Ending PCP after 2-3 months

etkuwahara

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 

DE_612183

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

Read the Ts and Cs of your contract, that's where you'll find the answer regarding early repayment.

etkuwahara

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 

[Deleted User]

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

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

It’s more in case my funding doesn’t arrive within the 14 days 

DullGreyGuy

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

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.