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PCP - car finance
flathunting
Posts: 14 Forumite
in Loans
Hello,
I apologise if this in on the wrong board but wondered if anyone has any experience of handing a car back when you have PCP finance on the car?
I took a car on PCP in October 2014 for 4 years and ideally would like to hand it back as soon as I can. I can afford the repayments and am under the mileage associated but would rather not be paying for a car each month.
Is there a specific point in the agreement when you can hand the car back? Does this affect your credit history?
Many thanks for any information.
I apologise if this in on the wrong board but wondered if anyone has any experience of handing a car back when you have PCP finance on the car?
I took a car on PCP in October 2014 for 4 years and ideally would like to hand it back as soon as I can. I can afford the repayments and am under the mileage associated but would rather not be paying for a car each month.
Is there a specific point in the agreement when you can hand the car back? Does this affect your credit history?
Many thanks for any information.
0
Comments
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Yes, you can VT it after you have paid 50% of the total amount payable (including any interest, balloon payment etc) under Consumer Credit Act 1974, Section 99 which will be in your documentation.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Voluntary termination on a PCP doesn't really work.. It's usually at about 3.5 years into a 4 year agreement, dependant on deposit and GFV.. Particularly if you have a PCP on a new car with an exaggerated GFV0
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It doesnt affect your credit history, what does your agreement say about handing the car back.0
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