PCP early settlement - things to watch

J3006 · 19 March 2018 at 11:29PM

Hi,

I am 18 months into a 3 yr PCP agreement with Hyundai with my outstanding at around £5.3k. I got a 0% credit card recently and am planning to pay off the PCP on the card and save on the interest. Also, the car is valued higher than the settlement figure, so I hope to get some profit out of this settlement for my next car that I intend to get in the next 6 months or so.
I am dealing directly with Hyundai Finance, who have said as long as I pay the pending dues, they dont even want to see the car. My Q is, what do I need to keep in mind ( any checks, documents that I should request them for etc.) when I settle with Hyundai Finance? I cant find anything online on this.

Thanks,
J.

BLOW_FLY · 19 March 2018 at 11:56PM

Once you!!!8217;ve paid it off ask the finance company for a final statement and letter stating that they have no further financial interest in the vehicle.

BF

J3006 · 20 March 2018 at 12:21AM

Thanks.
But is that it? I assumed there would other documents that show the change of ownership.
Also, I am the registered keeper according to the V5C - but does it not need to be updated with change of ownership info?

Sorry for the basic Qs, a novice here.

-J.

TadleyBaggie · 20 March 2018 at 10:05AM

The V5C has nothing to do with ownership, it states that on the top of the document. If you were the RK before the PCP is settled, then no update is needed.

PCP early settlement - things to watch

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