Overpaying Citroen Finance

ColoredSands

Can I overpay my Citroen Finance agreement or not or do I have to clear full balance or carry on with monthly payments? When I am on their website attempting a payment it says payment reason and the drop downs are, arrears payment, regular payment or final settlement. I owe about £5000 and want to overpay about £50 a week so it finishes sooner, can I do this or not?

Thanks

TadleyBaggie

Call and ask them?

jonesMUFCforever

What kind of finance is it ? Is there a balloon payment at the end?

If so most will let you repay the monthly repayments early but you would have to pay all of the balloon payment at once.

I guess this is to stop you handing the car back should you pay more than 50% of the finance and walk away.

ColoredSands

TadleyBaggie wrote: »

Call and ask them?

I can do tomorrow when they are open, I was just hoping to find out the answer today.


Finance is hire Purchase, only payments that are more were the first and final payment, both which have an admin fee of £150 in.

toastking

It will be entirely dependant on the terms of the agreement. Remember that stack of paperwork you got when you signed up? It'll probably be in there. Try that or call them up and ask.

I am in the process of reading my agreement for Kia/Barclays car finance as when I signed up, there was no prospect of overpayment and now there is a real possibility. There is a lot of documentation that doesn't say a lot really.

ColoredSands

My terms and conditions only mention if you want to reduce the monthly payment by overpaying then you will be charged a fee. Nothing clear on if you want to overpay to reduce the term remaining.

sheramber

Put the extra amount in a separate bank account while continuing the normal payments, and when there is enough, pay off the outstanding amount

chanz4

citroen is psa they do Peugeot also and you can overpay, ask them for the bank details

ColoredSands

chanz4 wrote: »

citroen is psa they do Peugeot also and you can overpay, ask them for the bank details

Thanks man. I tried to call them twice and was unable to get through as had a queue and didnt have time to wait. I submitted an enquiry through their website and they confirmed this and sent me bank details.