- 6 September 2017 at 4:19 pm #119463
Hi, wonder if you could help. I’ve recently taken out a lease for a vehicle, however I’m in a position where I need to cancel the contract, however it’s 2 weeks outside the pcp cooling off period. I got the vehicle the 12th of August.
What chance do I have of handing the car back now…and what would the likely charge be? The termination value is c9k.
- 11 September 2017 at 6:07 pm #119723
Hi Dan. Even if you cancel your PCP agreement within the 14-day cooling-off period, it doesn’t mean you can hand the car back. The finance agreement is a separate contract from the car purchase.
You can settle the finance agreement at any time, but chances are high that the settlement figure is going to be much higher than your car’s value. That means you will have to pay the difference out of your own savings, and it is likely to be thousands of pounds.