PCP - How would I find out if there is a 'hand it back' clause

dora37

I am just over 2 years into a 3 year PCP contract with Lex.

A few years ago I bought a Daewoo on PCP and there was a clause stating that after I had paid x amount of months I could basically hand the keys in and walk away without any settlement fee.

Could anyone let me know whether that is a standard PCP clause? Or whether that was specific to Daewoo?

I have read the T & Cs of my current lease, but the only get out clause seems to be to pay a settlement fee.

Anyone know about the Consumer Credit Act - I have googled it and tried to decipher the jargon, however I'm not getting very far?!

harveybobbles

Its standard with any finace to be honest. Its called Volentary Termination, or VT for short. Once you get so far thru, you give the car and keys back.
However it always goes against you in the future ever so slightly...

plane_boy2000

I think its noramlly after you have paid 50% of the amount due, however I am not sure how that works with PCP as I dont know if they include the GFV as a payment or not. If they do then you probably cant hand it back.