Car finance: How do I settle a PCP early?

Car finance advice
How to settle your car finance (PCP) early

Most car dealerships are rubbish at explaining how various car finance products works. This is clear from the number of search enquiries we receive every day.

Today we are answering one of the most common PCP finance agreement questions: What if I want to terminate the agreement and settle my PCP early?

There is a lot of confusion about ending a PCP agreement early, but in reality it’s quite simple. You can settle the agreement early, but it will probably cost you to do so.

What is a PCP?

Graph of PCP - depreciation vs finance outstanding

Figure 1: depreciation vs finance outstanding (click to enlarge)

To understand how to settle a PCP early, let’s firstly look at what happens if you finish the agreement as per the original contract.

Let’s take a theoretical three-year PCP and run it for the full three years.

Take a look at this graph (Note: example only; actual results may be affected by many factors).

For the purposes of this example, we’ve ignored both interest and any deposit, so we have a £30,000 car and £30,000 financed. The blue curved line represents your car’s depreciation over time, while the red straight line represents your finance settlement over time.

The finance company calculates the depreciation of your new car over three years, and comes up with a value of what the car should be worth at the end of that period.

This figure is called the Guaranteed Minimum Future Value (GMFV). This is the value for your car that the finance company is prepared to guarantee in three years’ time, as long as:

  • You keep under the mileage in your contract
  • You have your car serviced on time, every time by an official dealership
  • You keep your car in good condition

What you repay over the three years is the depreciation of the car from its new price down to the GMFV.

So in our example, the car cost £30,000 new and the finance company sets a GMFV of £15,000 after three years. Your monthly payments over three years are repaying £15,000 of depreciation. If you want to keep the car then you still owe another £15,000 to pay off the rest.

Your monthly payment is the same each month. That means the finance remaining (red line in the graph) follows a nice straight line. It decreases by £5,000 each year to reach £15,000 after three years.

However, your car’s value (blue line in the graph) does not follow a nice straight line. It does not depreciate at exactly £5,000 per year.

Depreciation is a curve. You lose a lot of value early on, and then the curve flattens out over time. As a result, the car’s value drops well below the settlement in the first year, then starts to gradually catch up again until they meet after three years.

So, at the end of the agreement, everything comes together nicely. The settlement figure is £15,000 and so is the car’s value.

But wants happens if you are not able to wait until the end of the agreement and need (or want) to change your car early?

The segment of the graph marked out in grey, between the two lines, is called negative equity. This is the difference between what your car is worth and what you still owe to the finance company.

You can see that at any point before the end of the agreement, the car’s value is less than the amount owing. This means if you want to sell the car, you will not have enough to cover what you owe. Therefore you will have to pay the difference owed to the finance company to settle the finance.

What if I have a large deposit?

If you want to settle a PCP early, you will have to pay any negative equity

Figure 2: depreciation vs finance outstanding with a large deposit (click to enlarge)

As mentioned, the above example assumed no deposit, which almost never happens.

The more deposit you put in up front, the smaller the negative equity issue is going to be during the term of the agreement.

Have a look at the second graph (right). Having a large deposit to start with means that the settlement graph starts off well below the car’s value.

The car’s rapid initial depreciation means that its value still drops under the settlement figure during the agreement, but only slightly.

So if you wanted to settle a PCP early and have put in a large deposit, you will probably only have a minimal negative equity position.

Will my car ever be worth more than the settlement?

The whole point of a PCP is to guarantee the value at the end of the agreement (Guaranteed Minimum Future Value – GMFV).  This means that if the car’s market value is less than the GMFV, the finance company will lose money. As a result, they will want to make sure they are not setting the GMFV too high.  So it is possible that the car could be worth more than the GMFV at the end of the agreement.

This means that if your car’s market value is less than the GMFV, the finance company will lose money. As a result, the finance company will want to make sure it is not setting the GMFV too high. So it’s possible that your car could be worth more than the GMFV at the end of the agreement.

It certainly used to be the case that finance companies were quite conservative in their GMFV predictions, and customers would end up with a car that was worth a handy sum more than the settlement figure. This money would almost certainly be used as a deposit for another PCP agreement.

However, as the market has become more competitive, the situation has changed. More finance companies appear to have increased their GMFV predictions, which makes your monthly payments lower but makes it much less likely that you will have any equity in the car at the end of the agreement.

It is now very unlikely you can ever settle a PCP early and be in a position where your car is worth more than you owe.

Other factors to consider when settling a PCP early

These simplified examples show the relationship between a car’s value and its outstanding finance. However, the exact position will be different for each case.

Factors affecting a car’s depreciation curve include:

  • Mileage
  • Condition
  • Specification
  • Model cycle (for example, when a manufacturer launches a new model, the old model will drop in value)

The factors affecting a PCP early settlement figure are generally interest and fees. The more interest you are paying on the finance, the greater the negative equity amount is likely to be.

Your termination rights

Every PCP agreement has a clause built in outlining your termination rights. This provides you with the right to give the car back once you have paid off a certain amount. Voluntary termination is looked at in detail here.

Should I settle a PCP early or keep it until the end?

A PCP agreement is set out to be financially optimal to run it all the way to the end of the agreement.

The reality is that most times, you’ll have to pay out a substantial sum of negative equity to settle a PCP early.

Whether or not it is worth paying to settle the finance depends on how important the need is to change your car or get rid of it.

Circumstances change, and the cost of paying to get rid of the car now may be better than paying more to keep it for the rest of the agreement.

Alternatively, your car may no longer be suitable for your needs, and the cost to change may be worth it to you.

Is it simply impatience that makes you want to change your car early? In that case, understand that you’ll be paying a high price to settle your PCP early instead of finishing it as scheduled.

The dealer who sold you your car will often contact you several months (or even a year) before your PCP is due to finish. They will try to entice you to buy a new car ahead of schedule with an early upgrade offer.

Sometimes these offers are advantageous. But usually they’re a bit of smoke and mirrors, and not really worth it.

You should plan your purchase carefully to make sure you are not destined for an expensive problem in a few years’ time.

If you choose to settle a PCP early, you are responsible for paying off any negative equity

Stuart Masson
Stuart is the Editor of The Car Expert, which he founded in 2011, and our new sister site The Van Expert. Originally from Australia, Stuart has had a passion for cars and the car industry for over thirty years. He spent a decade in automotive retail, and now works tirelessly to help car buyers by providing independent and impartial advice.


