Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Withdrawing from PCP, or early settlement?
DW recently ordered a new car via PCP to secure a manfacturers deposit contribution. The car has now arrived and we intend to end the PCP once the vehicle is collected.
My recollection is you can either withdraw from the finance by "giving notice" witin 14 days and only incur interest charges, or settle the finance anytime after the 14 day period which is likely to incur additional fees for up to 58 days interest, or document fees etc.
I just wanted to double check that withdrawing from the finance was the cheapest way to clear the debt and retain the deposit contribution.
My recollection is you can either withdraw from the finance by "giving notice" witin 14 days and only incur interest charges, or settle the finance anytime after the 14 day period which is likely to incur additional fees for up to 58 days interest, or document fees etc.
I just wanted to double check that withdrawing from the finance was the cheapest way to clear the debt and retain the deposit contribution.
0
Comments
-
Withdrawing is cheaper - and better from a CRA perspective.1
-
Just remember to read the T&C's of the manufacturer deposit contribution deal. Some will be dependent on you taking out the PCP - if you withdraw from it/cancel (rather than just terminating early) you could conceivably have to pay back the deposit contributionpoppy100
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards