When Can A Consumer Early Settle A Personal Contract Purchase Agreement

Hi Staurt I`m on a 4-year PCP contract for our Nissan Juke, I released it in July 2012. I want to switch to a bigger car, maybe a Qashqai. Can I trade it now? I looked at my settlement number and it was around £8200. Or should I wait until next year, when the PCP is ready? If you end agreements prematurely, remember that the condition of the vehicle is important. General wear and tear is acceptable, but you will be charged the cost of repair for things like broken exterior mirrors or major scratches. Hello, I recently (3 months ago) bought a Nissan Juke on a financing of £223 over a period of 4 years. Due to many circumstances, I find it difficult to pay for this with insurance every month. I have heard that there is no way to take it back. It`s true? I have no money to pay a large amount in case of cancellation. Is there anything else I can do? Hi Rich. If you say the finance company allowed you to transfer £2,000 of negative equity in a new 60-month deal, I`m concerned that your current negative equity position is probably much worse now. Less than 12 months after a 60-month agreement, you will have barely scratched the surface of your debt. You can voluntarily terminate the contract, but you must have paid 50% of the total payment – and you will be far from it after only six months, so you will have to spend a large amount of money to reach the 50% point.

Hi Karen. You are mistaken in your assumption about the amount borrowed – it is £15,500 (based on the figures you gave above). Your son-in-law will only reimburse £193 ×36 = £6,948 and can then choose to return the car instead of paying the remaining £7,500. The finance company is right and everything must be specified in the financing contract. Hi Stuart, I released a BMW 1 Series with a 48-month contract, I have 13 months in that contract and now I want to upgrade to a BMW 3 Series. I make a deposit of £3,000 and pay £265 a month. My agreement allows me to do 20,000 miles a year, but I have only done 12,000. The value of the car is £20,000 and stands at £22,476 after the 4.9% interest and the £7,000 lump sum payment at the end of the deal. .

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