  1. Stuart Masson

    Hi Rob. I can't find the bit you mention. If you are settling the finance, the mileage (and condition, and service history) will be irrelevant. Excess mileage penalties only apply if you are claiming the GMFV and handing the car back to the finance company.

  2. Hi,

    I'm kinda in a situation where I needed a family car. Here is the story, my previous car broke down on me and is scrapped before I started my new job where travel by car is must. I've been recommended to buy a VW vehicle using their Solution (PCP) finance option and I bought the VW Polo 1.4 TDI 3 door (eco reasons). The vehicle is £12k but the overall total is £16500, I've paid £500 deposit and the monthly payment i £238 a month with a ballon payment at the end. The problem I got right now is the sales person from the dealer said they will put the annual mileage to 16000 but my actual mileage is around 23000. I needed a 5 door car because I have a baby due in a couple of months. The problem is I have a negative equity of £3700. Settlem is around 11k and the car part ex worth £7500. If I let the contract finish which I'm in 1yr out of 4 year, I will get sting with the mileage excess charge. Was wondering what options I've got now?

  3. Stuart Masson

    Your options are not good in the short-term. If you want to change your car now, you will have to clear your £3,700 negative equity before you can worry about a deposit on your next car. This is largely because you are very early into your agreement, and it should get better over time – if you can do something about your mileage.

    You can call Volkswagen Finance and ask them to increase your mileage allowance. This will mean a higher monthly payment but will reduce the chance of having an excess mileage charge at the end of the agreement. If you continue at your current mileage on your current agreement, you will end up with an excess mileage charge of about £3,000 after four years.

    The longer you keep the car, the better off you should be. But you either need to reduce your mileage or get the allowance increased to cover it.

  4. Hi,
    I have a BMW X1 on a PCP Contract 48 Mths. I like the car and would like to keep it when the plan finishes. Can i re-finance the the final payment and carry it on?

  5. Stuart Masson

    Hi Darren. You probably won't be able to refinance it through BMW, so you will have to take out a personal loan from your bank.

    Be aware that you have already paid interest on the final payment amount as part of your 48 PCP payments, so you will be paying interest on top of the interest you have already paid if you borrow more money to pay it off.

  6. Hi, my problem is fairly difficult, I had a C30 on HP which I sold to a dealer and bought a V40 on a 48 month PCP in July. After only 2 months and 2 payments my company was taken over and all contractors let go. I am now 61 and unemployed but have taken my pension for extra income. However my PCP cost is £300pm and I need to reduce it somehow but avoid a VT as without a car I won't find a job so vicious circle. Are there any circumstances in which I can negotiate lower monthly payments or can I talk to my dealer and hand back the car and take out another HP or PCP deal. At today I am not struggling but could be in 6 months so am taking note now. Thanks.

  7. Stuart Masson

    Hi Tony. You can speak to the finance company about lower payments over a longer term, and they may be able to offer some options. However, given that you have a 48-month PCP now, there's not really a lot that they are likely to offer that will reduce your monthly payments. A 48-month PCP gives about the lowest payments possible so I'm not sure what they could offer that would improve your cashflow position.

    There's no point going back to the dealer, as they will not be interested in helping you out either – they may offer to buy the car back, but it will be for a much lower price than what you just paid, and it almost certainly won't cover your settlement figure from the finance company.

    Sorry to not be more helpful, but the default argument you are likely to run into from the industry will be "Well, you shouldn't have taken out a 4-year finance agreement when you are 61 years old and contracting." Which doesn't help, but they are not obligated to help you. The usual response is to insist that you keep on paying, and then swoop in to take action as soon as you are not able to make payments.

    As you have said, you have time to try and find alternative income before it gets too difficult. Obviously, you need to be saving every penny possible to guard against future problems. If you have additional cash available now, you can usually put in additional overpayments to reduce your outstanding balance and bring your monthly payments down (and will also reduce the total amount you end up paying). Or you could keep it in a savings account, in case you need it later on.

  8. Thanks, much as I thought, I will contact the Volvo main dealer to ask but think I need to plan on keeping the car as long as possible. At my age and with pensions and no mortgage I can find ways to fund at least until I reach VT point. Your website is most readable and the guidance given excellent. Best regards

  9. Hi Stuart,
    I'm hoping you can help me with some advice. My daughter bought a Micra on pcp with gap insurance in February 2015. In July this year she had an accident ( her fault ) and her insurance company said it's a write off. They valued the car at £6994 and asked for the finance settlement figure which is £5348.81. She has been told that her insurance company will pay the finance company direct. My question is what about her initial deposit of £1500, does she get that back or lose it? Obviously she had intended to use the Micra as a deposit on another car before the 3 year term was up as advised by the Nissan salesman. If she loses her deposit after just 5 months of having the car plus 5 months of payments it's a bit upsetting for her as she will have to find more money to get a new car. I had wanted her to buy the Micra outright initially( she had the money) but the salesman talked her into a pcp with gap assuring her she wouldn't lose out in the event it was a write off whether her fault or not. If she loses the deposit she'll have to start again with £1500 less in the kitty! .

  10. Stuart Masson

    Hi Kim. Your daughter will need to contact the GAP insurance provider, as usually they will pay the difference between the market value and the full invoice price of the car (‘Return To Invoice’). This is separate to her normal car insurance, which will only pay the market value of the car.

    The payout from the GAP insurance should be a separate cheque to whatever she gets back from her car insurance after the finance is settled.

    As for her next PCP agreement, don’t believe the salesman when he says she can use the Micra as deposit at the end of the PCP – it almost certainly won’t be worth more than its settlement value, so she will probably have nothing left over. For more information, have a read of our comprehensive guide to how a PCP works.

  11. Hi Stuart
    Thank you so much for that information, we've had terrible trouble getting straight answers from either Gap or her insurer the latter taking 6 weeks to sort things out so far. Thank you also for the tip off about the end value of the Micra, this is exactly what I feared could happen. I have advised her to buy outright next time as I cannot believe the trouble she's having over this.
    Great site by the way, keep up the good work. Kim

  12. Hi Stuart,

    I am currently 25 months into a 36 month PCP agreement at £156 / month. I would like to pay the remaining 9 payments of my contract in one lump (except for the final GMFV) and give the car back early, Is this possible to do? I didn't want to go down the route of voluntary termination as this may affect dealings with them in future, or will they class this as the same thing?

