If you have repaid 50% or more of the total amount of funding to the financial company, you can use the voluntary termination clause to terminate your agreement on the PCP. Entering into an HP agreement is similar to entering into an early PCP agreement. If you have already refunded more than 50% of the total amount due, return the car to a dealer to cancel future monthly payments. The impact of terminating HP agreements at different stages on either side of the 50 percent point is the same, but you tend to reach that point halfway, while it will later be for a PCP due to its payment structure. The PCP agreement was signed the day before the car was received, so how exactly will they charge for the excess kilometers? Can I say that this is not possible? However, if you have sunk more than half of what is due, if you decide to stop the agreement on the PCP, you will lose the difference between what you have paid so far and what was the figure of 50 percent. Whether it is a PCP contract (personal purchase) or an HP contract (rental purchase), both are covered by the Consumer Credit Act 1974. As credit intermediaries, we work with a number of financial companies and each company will use its own approach to a lease agreement. Before making a decision, you should go either to your credit intermediary or directly to the financial company to find out what exactly you can do. Your options usually include: if you want to make the payment in a balloon and keep the vehicle, this should be possible without visiting a physical dealer. Money can be transferred online, as we know, and you should be able to move from the duration of the PCP contract to full ownership quite easily. It is normally possible to pick up one vehicle the same day another is dropped off, so you won`t have to worry about being a car. Therefore, it is important that you do not depend financially on maintaining equity in the car at the end of the deal – and you know how many miles you can travel to avoid additional costs. Hi Mike.

If it is a 0% APR financing agreement, there should be no fees (other than penalties). We cannot advise you on the way forward, but only explain how the financing offer works. It seems that you understand what your options are, so this is simply a case of a decision to simply pay cash upfront or keep/invest your money and take the financing. Provided that you have made all the monthly payments due, that you have respected the mileage limits, that you have not damaged the car (beyond fair wear and tear) and that you have maintained the vehicle in accordance with your financing agreement. It`s the same story if you trade a car at the end of a PCP deal, but there`s an extra step because you don`t own the car. Hello, Nancy. As long as your car is repaired by an authorized Volkswagen garage, this should not affect your PCP rights at the end of the agreement. Every accident reduces the value of your car if a potential buyer discovers something, but that`s to be expected. Good luck trying to ask an insurance company for something.

Generally: The more regularly you change cars, the more it will cost you….