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HPI Outstanding finance help

Home Forums Car finance HPI Outstanding finance help

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This topic contains 3 replies, has 1 voice, and was last updated by Stuart Masson Stuart Masson 2 years, 11 months ago.

  • Author
  • #93091 Reply
    Chris J


    i am currently paying for a BMW 3 series and i would like to downsize to something cheaper (MINI etc).

    I am 14 months into a 48 month lease, my current position is below:

    34 months left of £420pm = £14,280 remaining.
    I put down a 9,500 deposit
    Current Value of car around 26/27k.

    Am i in a good position to look for a new car and if so what are my options in paying it off. Will i have a bit of spare cash for the new car etc?

    Any help is appreciated

  • #93092 Reply
    Stuart Masson
    Stuart Masson

    Hi Chris. Your early settlement options will depend on the type of finance agreement you have. You described a 48-month lease – if this is the case, you may have a large penalty fee if you want to cancel the agreement. If it is actually a PCP, the settlement terms will be much more reasonable.

    For more information, have a read of our article about settling your car finance early.

  • #93102 Reply
    Chris J

    Thanks for your response Stuart.

    It is on a hpi agreement. I have been on contact with BMW and i have a final settlement payment of 20k. This final settlement figure, does it mean that i would then own the car?

    • #93430 Reply
      Stuart Masson
      Stuart Masson

      Yes. Once the finance is settled in full, you become the owner of the vehicle.

      (PS: I assume you mean HP – Hire Purchase – rather than HPI, which is a vehicle history check company).

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