    I hope this makes sense as the dealer is currently finding it a little difficult to grasp!

    Thanks in advance.

  13. Stuart Masson

    Hi Glenn. You will need to speak to the finance company directly rather than the dealer. The finance company owns the car, and the dealer is only going to be interested if you are wanting to part-exchange it on another vehicle (in which case, they will settle the finance and buy the car from the lender as part of the part-exchange process).

    The finance company may allow you to do this, as there is no real downside for them, but they may not. It will depend on their internal policy on the matter.

  14. Hi Stuart

    I’m 15 months into a 3 year PCP deal on a BMW 1 series. Just made a big mistake in going though a waterlogged road due to a burst water pipe, which has done some water damage to engine and possible other parts of the car. It is currently with BMW for assessment of damage. Looking ahead will this effect future value and BMW stance on taking the car back at the end of the term?

    Just not sure on how this might make a difference to the overall contract if the car has to have extensive repairs…new engine for example?

    Thanks for your help


  15. Stuart Masson

    Hi Jim. As long as the car is repaired to a BMW-approved standard by a BMW-approved repairer, it shouldn’t be a problem. If you have the work done elsewhere, they could argue that the work is not up to standard and refuse to take the car back at the end of your PCP.

  16. Hi, I bought a car worth 5999 two yearsd ago the dealership didnt explain the loand (it was the first tim eI had done this without my dad) the finance from balck horse worked out i would be paying bk 9k…. I have piad the value of the car but still have the 4k left is there any way i can get out of this withouth giving mycar back? as i have paid the value of the car but dont see why they charge an extra 4k ? i have also asked black horse to let me up my dds to py the loan back quicker but they wont do this eithwer.. seems harsh i have another 3 years worth of debt when the car wasnt even worht the 9k

  17. Stuart Masson

    Hi Nikki. Unfortunately, it looks like you are either going to have to give the car back or pay the the £4K balloon. You have presumably signed a legally-binding contract which would have set out all the terms and conditions. While it’s very likely that the dealer didn’t explain everything as well as they should have done, it’s still your responsibility to understand what you are signing yourself up to.

    The value of the car is not what’s important; it’s what you agreed to pay back on top of your borrowing. You have borrowed £6K on a payment plan which would see you ultimately having to pay back £13K. It sounds like a terrible deal, but it’s up to you to decide whether or not you want to take it. In hindsight, you would have saved a lot more money by taking out a personal loan for the original amount rather than taking the dealer’s finance. I realise that’s not helpful now, but you are probably best to give the car back or sell it, and get another one on a much more favourable finance agreement.

  18. Hi Stuart, when I send my letter requesting voluntary termination of my contract (I have paid what my contract states I would have to before I can return the car) which gives them 2 weeks, do I stop paying my monthly installment? (I have already paid my installment for this month). Many thanks. Debi.

  19. Stuart Masson

    Hi Debi. Once you have paid the required amount to VT the car, there is nothing further for you to pay. Have a read of our article on voluntary terminations here:

  20. Hi Stuart,

    I’ve found myself at your excellent website several times over the years and usually after spending ages reading the articles and all the latest comments still find my question remains. Hope I’ve not missed it..

    I use PCP as a means of getting a car, working as a form of bridge finance, whether it be a month whilst I’m selling my existing car (to get best deals I sell privately and buy PCP), or 18 months whilst I’m waiting for company dividends to come through. I never go full term and usually change cars every 12 months.

    I’ve done this loads of times with BMW, VW, Jaguar etc and normally I have an option with a lump sum to reduce my monthly payment, or reduce the term. And when I (most commonly) just pay it off in full within a few months of buying the car, they calculate the interest pro-rata so it works out very cost effective as I’m only paying a few hundred £ of interest rather than the £5-10k I would’ve paid over the whole term. This always works out very advantageous over poor part-ex prices.

    Every time I do it I’m nervous as I don’t know whether this is my right in law, or whether these ‘prestige’ finance firms allow me to do it voluntarily. The finance people never seem to know… Even the experienced guy I’ve just bought a Range Rover from didn’t know.

    I’d love to put this to bed once and for all as it creates nerves every time I buy a car that I’ll end up paying all the agreed interest when I pay it back early rather than pro-rata amount. Law or voluntary for financers?

    Thanks ever so much

  21. Stuart Masson

    Hi Peter. Legally, you should be absolutely fine. Interest is calculated monthly based on how much is still outstanding. With a fixed interest rate and fixed monthly payments, they know exactly how much interest is being paid each month.

    When you settle early, you save on the interest payments you would have to make if you kept the car for the full term. It's similar to the principle for paying off your credit card in full rather than paying the monthly minimum.

  22. Hi Stuart, I've recently brought a car on pcp. I've had it a month. Due to the horrendous service I have had, i no longer want the car or want any dealings with this company. (It's a major player) how do I give the car back? Am I entitled too? I brought it for 42000 and my deposit was 7300. Will I lose my deposit? I've put a couple hundred miles on it only. Please help.

  23. Stuart Masson

    Hi Ws. You don’t have the right to return the car based on horrendous service; there has to be a fault with the car. Have a read of this article about the new consumer protection laws which came into effect last month.

  24. Hi Stuart,
    I currently own a Diesel Ford Fiesta which I've had on a 2 year PCP that ends in February. My agreement was 15,000 miles and I have already dont 35,000. In order to walk away from any agreements it would cost me about £1,500 as the mileage cost would be around £600 and the GFV is now void as my mileage is over.. meaning Ford can pretty much offer me whatever they want for my car. However, if I enter into a new deal most dealerships will clear that finance and start fresh. With such high mileage am I best off going into another PCP agreement with a high mileage and hoping to get equity at the end or would a HP agreement work better for me?
    Any advice is much appreciated.
    Thank you!

  25. Stuart Masson

    Hi Lowri. When setting up a PCP, you should always make sure you are covering the mileage you expect to do to avoid this situation. Most finance companies will allow you to increase the mileage allowance mid-term, so if your circumstances change they will increase your payments to cover the reduced GMFV. Check this when setting up a new PCP to make sure they allow it.

    A Hire Purchase will give you more flexibility if you are likely to try and change the car mid-term, as you will have paid more off and are less likely to have negative equity. So pay more each month to pay less later – it depends on what suits your cashflow best.

