Voluntary Termination on PCP car agreement

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  • KingElvis
    KingElvis Posts: 4,100 Forumite
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    kevvo wrote: »
    Unless anyone wants to buy a mini cooper at a grand more than market value...! ;-D

    I wouldn't buy the hideous thing if it was a grand UNDER value...good luck though with BMW :)
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  • Peelerfart
    Peelerfart Posts: 2,177 Forumite
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    This thread has been hijacked more times than El Al.
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  • jencolescott
    jencolescott Posts: 48 Forumite
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    I terminated an agreement on a BMW in November and the woman literally looked at the outside, had a peek at the inside and that was it. Couldnt have asked for an easier handover :)
    Mortgage deposit target April £9000
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  • mamasita1971
    mamasita1971 Posts: 2 Newbie
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    Hi
    I am new to these forums but I am really interested in the comments below. We currently have a Mercedes that is worth less than the finance. We are aware of this right to terminate if you have paid 50% of the total amount payable in the agreement.
    Has anyone done this? Does it affect your credit rating? My husband is hoping to get out of this (due to the extreme negative equity). Is there any costs?
    Your help would be greatly appreciated.
  • redpete
    redpete Posts: 4,693 Forumite
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    Best to start your own thread rather than resurrect an old one.

    Your options will depend on the type of finance - HP, loan, PCP...

    I doubt you can just walk away from the deal, hand back the car and expect the lender to take the hit on the negative equity.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • SeanG79
    SeanG79 Posts: 977 Forumite
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    redpete wrote: »
    I doubt you can just walk away from the deal, hand back the car and expect the lender to take the hit on the negative equity.

    If it's a regulated HP, PCP or conditional sale agreement, that is exactly what you can expect...that is ultimately the whole reason the VT option is part of the CCA...
  • redpete
    redpete Posts: 4,693 Forumite
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    SeanG79 wrote: »
    If it's a regulated HP, PCP or conditional sale agreement, that is exactly what you can expect...that is ultimately the whole reason the VT option is part of the CCA...

    Looks like you're right - that would be one reason car finance of this type tends to be expensive.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • mamasita1971
    mamasita1971 Posts: 2 Newbie
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    hi
    thanks for your comments and the heads up about starting a new thread - not used to forums
    i'm not sure exactly what type of agreement we've got but i'll get back once I know
    again thanks
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