Barclays PCP - Looking to VT

MFC_96

Hi All,

I am new to all this but I am looking at voluntarily terminating my PCP finance agreement with BPF, I already know what I'm in for as I called them today just to check my mileage limit and she told me I don't have one which I found odd since most people have a mileage limit?

I also asked if I was past the 50% mark and she said no I'm not and can't return the car even though I didn't mention anything about returning the car? I've had the car since April 2016 and only have 19 payments left...

A copy of my finance agreement is on the way to me (which has taken 2 weeks already) so I will work this out for myself, now I have done a lot of reading on legal beagles and have posted on there also but still await a reply. I know not to sign any paperwork they send me and what not,. I just want some assistance with this as most people on these forums on here (and legal beagles) have mileage limits but my agreement doesn't? Will this be better for me or not?

Thanks in advance for any assistance!

foxy-stoat

I see you have asked for a copy of your agreement so you can read up. That should give you all the information that you require.

You can return the car at ANY point - but you will need to pay up to 50% of the total purchase price.

There are probably 2 or 3 new threads a week on this subject so you should be able to find similar stories.

neilmcl

Why are they sending you the agreement, what happened to your original copy?

I would very much doubt you will be in a position to VT your car for quite some time, unless you make up the difference to 50%. You do understand that you have to pay 50% of the total amount payable under the agreement, it's not when you are half way through the agreement.

neilmcl

foxy-stoat wrote: »

I see you have asked for a copy of your agreement so you can read up. That should give you all the information that you require.

You can return the car at ANY point - but you will need to pay up to 50% of the total purchase price.

There are probably 2 or 3 new threads a week on this subject so you should be able to find similar stories.

It's 50% of the total amount payable, not 50% of the total purchase price.

MFC_96

neilmcl wrote: »

Why are they sending you the agreement, what happened to your original copy?

I would very much doubt you will be in a position to VT your car for quite some time, unless you make up the difference to 50%. You do understand that you have to pay 50% of the total amount payable under the agreement, it's not when you are half way through the agreement.

Hello mate,


Unfortunely ended up losing it as I lived with my ex and must have left it behind but that's enough of my life story.


I am aware its 50% of the total amount payable, so I will just have to check once a copy of my finance agreement turns up, the thing I'm more surprised about is the fact she said I don't have a mileage limit? I thought all PCP agreements had them?


Like you guys said I will just have to read through the agreement but to be honest I am just enquiring.

foxy-stoat

You sure its not HP - yes, total payable not purchase price - doh.

MFC_96

I'm certain as I remember the salesman telling me it will be a PCP agreement and there is a balloon payment for about £5500 (unsure of the exact amount because of no finance agreement) but yeah this is why I find it so strange as most forums I've read PCPs have mileage limits?

DoaM

So you're aware that the 50% also includes the £5,500 balloon payment?

Rough and ready example ...

Car cost is £15,500
You finance £10,000 of this
Amount payable is £10k + 10% (inc. interest and charges) = £11,000. Over 4 years this is approx. £230 per month
Balloon payment £5,500
Total repayable £16,500

50% mark = £8,250 which equals about 36 monthly payments, or 75% of the loan term.

MFC_96

DoaM wrote: »

So you're aware that the 50% also includes the £5,500 balloon payment?

Rough and ready example ...

Car cost is £15,500
You finance £10,000 of this
Amount payable is £10k + 10% (inc. interest and charges) = £11,000. Over 4 years this is approx. £230 per month
Balloon payment £5,500
Total repayable £16,500

50% mark = £8,250 which equals about 36 monthly payments, or 75% of the loan term.

Thanks mate but yes I was aware, I believe I am below the 50% anyway to be honest when I think about roughly how much I have paid and the opening balance and I shall review this once I work out the difference which I will do once my finance agreement eventually comes through the post.




I really just wanna know if anyone has heard of a PCP with no mileage limit? Like I say, I have not come across this looking around online.