  26. hi there, I’m looking for a bit of advice. My PCP comes to an end in March but I am looking to get a new car in January. obviously the finance company will still own the car so how do I go about this? If I pay the outstanding balance and then use the money I make from the car to pay the final balance is this ok? Or will they not let me sell the car til March? And if I do it in January will the final payment change in anyway?

  27. Stuart Masson

    Hi Emma. The same principle applies, regardless of whether you are settling two months early or two years early. You lose the right to a guaranteed value, so it’s a question of how much your car is worth and how much you owe to the finance company.

    If possible, you are probably better off waiting until March so your GMFV still applies, but it depends on your reasons for wanting/needing to change early.

  28. Hi Stuart,

    From what I’ve read great advice, Keep up the good work!

    I am currently 1 year into a 5 year deal of repaying a 16K bank loan for my Mini. I am thinking of selling it soon as I would like a lower repayment cost. I’m thinking about going onto a PCP deal as I was with my last car. Are their companies out there that would refinance my current car on a PCP deal? If not I would probably get a nearly new car on PCP as my thinking is I wouldn’t take as big depreciation hit. If I wanted to settle early the possible gap I might need to cover wouldn’t be as big as well?
    Any advice is very much appreciated.

  29. Stuart Masson

    Hi Anthony. Firstly, you can’t take out a PCP on your current car to pay off your bank loan (well, technically there’s no problem with that idea but I don’t know anyone who offers that).

    Secondly, a PCP will give you a lower repayment on the same borrowing, because you are not paying off the whole value of the car. But settling early is likely to cause you to have a larger gap (negative equity), because you are not paying off as much of what you have borrowed every month.

  30. Hi Stuart,
    Great site and really informative, having only found it I have already discovered a wealth of knowledge.
    I have a PCP deal (just taken out a month ago) and spread over 4 years with and apr of 6.4%.
    In the interest of reducing the actual interest paid, I can get a loan from my own bank of 3.4%, is there any downside to using the bank to pay off say 90% of the loan (excluding the GFV), therefore keeping the PCP deal in place but reducing the amount of interest paid over the 4 years?
    We dont plan to keep the car at the end of the term but hopefully will change to a newer model.
    Is it worth it or is there any downsides eg if we decided to change it in 3 yrs?
    Thanks for your help.

  31. Stuart Masson

    Hi James. Assuming that the finance company is happy with that, there shouldn’t be any problem with it. Make sure you check the Total Amount Payable and all of the T&Cs with the bank loan, as any extra fees or charges could easily wipe out the savings you may make on the interest rate.

    Another potential downside is that you will have two finance agreements to manage for the same car, which will show as two large loans on your credit record, and having extra finance can potentially restrict you from future borrowings if you need it for anything.

  32. Hi Stuart,

    I have an A5 on a PCP from Audi (over 4 years). I agreed 12,000 miles per year but after one year I have done 20,000 (due to work).

    I have received a settlement quote of £4,000 from Audi to come out now.

    Is this £4k negotiable? Also, is it worth paying it to cut my losses rather than keeping it for another year and depreciating it further?

    What options do I have?


  33. Stuart Masson

    Hi Will. If your PCP is with Audi Finance, you should be able to call them up (the finance company, not the dealership) and ask them to increase your annual mileage allowance. This will increase your monthly cost, as it is covering a higher depreciation, but will reduce our negative equity when you want to sell.

    The settlement figure is simply a calculation of what you still owe on your agreement, taking into account any interest savings from settling early. It’s not negotiable, in the same way that you can’t really call your mortgage company or credit card company and offer to negotiate what you still owe. It’s your outstanding debt, based on what you borrowed, and it has to be paid off one way or another.

  34. Hi there
    I am currently just over 12 months into an interest free PCP with SEAT. The car was sold to me at just over 10k. I now owe about 8500 and the car is currently worth £4500 ish to trade in against another car.
    The car no longer suits me – I am travelling to a farm up a pot holey lane and am worried about the damage this will do to the car that I will end up paying for at the end of the term.
    Ideally I need to get out of this agreement and buy a larger, more robust car with the minimum cost incurred.
    Any suggestions would be most welcome.

  35. Stuart Masson

    Hi Charlotte. If you are shopping around for a new car, you may find that a dealer is prepared to pay more for your SEAT to get a deal (Christmas is a good time for deals). Some manufacturers also let you put any deposit contribution towards your negative equity. But one way or another, you have to clear £4,000 of negative equity and most of it will have to come from your bank balance.

  36. Hi Stuart,

    I am looking for some advice buying a new car. My current vehicle isn’t worth enough to generate a significant deposit and I’m in a position where I need to change it ASAP as it’s on its last legs, not leaving me much time to save up a large deposit in cash.

    I am in the market for a BMW 120D Coupe M Sport and I am currently looking at going on PCP from BMW Approved used. Car is approx. £15,000 which works out to about £300pm over 48 months with £0 deposit (they’ll give me £400 contribution if I part-ex my current car).

    My issue is I am currently commuting approx. 60 miles a day to work meaning that my annual mileage estimate is in the order of 20k. I am trying to establish what would be the better option, should I get a PCP finance package from the dealer or would I be better off getting a loan with lower interest to cover the £15k?

    Any suggestions would be greatly appreciated.

    Thanks in advance.


  37. Stuart Masson

    Hi James. Have a read of this article about different types of car finance to give you a bit more background. The best type of finance product will be the one that suits your requirements best, and that will be different for every person. We can’t provide specific financial advice, only information about the different types of products.

  38. Hi

    I am currently 23 months into a 3 year agreement with a Jan 14 Toyota Yaris, it was the last of the older models. I am looking to change to a seat Leon. I am on a 0% agreement. There are currently 3 small scrapes on the front bumper which I am going to get fixed. I am currently paying £158 per month and I think the balloon payment is £4.2k. Would there be much difference if I changed now or would I be better waiting to the end of the agreement.


  39. Stuart Masson

    Hi Catherine. It will depend on how important changing your car now is. It’s possible, even with 0% interest, that your car is worth less than the settlement figure, so you may have to pay to get rid of it before you worry about putting any money into your next car.

    Everyone’s individual circumstances are different, and we don’t offer specific advice to go one way or another (the FCA has strict regulations about offering financial advice, as opposed to general information). But as a rule, financial agreements are designed to run over a specific period and usually work out best if you stick to that plan. If you want to change early, it will usually cost you money to do so, so you have to weigh up how urgent the need to change really is.

