PCP Voluntary termination

Flooxx

Hello,
I have a PCP on a car that no longer meets my requirements as my circumstances have changed. I am looking in to a voluntary termination. I would then like to get a new car, either financed through my bank (already approved) or with another PCP, my question is: can I get another PCP after terminating one?

Nobbie1967

Yes, but you may have to use a different finance company as they may refuse to offer finance after a VT.

fiisch

To voluntary terminate, you need to pay off over half of the amount (if you've already done so, great, if not you'll need to make up the shortfall).

I disagree with the first poster - this should not affect your ability to get finance going forward, however you may face some opposition from your finance company - if you are in excess miles, or there's any damage (even minor), they may come after you for settlement.

I VT'ed a three year old Octavia vRS in July. It was 15,000 miles over the agreed mileage limit pro-rata (circumstances changed) and they did come after me for the difference, however following the steps on the following website helped get it straightened out...:

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

bazzyb

Flooxx wrote: »

can I get another PCP after terminating one?

Usually yes you can, but it could be more difficult. It depends on a number of factors but if your credit history is otherwise ok then generally you should be fine.

Mercdriver

fiisch wrote: »

To voluntary terminate, you need to pay off over half of the amount (if you've already done so, great, if not you'll need to make up the shortfall).

I disagree with the first poster - this should not affect your ability to get finance going forward, however you may face some opposition from your finance company - if you are in excess miles, or there's any damage (even minor), they may come after you for settlement.

I VT'ed a three year old Octavia vRS in July. It was 15,000 miles over the agreed mileage limit pro-rata (circumstances changed) and they did come after me for the difference, however following the steps on the following website helped get it straightened out...:

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

Read what was said again taking note of the words in bold:

Nobbie1967 wrote: »

Yes, but you may have to use a different finance company as they may refuse to offer finance after a VT.

What does may mean in this context?