Withdrawing PCP 17 March at 8:48PM in Motoring 13 replies 414 views

Nuggy96

Collected a car this week from dealership on PCP and wanting to withdraw from finance and pay it off in the 14 day window. I was given a explanation document, a pre-contract credit information sheet, affordability notice and GDPR stuff, as well as an invoice for my car. I cannot seem to find an agreement number which is what I would presume the finance people would want. I am going to ring tomorrow, as they are closed at the moment so will find out then. In the meantime, does anyone else know where to find the agreement number rather than just call the dealership? The finance is with Kia, thanks

neilmcl

You should've also got a copy of the finance agreement of which you would've signed and read presumably. If not contact the dealership.

Nuggy96

neilmcl said:

You should've also got a copy of the finance agreement of which you would've signed and read presumably. If not contact the dealership.

Hmm interesting I didn't receive that. I will ring tomorrow. I didn't get the finance agreement I just got an invoice and details of the finance but no copy of my signature

AdrianC

Don't forget it's not your car. You don't own it. You've not bought it on finance, so cancelling the finance won't leave the car in your ownership...

Nuggy96

AdrianC said:

Don't forget it's not your car. You don't own it. You've not bought it on finance, so cancelling the finance won't leave the car in your ownership...

Withdrawing from the finance, means you have to pay off the whole finance, at which case the car will be mine.. but thanks for the help

AdrianC

Nuggy96 said:

AdrianC said:

Don't forget it's not your car. You don't own it. You've not bought it on finance, so cancelling the finance won't leave the car in your ownership...

Withdrawing from the finance, means you have to pay off the whole finance, at which case the car will be mine.. but thanks for the help

No, paying the settlement amount on a PCP sees the car returned to the owner - the financier.

Nuggy96

AdrianC said:

Nuggy96 said:

AdrianC said:

Don't forget it's not your car. You don't own it. You've not bought it on finance, so cancelling the finance won't leave the car in your ownership...

Withdrawing from the finance, means you have to pay off the whole finance, at which case the car will be mine.. but thanks for the help

No, paying the settlement amount on a PCP sees the car returned to the owner - the financier.

Adrian, I spoke to the dealership. You can withdraw from the finance agreement which means you then have to pay the finance company the full amount of credit owed. After paying off the full amount of credit, you own the car. Find something more fun to do

AdrianC

You're confusing HP with PCP.

Sure, they may offer you the option to buy the car from them as part of the settlement - but that would be outside your statutory rights.

Nuggy96

AdrianC said:

You're confusing HP with PCP.

Ok, I will tell the dealership that... Thanks

DrEskimo

AdrianC said:

Nuggy96 said:

AdrianC said:

Don't forget it's not your car. You don't own it. You've not bought it on finance, so cancelling the finance won't leave the car in your ownership...

Withdrawing from the finance, means you have to pay off the whole finance, at which case the car will be mine.. but thanks for the help

No, paying the settlement amount on a PCP sees the car returned to the owner - the financier.

That is not true.

If you pay the full settlement you own the car. I did this last year. I took out a PCP to get the finance contribution and free service and then I settled the amount in full a few weeks later.

Its no different to any other loan.

Are you confusing it with lease or PCH?

Nuggy96

Thanks DrEskimo, decided to stop arguing over it as I know what was true. I rang the finance people today who gave me the agreement number and paid and withdrew. thanks for your help on my previous post about this Eskimo