Early settlement on PCP. Do I need to pay 50% of Interest costs?

Lauralouise89

I have a car through my business which is PCP the business has gone into liquidation and I am the Personal guarantor for the car. I want to give the car back under the halves and thirds rule however The finance company are saying I cannot give the car back under that as it’s though a business, the business no longer exists!! Can I get around this somehow.. help ! 

Mildly_Miffed

Lauralouise89 said:

I have a car through my business which is PCP the business has gone into liquidation and I am the Personal guarantor for the car. I want to give the car back under the halves and thirds rule however The finance company are saying I cannot give the car back under that as it’s though a business, the business no longer exists!! Can I get around this somehow.. help ! 

And that's precisely why the lender wanted you to issue a personal guarantee for the business-to-business contract. In case the business ceased to exist.

The business no longer exists - so you personally now owe the money, under the terms of the guarantee that you signed promising to honour the business's debt.

Nearlyold

Do you have a regulated or unregulated PCP? 

Is it a Hire Purchase or Conditional Sale based PCP or is it a Fixed Sum/Term Loan based PCP agreement.

An unregulated loan of any type won't have VT rights. 

A Fixed Sum/Term Loan whether regulated or unregulated won't have VT rights.

P.S. it's better for you to start a new thread for your query rather than tag on to an existing one.