Voluntarily end PCP

humey86

Hi, I only recently discovered, via a car dealer, that i can voluntarily terminate my PCP agreement. This has got me thinking as i wanted to possibly take out a loan and buy a vehicle (camper) as it would better suit our current situation.
Do i have to be in positive equity to terminate the pcp? How do i work this out if so? Will terminating it affect my credit score?

AdrianC

To use VT, you need to have paid 50% of the total financed amount - including the balloon.

foxy-stoat

You can VT at anytime, if your not paid up by at least 50% though they will chase you for the money, which will be noted on your credit file.

lopsyfa

You need to have paid 50% of (deposit+balloon+ number of months * monthly payments). The months at which you can voluntarily terminate is:
(balloon-deposit)/(2*monthly payments)+number of months/2

Tracey2701

Hi looking for advice please I have returned my PC car early. I have paid well over 50% of it. However the manufacturer are now trying to charge me for two new tyres and a new spare key. The vehicle has a valid MOT, I was not told when I purchased the vehicle I would have to put new tyres on when returning it. Also on the key the manufacturer have refused to check if the fault was just the battery which is probably was as the key had never been used. If feels like they are trying to claw back the money for me returning the vehicle early. Can they do this? 

daveyjp

Your contract will tell you what condition they expect the car to be returned in.

Having an MOT doesn't mean the tyres are road legal today. 

Mercdriver

Tracey2701 said:

Hi looking for advice please I have returned my PC car early. I have paid well over 50% of it. However the manufacturer are now trying to charge me for two new tyres and a new spare key. The vehicle has a valid MOT, I was not told when I purchased the vehicle I would have to put new tyres on when returning it. Also on the key the manufacturer have refused to check if the fault was just the battery which is probably was as the key had never been used. If feels like they are trying to claw back the money for me returning the vehicle early. Can they do this? 

I suggest you look good and hard for the second key.  They WILL charge you for a replacement and it won't be cheap.  Many people shy away from cars with only one key, so it affects the resale value.

bigadaj

Mercdriver said:

Tracey2701 said:

Hi looking for advice please I have returned my PC car early. I have paid well over 50% of it. However the manufacturer are now trying to charge me for two new tyres and a new spare key. The vehicle has a valid MOT, I was not told when I purchased the vehicle I would have to put new tyres on when returning it. Also on the key the manufacturer have refused to check if the fault was just the battery which is probably was as the key had never been used. If feels like they are trying to claw back the money for me returning the vehicle early. Can they do this? 

I suggest you look good and hard for the second key.  They WILL charge you for a replacement and it won't be cheap.  Many people shy away from cars with only one key, so it affects the resale value.

Sounds like the key was returned but didn't work.