PCP Car Purchase

GrampsMSE

Is it possible to purchase a new car using PCP, to obtain a reduction in the cost of car, and then cancel the agreement the next day and make a payment for the outstanding balance?

Brie

Yes I believe that you can do that.

PHK

Almost, you can cancel within 14 days but you'll be invoiced for the financed amount. So unless the seller offered a discount originally you won't save anything. 

Ayr_Rage

If the reduction in price was from the dealer then it would work, if the bung was from the finance company in most cases you would be obliged to pay that back.

Ectophile

Some reading of the small print may be necessary.

If you cancel within 14 days, then the finance agreement is completely cancelled, as if it never happened.  So if they are offering some finance-related perks, such as a cashback offer, then you may also be cancelling that offer.

bris

If you unwind the contract after 1 day then everything does back to the original offer, that wont include the discount because the contract is cancelled so back to square one, you're cancelling the PCP so you cant expect to keep a PCP discount when you're not using PCP

Many years ago i used to get a discount for cash, now they don't even want the cash. 

GrampsMSE

Many thanks. It is as I thought.