  40. I have taken out a 48 month PCP on a 2013 Audi A3 Cabriolet which was valued at £15,000. I put a £3500 deposit down and pay £208 a month and the final balloon payment is £5875. I’ve recently been able to secure a £7000 interest free loan (which will be paid off over 36 months) as one of my work benefits and I’m considering putting some (maybe all) of it towards the current PCP which will reduce my monthly payments to £80 per month and a final balloon payment of £2400.

    For context, I can comfortably cover the current payments 0f £208 per month but am conscious that I’ll be able to reduce the amount of interest paid over the next 4 years. With that being said, I’m also planning on buying a house within the next two years and feel that the £7000 could go a long way to helping me out with the deposit.

    I’m in a bit of pickle over what I should do. I think I’ll definitely want new car at the end of the 48 month period and I’m thinking that if I put the £7000 into the PCP then this could allow me to do so once I pay the balloon at the end of the agreement (which I think I’ll definitely do as I’m likely to go well over my mileage allowance). I’ve estimated I’ll get at least £9000 for it which leave me with a good amount to put into my next vehicle.

    I’m not sure if I’m missing a trick here to any advice you could offer would be greatly appreciated.


  41. Stuart Masson

    Hi Nicholas. I think you’ve summarised your options well. We can’t offer specific financial advice, as FCA regulations forbid it. All I can suggest is you look at your overall costs/savings and cashflow to work out what will be best for your situation.

  42. Hi Stuart

    I have a Nissan Juke on PCP the final payment is due in June this year. I have decided to return the car as early as possible due to new commitments. I have been advised I can simply ring the Finance company and advise I would like to end the agreement and pass the car back, they may advise it would affect my credit rating, but would it if I am in a position where I have paid off what I need to hand the car back early.

    As I am here just thought I would ask :)

  43. Stuart Masson

    Hi Georgina. Have a read of our article on voluntary termination, as it sounds like that’s what they are talking about. It won’t affect your credit rating, but they may choose not to finance you again if you wanted another car from the same finance company.

  44. We entered into a PCP for a car in September ’15. We paid a 3000 deposit and pay 341 pm for 48 months. Am I correct in thinking that if we have paid over half of the value of the payments to be made over 48 months, then we can give the car back and walk away?

    Also, are there any other ways out of the contract? – the monthly payment is not as suitable as we previously thought.

  45. Stuart Masson

    Hi SYJL. The halfway point you refer to is half of the Total Amount Payable, which includes the balloon at the end of the agreement. Have a read of our article on voluntary termination for more detail.

    Other than that, you can sell the car and settle the finance. However, the car’s value is almost certainly less than what you still owe, so it would leave you with a gap (negative equity) which would need to be paid off.

  46. Hi Stuart, I bought a Kia Rio in December 2013 on a 4 year PCP, I changed my previous car early an had about a 1000 negative equity carry over.. I was told by salesman after 2 years I will be able to change my car but I returned after 2 years (half way through ) an was told not a chance. I’m now stuck in an agreement an the value of my car decreasing rapidly an paying over the odds! Im stuck in limbo. Do I wait out till the end of my agreement an my car be worth a considerable less or fight this due to be wrongly advised?

    I knew I was paying more for the car because of the negative equality in the first place?

    I’m wanting to change my car every 2 years as this helps keep my insurance down thanks

  47. Stuart Masson

    Hi Aim. Even without negative equity carried over, it’s very rare to be able to change your car two years into a four-year PCP without having negative equity to deal with. But having to carry over the extra £1,000 would make it even less likely.

    The good news is that you are probably now starting to close the negative equity gap between your car’s value and what you still owe. Depreciation is always most severe in the first year, and then it gradually eases off. Have a read of our article about deprecation for more info.

    You have virtually no hope of fighting the finance company over the salesman misselling the finance. Unless you have written advice (ie – an email) from him that you would clear your overall negative equity after two years, there’s no proof of misadvising or misselling.

    For future reference, if you are changing your car every two years, don’t take a four-year PCP as you will never clear negative equity until well after three years, if at all. Take a two-year PCP, although the increased monthly payments would surely outweigh any insurance savings.

  48. Hi Stuart my daughter had a pcp over 48 months in June 15. She has had an opportunity to go work abroad for work experience. Therefore she needs to return the car as she can’t afford to keep it. Any advice would be apprecitated.

  49. Stuart Masson

    Hi Stuart. She will have to sell the car and settle the finance. The finance settlement will almost certainly be more than the car’s value, so she will have to come up with the extra cash to pay it off. Trying to settle a 48-month PCP after 7 months does not usually work out well.

  50. Hi Stuart, I would like some advice on GMFV with PCP please?

    I’ve seen a 2015 Mini ‘John Cooper Works’ with 2000 miles at a Mini dealer.
    The car is 23.5k and I will be giving £3.5k deposit over 4 years PCP with a maximum 6k annual mileage.

    With the dealer finance the GMFV is £11000 and £326 a month but with the Halifax the GMFV is £8600 and £309 a month.
    My questions are: Should I go with the Halifax or Mini dealer and do I have the right to sell the car myself to the best offer at the end of the PCP?
    Can you advise on what my best options would be for getting the car on PCP?


  51. Stuart Masson

    Hi Ronnie. We don’t advise you to go with one or the other, as that requires providing specific financial advice and that is strictly regulated by the Financial Conduct Authority (FCA).

    It seems strange that there is such a significant difference in the GMFV and monthly payments for two PCP offers over the same term (48 months). I would suggest comparing the two quotes side-by-side to see exactly where the differences lie. My initial guess is that the BMW Finance numbers sound more like a 3-year PCP.

    At the end of the agreement, you can sell the car yourself (either privately or as a part-exchange on any other car from any brand) as long as the finance is cleared. If you are part-exchanging the car or selling it to a dealer, the dealer will settle the finance for you. If you are selling the car privately, you will need to make sure the finance is paid off in full before you hand over the V5 to the new owner.

  52. Hi Stuart, I purchased a Vauxhall astra back in 2013 on PCP through The Car Shop, I have realized it was the complete wrong choice as the interest rates are through the roof with it and it is an all round rip off. I can voluntary terminate it after I have paid off another £1500. This may be a long shot but do you know any other way I can terminate it before paying off the £1500.


