Cancel pcp due to epilepsy

m_r_jackson90

My father in law has a vw under pcp over a 4yr period, he has had the vehicle approx 1yr so is well under the 50% required for voluntary termination. 

However he had suffered epileptic fits and has had to surrender his licence to the delay, and is not able to drive until he has had 1 year without seizures 

Is there anyway he can get out of the contract and return the vehicle ?

ontheroad1970

m_r_jackson90 said:

My father in law has a vw under pcp over a 4yr period, he has had the vehicle approx 1yr so is well under the 50% required for voluntary termination. 

However he had suffered epileptic fits and has had to surrender his licence to the delay, and is not able to drive until he has had 1 year without seizures 

Is there anyway he can get out of the contract and return the vehicle ?

The only way that will not affect his credit standing would be to pay the amount up to 50% payable under  the agreement and Voluntarily Terminate the contract.  He could tell them he wanted  to Voluntarily Surrender, but he would be liable to any shortfall between what is owed and what they get and he would have substantial default notices on his credit history.

SaverRate

m_r_jackson90 said:

My father in law has a vw under pcp over a 4yr period, he has had the vehicle approx 1yr so is well under the 50% required for voluntary termination. 

However he had suffered epileptic fits and has had to surrender his licence to the delay, and is not able to drive until he has had 1 year without seizures 

Is there anyway he can get out of the contract and return the vehicle ?

Depending on the resale value of the car he could sell the car then pay off the remaining finance? For example we use Motorway to sell our vehicles who are sold to dealers who pay off the remaining finance. If the resale value is less than remaining finance he will need to fund this difference. (I am not associated with Motorway its just we have received a decent service and get higher values for our cars compared to part exchanging). 

neilmcl

He can't "get out" of the contract but there are ways to settle the finance. First of all I'd simply ask the question of the finance co, they may do something out of goodwill but I wouldn't hold my breath.

Essentially he's going to have to settle the finance, so he has a list of options - he can get a bank loan and pay it off and keep the car to sell at a later date, he can sell the car to a dealer (or someone like Webuyanycar) and they will settle the finance, although as he'll no doubt be in negative equity he may well have to pay a bit to cover the shortfall. Similarly he can try and find a private buyer for the car and settle the finance that way, but this is more difficult as most private buyers wouldn't want to buy a car that's already on finance.

Essentially he need to speak to the finance company and discuss his options and also get a settlement figure.

Just one other thing. He may well be under the 50% threshold for VT but that doesn't prevent him from terminating as long as he makes up the 50% amount owing.

DrEskimo

As above.

Work out the shortfall between current sale price and finance settlement, and then compare that against the cost to reach VT.

Go with whatever option is cheapest.