PCP Agreement - Can I VT?

motorguy

mtk1983 wrote: »

I have not found any information on this, and I am hoping someone shed some light on this.

If you google "rights under voluntary termination" you'll find good stuff like this...

http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/

mtk1983

motorguy wrote: »

Its not halfway through the term, its once you've paid 50% of the total cost of the transaction, including deposit, all the monthly payments and the balloon payment.

With a 4 year PCP deal, this tends to happen around a quarter to half way through the fourth year, dependant on the deposit.

You have rights under the consumer credit act, and one of those rights is that you can hand the car back once you paid more than 50% of the transaction cost (providing you have taken reasonable care of it) with nothing further to pay. In theory you could hand the car back now, but they would bill you for the difference between what you have paid and 50% of the total cost.

Paul,

Many thanks for your response. I am thinking about just instructing them to take the car back now, (hard to hand the car back when I'm in the Middle East and the car is in Glasgow), and making an agreement with them to settle the remaining balance to get to the 50% mark... However I will grudge them it...

Alternatively I may speak nicely to the dealer to see if they will take it off my hands. Previously they were not too keen on this though - my thinking is they will struggle to sell 61 plate Mini with the new model just being released which is why they are not keen.

Alternatively does anyone wants a low millage Mini One for 8.5K???

Tilt

So we've gone from a Fiat 500 to a Mini. Does the OP want to answer posts 3 and 8?

LandyAndy

Tilt wrote: »

So we've gone from a Fiat 500 to a Mini. Dose the OP want to answer posts 3 and 8?

The OP hasn't logged in again since 3.14pm on the day of their original post.


The Mini belongs to mtk1983 who hijacked the thread.

Tilt

LandyAndy wrote: »

The OP hasn't logged in again since 3.14pm on the day of their original post.


The Mini belongs to mtk1983 who hijacked the thread.

Thanks. Just noticed the date the thread was started and was curious to know why the OP "hates" his 500.

Perhaps mtk1983 should start his own thread to save complicating this one?