  53. His Stuart, hope you can help! I have a 15 plate VW sirocco, it’s my 3rd car with the dealership on a PCP plan, just completed the first year of a 3/4 year arrangment. The payments each month are pretty high, and due to unseen circumstances I need to get my monthly payments down, so I thought about ‘trading’ my sirocco in for an older and lesser model and more mileage. So say a golf for instance? Would this be possible to do? I’d be getting my monthly payments down and in return they’d be getting a better car to lease out to someone else?

  54. Stuart Masson

    Hi Grant. The difficulty you will have in the short term is that your Scirocco will almost certainly be worth less than what you owe the finance company. This agreement needs to be settled before you can worry about your next car.

    The fact that the dealer would be getting a ‘better’ car isn’t really relevant, because you owe more money on it than it’s worth, and that needs to be dealt with before you are clear to buy a cheaper car next time.

  55. Hi Stuart,

    Hope you can help. I am on a 3 year PCP contract with Audi finance. I have completed 1 year of the contract & I am now considering whether it would be financially viable to end the contract early (ASAP) with Audi and purchase a cheaper PCP per month. I have a top spec Audi so am paying quite a lot – this is no longer a priority for me & am hoping for a cheaper per month PCP. What would you advise?

    Thank you

  56. Stuart Masson

    Hi Ashleigh. You will need to find out what your settlement figure is and what your car is worth. Normally after one year of a three-year PCP, you will be in negative equity (so you will owe the finance company more than your car is worth), meaning that even if you sold the car and gave the finance company all the money, it still wouldn’t be enough and you would have to put in extra cash (hundreds or probably thousands of pounds) to settle the finance. Only then can you worry about buying another car.

  57. Hi Stuart,

    I am in the 33rd month of the 36 months deal (37months effectively). Apparently I have got negative equity on my car of around £3k (according to the dealership) and I have got 58k miles on the clock with 69k miles limit on the PCP. If I want to exercise my right to the voluntary termination (I have repaid more than 50%), do I need to pay the £3k negative equity to the finance company or the dealership?
    Also, I can’t really see how I can be in the negative equity of £3k if I only got 4 months left on my PCP and I only pay just under £500 a month, but that’s a different story.

    Thanks in advance for your help.

  58. Stuart Masson

    Hi Martin. If you exercise your right to voluntary termination, you don’t need to worry about any negative equity at all – not your problem. This is one of the reasons that finance companies don’t like VTs.

    It’s certainly not unusual for a car to be worth less than the settlement figure at the end of the PCP term. That’s the beauty of the PCP; the finance company has guaranteed the value after 36 months, and if the car is not worth that much (assuming you have fulfilled your requirements in terms of mileage, condition and servicing), then they wear the loss rather than you.

  59. Hi, so I have started a PCP with Hyundai on March 2015 for a brand new i20. I will want to continue paying until the end of the 2 year contract. However, at the end I do not want to keep the car. I want to change car companies as I want a different car. Will I get any of my deposit back? (It is a £10k car, and I paid £3.5k deposit on it. Paying £118 per month right now)

  60. Stuart Masson

    Hi Jun. Your ‘deposit’ is in reality an upfront payment towards the car, so you won’t get any of it back again. Had you put in less deposit, your monthly payments would be higher.

    At the end of the agreement, you have some equity in the car when you want to part-exchange it on a different vehicle (ie – the car is worth more than the finance settlement). However, this is not often the case anymore.

  61. Good Morning,

    I have 6 months left on a PCP deal, i can settle the figure early with mercedes there is no penalty to do this. The Mercedes payments are around 4.8% apr, i can get a sainsburys loan at 3.8%. As i was planning on keeping the car an extra couple of years after the agreement and paying the outstanding amount at end of the 42 month pcp deal (3 1/2 years).
    Am i best settling early by paying off the deal with a sainsburys loan. I can get a 5 year loan at 3.4% which keeps the payments around £360 which we pay now?

  62. Stuart Masson

    Hi Andy. We can’t offer advice as to whether one way or another is best for you. What you do need to be aware of is that you have already paid 4.8% APR for your ballon amount to Mercedes-Benz as part of your PCP agreement. If you borrow money to pay off the balloon, you are paying interest on that amount again.

    It may or may not be an issue for you, but many people don’t realise that they pay interest on the balloon amount on a PCP, not just on their monthly payments.

  63. Hi Stuart
    I am currently in the 18th month of a 48 month PCP with VW. Bought car for 30k with 3400 dep and 431 per month.
    I lost my job in Nov last year and have been struggling to pay. Cannot pay any more but am nowhere near the half (termination) settlement which is 17k. I cannot afford to pay any difference or the monthly payments. What can I do?

  64. Stuart Masson

    Hi David. Your best best is to call Volkswagen Finance and discuss your situation with them. They may be able to offer some amended terms to reduce your monthly payment – although this would probably increase your total repayment over the course of the agreement.

    Alternatively, you could look at a personal loan to get you to the VT point, but this may be difficult if you do not currently have a job.

  65. Thank you for info. Will contact VW finance tomorrow.

  66. Hi Stuart
    I am currently into 18th month of a 3 and 1/2 year PCP on aSeat Ibiza. I want to upgrade or move to another car company. What are my options? or will i have to stick out the 3 1/2 years?


  67. Stuart Masson

    Hi Jack. You can settle now if you want to, but it will probably be expensive as you are likely to have negative equity that needs to be cleared before you can start to worry about your next car.

  68. Stuart,
    If I had the savings to pay the GMFV at the end of my 2 year PCP, am I best to do this and then sell the car privately to get a better sale price and give me more money to go into my next PCP

  69. Stuart Masson

    Hi Mark. If you feel that you can get a better price selling the car yourself, then by all means pay the finance company and do so.

  70. Hi i wonder if you could give me some advice please. I have a pcp 4 year agreement and im 2 years into it now. Im having financial difficulty and ideally would like to hand my car back but i do not want any bad credit against me. Can i just hand it back and walk away? Thanks amanda

  71. Stuart Masson

    Hi Amanda. You don’t have the right to give the car back and walk away from a PCP unless you repay 50% of the Total Amount Payable – this amount should be stated quite clearly in your finance contract. If you are two years into a four-year agreement, you probably still have some way to go yet, but you should be able to work out how much you have paid and how much further you still have to pay. The finance company should also be able to tell you how much more you have to pay to reach this point. For more information, have a read of our article about voluntary termination of a PCP.

