Exiting a PCP - Anyone done it?
- Thread starter Malt_Vinegar
- Start date
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It does not quite add up with fag packet calcs. I will have to check the paperwork to be 100% sure.
Update time:
I hand delivered a simple letter to BMW finance offices on Friday Morning.
I called them this morning and they tried to make me sign a load of documents. I told then that my letter is sufficient and I would not be filling anything else until collection.
They put me on hold for a while then came back saying I can arrange collection from anytime after midday tomorrow
They also have agreed that I am allowed to pay back the 50% balance which works out as about £1000 on a "payment plan".
They initially argued if I didn't pay them they whole amount upfront I would be defaulting, but I am perfectly entitled to pay the debt under pre-agreed installments and it has no affect on my credit rating.
I think I might just pay it upfront, but not everyone is in this position, so I thought I would see what other options there are and spread the word
It is possible to hand the car back early and re-pay the balance to reach the 50% number under a separate agreement.
I can see why the companies do not want this to be well known, but it is actually very easy when you know your rights!
I hand delivered a simple letter to BMW finance offices on Friday Morning.
I called them this morning and they tried to make me sign a load of documents. I told then that my letter is sufficient and I would not be filling anything else until collection.
They put me on hold for a while then came back saying I can arrange collection from anytime after midday tomorrow
They also have agreed that I am allowed to pay back the 50% balance which works out as about £1000 on a "payment plan".
They initially argued if I didn't pay them they whole amount upfront I would be defaulting, but I am perfectly entitled to pay the debt under pre-agreed installments and it has no affect on my credit rating.
I think I might just pay it upfront, but not everyone is in this position, so I thought I would see what other options there are and spread the word
It is possible to hand the car back early and re-pay the balance to reach the 50% number under a separate agreement.
I can see why the companies do not want this to be well known, but it is actually very easy when you know your rights!
Last edited:
I knew you would be first to reply
Because I wanted shot of it asap. I didn't have room for the car as I am living at my parents temporarily till my new house purchase completes. It's not like its a large sum of cash, and I would have had to pay it anyway. So what does it matter if I pay it now or later?
I also didn't want to keep paying the £90 a month warranty costs, and keep it insured as a temp vehicle which also costs money.
Because I wanted shot of it asap. I didn't have room for the car as I am living at my parents temporarily till my new house purchase completes. It's not like its a large sum of cash, and I would have had to pay it anyway. So what does it matter if I pay it now or later?
I also didn't want to keep paying the £90 a month warranty costs, and keep it insured as a temp vehicle which also costs money.
Soldato
I had finance on my old EP3 with Honda and handed it back just after mid way through the policy. They did advise they could make an note on my credit file that I handed it back early which may have a future effect for attaining credit in the future however that never happened.
Was a quick and simple process.
Apparetly it's based off some old agricultural agreement from many moons ago that these clauses are still around.
Was a quick and simple process.
Apparetly it's based off some old agricultural agreement from many moons ago that these clauses are still around.