PCP - Early Termination question.

edited 30 November -1 at 1:00AM in Loans
1976saint1976saint Forumite
2 Posts
edited 30 November -1 at 1:00AM in Loans
Hi, my wife currently has a PCP with Mercedes Finance for a 51 plate A - Class which this October we will give back after the 3 years are up. The PCP has a guaranteed value of £5,100 at the end of the contract but the car will not be worth that come October as it is loosing 100 pm and its book price is already below £5,000. We'd like to terminate the contract at the earliest opportunity which appears on the credit agreement (this August), my question is what's the pros and cons of doing this. Will this affect credit rating or anything I've not thought of?

Regards.
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