  72. Hi Stuart. Very impressed with your site which I discovered while researching a car purchase idea.

    I have access to various new car discount schemes, e.g. Ford Privilege and some others through various memberships. We own 2 cars that we bought from new (not on PCP) with Ford Privilege but both are now getting long in the tooth (9 and 15 years old). It strikes me that if we bought again using a discount scheme but sold when 9-12 months old the depreciation could be less than the original discount enabling us to change cars every year at minimal or no cost, possibly even a small profit! Changing at 9 months would mean not incurring service costs and most likely avoiding consumable costs such as tyres. This is obviously dependent on the actual discount achieved and the expected depreciation rate of the chosen model. For example the combination of Privilege and dealer discount resulted in 20% off the list price of our Volvo when new (and it was a newly introduced model, not an outgoing one), with 1st year depreciation possibly 15-18%. Can you see any flaws in this approach?

    The various discount schemes cover a broad range of marques, and one thing I am struggling with is an easy way to identify residual values – any pointers?

    Thanks in advance for your help and comments.

  73. Stuart Masson

    Hi Gez. The majority of these preferred customer schemes (memberships, family & friends, etc) have a limit on how often you can purchase a car through the scheme. So you would be unlikely to buy a new Ford (for example) every year under the same scheme.

    Obviously if you have access to multiple schemes, you could buy a Ford this year and sell it for a small profit/small loss, then buy a different brand car next year and so on.

  74. Hi Stuart. This is a really helpful thread to read through – I’m glad I found it!

    I took out a PCP with Audi on 30/01/16 for a £18K car. I part exchanged giving me a £5-6K deposit and I pay £228 a month on a 36 month contract. My first payment came out on 1st March.

    I’ve had a huge financial change in circumstance this week and wondered if I have any rights to hand the car back and take back my deposit, less the first payment I have made/second payment due/withdrawal fee? Or am I stuck now I have passed the 14 day right to withdraw? The car is valuing at £13k-£16K online, so selling privately doesn’t seem an option to clear my finance, it also wouldn’t leave me with anything left to buy a cheap car outright. Have I really just lost my chunky deposit and tied into a car I now cannot afford?

  75. Stuart Masson

    Hi Jess. No, you don’t have the right to hand the car back unless you repay 50% of the Total Amount Payable – and you won’t reach that point until the third year of your PCP.

    In a nutshell, you either stick with this car somehow or you sell it (and even with your large deposit, you would probably have some negative equity so you would probably have to come up with hundreds or even thousands of pounds to clear the loan).

  76. Hi Stuart

    i’m looking to get a ford kuga from a relative who works at ford. He gets the price for me at trade price, the car in question is up on the forecourt for 18,000 but i can get it for 16,100 i would put down a deposit of 10,500 and get the rest on pcp but i would be looking to pay it off in 12 months time, what roughly would the settlement figure be, i think its roughly 9% apr.

    monthly payments are 60 pound.

    many thanks

  77. Stuart Masson

    Hi Craig. Ford Credit should be able to give you an idea of what the rough settlement should be after a year, but you may not be able to put that much deposit down on a PCP. Usually, there is a maximum deposit of about 30% (ie – about £5,000 in your case) and it often depends on the final GMFV amount.

  78. Hi Stuart.

    I am 1 year into a PCP contract with Fiat. I paid a low deposit and have a fiat 500, over 4 years. I was told after i had paid more than half of the contract, i could change (no or small fee). But after 1 year i find myself needing an upgrade.

    I would still like to drive a car from Fiat, just an upgraded model. I phone the garage and they said there would be negative equity. Im just wondering what my options will be or whats the best action to take.

    Looking forward to your reply, appreciate your time


  79. Hi Stuart,

    Just so I can get my head around this. There is no final balloon payment/GMFV amount if I settle the finance deal before the agreed time?
    So if I decide to say for example make a massive overpayment after the first payment, will the finance deal re-calcuate my monthly payments so I will naturally pay it off in the time?

    The sales guy was telling me if I do it this way I can treat the PCP like a HP but at the same time get the perks of PCP such as free servicing/warranty.



  80. Stuart Masson

    Hi Steven. As the article above explains, you almost certainly still have a significant amount of negative equity. To sell the car now, you would probably have to pay thousands over the sale price to clear that. Once you have paid off half of the Total Amount Payable, you can voluntarily terminate the PCP, but that won’t happen until probably 3+ years into your agreement.

  81. Stuart Masson

    Hi Carl. Yes, you still have to pay the ballon as part of your overall settlement. If you settle early, you will save on future interest, but you still have to repay the entire amount borrowed, which includes the balloon amount.

    Most finance companies will allow you to make overpayments with little or no penalty, which will reduce your monthly payment amount (e.g. – from £300/month to £200/month) but does not affect the term length or the balloon figure. It doesn’t turn your PCP into an HP.

  82. Hi Stuart thanks for your reply! Can I give you the example they gave me as I still a bit confused!

    I am buying a car for £18.9k
    Because it’s only PCP, they will accept a deposit of £5600 maximum. Because I am trading in my car they have to give me back £7.7k cash back.
    So total amount I am borrowing is £13,300.
    They have said I owe them 36 x £196.00 with GMFV of £10k after the three years.

    Ok so after the 1st payment of £196.00, I will phone the finance company and make that payment of £7.7k back to them so left on the loan is £5600.

    If I carry on with my regular payments (which would have been adjusted based on my overpayment), if I call them in year 2 of the agreement to say I want to pay it all off – surely I do not owe them the GMFV of 10k as I have settled? Otherwise I would be completely overpaying for the car in the long run and I want to keep the car at the end and not change again.

    My main worry is that somehow I got in my head that I owe them the £10k final value regardless of what I do during the agreement.

    Thanks for you patience and looking forward to your answer.


  83. Stuart Masson

    Hi Carl. I think you are getting confused about how a PCP works.

    You are borrowing £13,300 plus your deposit of £5,600, to cover the vehicle price of £18,900. You will repay the £13,300 borrowed plus interest and fees. So your total amount payable is approx. £22,656 (36x£196 + £5,600 deposit + £10,000 GMFV). The GMFV/balloon is money you have borrowed and therefore have to pay back, either in cash or by giving the car back at the end of the agreement instead. If you settle early, you have to pay it in cash.

    If you want to pay off £7,700 immediately, they will have to do some recalculations as that is more than all of your monthly payments (36 x £196 = £7,056), and I’m not sure how they will handle that. They may not let you make such a large overpayment. You will need to speak to the finance company and ask them about it.

