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Ending PCP after 2-3 months

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etkuwahara
etkuwahara Posts: 3 Newbie
First Post
in Motoring
Am I correct in thinking I can cancel my Audi pcp contract say in month 2 and only pay the interest gained over the 2 months? That’s what the salesman says however I don’t think it’s ideal 

Comments

  • DE_612183
    DE_612183 Posts: 3,800 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Are you paying off the contract in full or just sending the car back?

    There will probably be some admins fees as well - what does the contract say?
  • Ayr_Rage
    Ayr_Rage Posts: 2,741 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Read the Ts and Cs of your contract, that's where you'll find the answer regarding early repayment.
  • etkuwahara
    etkuwahara Posts: 3 Newbie
    First Post
    DE_612183 said:
    Are you paying off the contract in full or just sending the car back?

    There will probably be some admins fees as well - what does the contract say?
    Paying it off 
  • Tucosalamanca
    Tucosalamanca Posts: 972 Forumite
    500 Posts Third Anniversary Photogenic Name Dropper
    Yes, I've recently done just that (two months after collecting the vehicle).

    It was simply a case of visiting Manage My Finance Account | Audi Financial Services and making a payment via the online portal.

     No admin fees, nothing. It couldn't have been easier.
  • marlot
    marlot Posts: 4,967 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 17 March at 8:32PM
    Why wait two months?  You can normally withdraw from the finance in the first 14 days, and keep any deposit contribution.  I've done it several times.

    But read the contract first!
  • etkuwahara
    etkuwahara Posts: 3 Newbie
    First Post
    It’s more in case my funding doesn’t arrive within the 14 days 
  • DullGreyGuy
    DullGreyGuy Posts: 18,613 Forumite
    10,000 Posts Second Anniversary Name Dropper
    etkuwahara said:
    Am I correct in thinking I can cancel my Audi pcp contract say in month 2 and only pay the interest gained over the 2 months? That’s what the salesman says however I don’t think it’s ideal 
    Depends on the wording, in principle they can charge you penalty interest of 58 days interest but if your actual contract includes this or not is hard to read from here. 
  • Ectophile
    Ectophile Posts: 7,979 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    marlot said:
    Why wait two months?  You can normally withdraw from the finance in the first 14 days, and keep any deposit contribution.  I've done it several times.

    But read the contract first!

    If you cancel within 14 days, then the finance deal is totally cancelled.  Any perks linked to the finance may be removed.
    That's a different thing from paying off the finance early, which you can do any time.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
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