:08 pm
by Kingrawrian
Yes, you can VT it after you have paid 50% of the total amount payable (including any interest, balloon payment etc) under Consumer Credit Act 1974, Section 99 which will be in your documentation.

Posted: Tue Feb 28, 2017 3:38 am
by wolfwitch
Voluntary termination on a PCP doesn't really work.. It's usually at about 3.5 years into a 4 year agreement, dependant on deposit and GFV.. Particularly if you have a PCP on a new car with an exaggerated GFV

Posted: Tue Feb 28, 2017 2:53 pm
by sirwozzle
It doesnt affect your credit history, what does your agreement say about handing the car back.