  84. Stuart Masson

    By the numbers you have provided, your part-exchange appears to be worth £13,300 (£5,600 deposit + £7,700 refund). You may be better off part-exchanging at its full value and simply borrowing the extra £6,300 from your bank, as you might well end up paying less interest overall.

  85. Thanks Stuart! You really have made a lot sense and I fully appreciate your advice.
    So I think I kinda got it. If I go down PCP, as long as I make over payments on a regular basis and keeping in line with my monthly payments, the GMFV figure will drop from it’s 10k.

    So I might call the finance company and ask them to predict what my GMFV value is after 4 years if they do allow me to make the 8k payment.

    Kind Regards,


  86. Stuart Masson

    No, the GMFV is calculated based on the predicted value of the vehicle at the end of the agreement. You can’t choose a GMFV, and it won’t reduce from £10K. The only thing you can reduce is your monthly payments down from the original £196/month.

  87. Hi Stuart, I think I am guilty of thinking the GMFV is like a final payment that will get reduced if I make over payments on my monthly payments.
    What I am having trouble grasping is the concept is that if you say total amount repayable is £22,656, if I decide in year 1 to put make a 7k payment, year 2 I put in another 7k – that would leave £8656, why would I still owe then GMFV 10k after that?

    Many Thanks.

  88. Hi Stuart,

    I think I finally understand now.
    Like you said the final amount repayable is ££22,656. So effectively I am paying £3656 in interest over 3 years.
    If I go for the HP deal they offered using my car as a full deposit, that leaves around £6200 at 11.3APR over three years. Effectively that is over 2k I am paying back in interest.

    So the difference is £1.5k in interest I am paying if I chose the PCP option. The PCP comes with 2 years free servicing, 2 years breakdown cover and the extra year warranty. If I add the price of the 2 services together (minor and major) plus the breakdown that would be say roughly 1k. Therefore I am paying £500 for the extra years warranty which maybe high but at the same I guess you can’t put a price on piece of mind.

    I guess with if I don’t over pay and put the 7.7k in the bank, that more then covers the 3 year’s worth of monthly payments so I am effectively paying nothing for 3 years leaving me with £700 towards the 10k final payment.

    I hope I got that all right.

  89. Hi stuart, i am near the end of my PCP contract with a motorcycle, GFV is £2500 with 5 monthly payments of £115 and a final payment of £2750.
    if i choose to trade in at the end of my contract then my GFV is my depsoit (£2500)

    if i want to trade in now, can i expect to pay the remainder of my monthly payments (5 x £115)

    thanks in advance

  90. Stuart Masson

    Hi Scot. I’m not sure why you have a GMFV of £2,500 and a final payment of £2,750 – the final payment should be the same as the GMFV, and you either make the final payment or give the car (bike) back.

    If you part-exchange the vehicle at the end of a PCP, you can’t use the GMFV as the deposit – only any equity. SO your deposit would be whatever the bike is worth over and above £2,500.

  91. Sorry to bother you, Stuart. Been reading your excellent articles. It seems the ‘original agreement’ is the amount financed PLUS all interest. I have a PCP (Audi) where the original purchase price was c. £36825. £8,000 deposit. Amount o/s after about 8 mths is £27,800. In the agreement it says termination rights is £20763! The GFV is £19,800. I ignorantly thought that a VT would be at £28825 (amount financed) MINUS £19800 (GFV) /2= 4512 being the amount having to have been repaid as a minimum. Thus £28825 – 4512 would mean reducing the debt to £24,313 to trigger the VT option. But it isn’t, apparently. Am I being misled by the agreement? Thanks. Shane

  92. Stuart Masson

    Hi Shane. The VT amount is half of the total amount payable, which includes the GMFV. SO if the VT amount is £20,763, the total amount payable (including all interest and fees) would have to be £41,526. That sounds about right for a car that was originally £36,825.

  93. Hi Stuart

    I’ve not checked my own agreement yet for info, but thought I’d ask to see if you knew anything on this anyway.

    I’m 18 -19 months into a 4yr PCP contract on a brand new car. I’ve had to return the car for repair this month due to an engine fault (which turns out to be a faulty sensor installed). I now have to wait an unknown period for the part to be replaced, as its on back order. Since the car isn’t fit to drive, it remains with them at the garage until then. The dealership themselves have been mostly terrible on every occasion I’ve had to deal with them…and I’m at a stage where I’ve lost faith in both them and the car they supplied. Is there any known process to get out of a contract where the vehicle had a fault when it was provided?


  94. Stuart Masson

    Hi Lee. You have had the car for over a year and a half, and it has only developed a problem in the last month. There’s no way you are going to be able to claim that the vehicle had a fault when it was provided, since it clearly worked perfectly for 18 months. Your new car warranty should cover replacing any problems which develop in the first 3+ years (warranties vary from brand to brand).

  95. Hi Stuart.
    I currently have a Vauxhall corsa on PCP that I have had for 1 year. My family circumstances have changed (not financially) and I will need a larger car. What would my options be to upgrade or change my car early? I currently pay £156 per month for my corsa and I would happily pay more for a bigger car (not necessarily newer). Am I able to do this or would I have to pay a lot of money or have new deposits for the new car?
    Thank you

  96. Stuart Masson

    Hi Lesley. If you read the article above, you will see that it should be possible, but it is likely to cost you a chunk of money to get out of your current contract before you can even start to think about your next car.

  97. Hi Stuart
    I’m looking into going into a PCP agreement. I just have some questions you might be able to help with. If I do get the car, but then 12 months down the line it begins to fault and costing me £1000’s to fix would I be within my rights to change the car for a different one i.e take the car back and start a new pcp with an alternative?

  98. Stuart Masson

    Hi Katy. No, your finance doesn’t cover that scenario, and is simply a means for you to fund the cost of the car.

    If you are buying a new or meat-new car, you would be covered by the New Car Warranty. If you are buying an older car, it may come with a warranty of some sort but you are liable for any repair costs outside that.

  99. Hi Stuart I took out a 48 month pcp agreement in November 2015 on a 2014 Peugeot 308. I put down 1500 deposit. However my circumstances have now changed and the car is going to be too small. I have checked with the finance company and they have said the settlement figure is 8298. If I pay this does this clear the debt and the car is mine or do I still have to pay the balloon payment at the end?

  100. Stuart Masson

    Hi Shawne. Yes, the settlement figure clears the entire debt, including the balloon figure.

What are your thoughts? Let us know below.

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