See out PCP deal, or Voluntarily terminate

NovaBlack155

Hi there!

We are currently just over 2 months out from our current pcp deal ending and plan on handing the car back and going elsewhere.

We currently have 2 more payments of £350 to make. Crucially though, we'll also have to pay for its final service and MOT (around £250 at the dealer if all goes well), plus the final £60 'option to purchase' fee (yes - even if you aren't going to purchase).

This clocks in at about £1000 remaining. The car is otherwise in good condition, and well below the mileage limits, and we have paid off more than the 50% total required.

My question is whether we should let the deal run its course... not long to go... or whether we would actually be financially better off to voluntarily terminate (we've seen a new used car which suits are needs - now a family - and does so at a cheaper monthly rate!).

Unless i'm missing something (quite likely, hence im here!) it seems as though we could voluntarily terminate and - given the dates - not have to actually make any more monthly payments - not crucially - have to get through the cost of the dealer service + MOT.

If we did this, we would just have the new monthly payments to make?

Have i missed something here?

i called up to check with the customer service rep at the finance company - the only thing they mentioned was that it can take up to 4 weeks for them to collect the car, if we decided to go ahead and fill up the paperwork. The only odd thing (which i don't think is true) is that she said that we'd be liable for the service if this took an amount of time which took it over the service date (35 days away - nowhere near the milage). She claimed if the service light was on in the car (can happen *before* due, they wouldn't drive it away as it wasn't roadworthy).

1) i dont see how a service is anything to do with being roadworthy, thats what the valid MOT is for.
2) the service light is a reminder that a service is soon due. Not thats its due now (the stats can be viewed on the onboard system which show the days)
3) the documentation mentions tax, insurance, and MOT. Nothing about services.

As a second question - does anyone thing this is just the finance company trying to make things sound difficult?

And after all that is said.. even if we *did* have to service it.. im still up by the savings in the monthly payments, plus dodge the 'option to purchase' fee?

Thanks in advance.