Finance getting out of a PCP

lowfer · 3rd June 2008, 16:32

Hi all,

it is now looking like i will be able to get a lease car with my new job. While i love my Honda i am cheesed off with the poor build quality and the fact it rattles like a bag of spanners and has rust coming through the front wing due to stone chip (dealer won't do anything, include ringing me back) and the paint looks like a nest of spiders have spun webs all over them. I now want to get out of the deal.

What are peoples experiances of getting out of a PCP. Any advice would be much appreciated.

Nathan

simon1 · 3rd June 2008, 18:01

I haven't used this, but it might be what you are looking for:
Short Term Used Car Leasing and Lease Transfer Exchange

Glass Spider · 3rd June 2008, 21:51

Theres a ctr on there for £232pcm+VAT! SHORT TERM used CAR LEASE FOR SALE

illegalhunter · 3rd June 2008, 22:00

It will not be easy , as you signed a contract . Which they will hit you over the head with .

Type S Bournemouth · 3rd June 2008, 22:01

you can get out of a pcp with a final payment but you have to pay usually another months interest on top.

nic283 · 4th June 2008, 12:00

You can phone the finance comp and ask for a settlement figure & sell the car (& send the cheque to the finance comp!).

I think if you have paid at least half of the loan amount you can hand the car back, provided it is in tip top condition. This is the 'halves rule' or something. There should be some info in your finance agreement.

gjackson · 4th June 2008, 12:11

As mentioned above. If you close it early it could well cost you a packet. Chances are if you ask for a settlement they will expect you to buy the car. Which you will then need to sell on!

The halves rule is that if you have paid 50% of the agreement or more you can give the car back with no more to pay. However they will state what is acceptable condition. This will include paint condition, tires and the usual stuff. You will probably also get charged an inspection fee, say £35.

The newer the car the better condition it will need to be. Also note the PCP will probably state it must have an up to date Honda dealer service history. If not they will charge for their percieved loss in value.

If go down this route ensure you take pictures of the car on the day it gets picked up and a signed form from the pick up driver. The collection firms are notorious for dumping cars in underground garages for days before inspecting them in which time they can all sorts of dinks etc.

3rd June 2008, 16:32	#1 (permalink)
lowfer Valve Cap Join Date: 1st January 2007 Posts: 23 Thanks: 0 Thanked 0 Times in 0 Posts	getting out of a PCP Hi all, it is now looking like i will be able to get a lease car with my new job. While i love my Honda i am cheesed off with the poor build quality and the fact it rattles like a bag of spanners and has rust coming through the front wing due to stone chip (dealer won't do anything, include ringing me back) and the paint looks like a nest of spiders have spun webs all over them. I now want to get out of the deal. What are peoples experiances of getting out of a PCP. Any advice would be much appreciated. Nathan

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This thread is about: getting out of a PCP, it's in Buying, Dealers and Servicing at the Honda Civic forum Civinfo; Hi all, it is now looking like i will be able to get a lease car with my new job. While i love my Honda ...

3rd June 2008, 18:01	#2 (permalink)
simon1 Triangular Exhaust Join Date: 10th December 2007 Location: UK Posts: 268 Thanks: 3 Thanked 5 Times in 5 Posts	I haven't used this, but it might be what you are looking for: Short Term Used Car Leasing and Lease Transfer Exchange

3rd June 2008, 21:51	#3 (permalink)
Glass Spider Supporter Triangular Exhaust Join Date: 15th June 2006 Location: London Posts: 308 Thanks: 1 Thanked 0 Times in 0 Posts	Theres a ctr on there for £232pcm+VAT! SHORT TERM used CAR LEASE FOR SALE

3rd June 2008, 22:00	#4 (permalink)
illegalhunter HACKIN & SLAYIN Civinfo guru Join Date: 10th May 2007 Location: In the woods armed to the teeth Posts: 2,497 Thanks: 4 Thanked 25 Times in 24 Posts	It will not be easy , as you signed a contract . Which they will hit you over the head with .

3rd June 2008, 22:01	#5 (permalink)
Type S Bournemouth Supporter Magic Rear Seat Join Date: 3rd October 2006 Location: Bournemouth Posts: 968 Thanks: 0 Thanked 0 Times in 0 Posts	you can get out of a pcp with a final payment but you have to pay usually another months interest on top.

4th June 2008, 12:00	#6 (permalink)
nic283 Supporter Valve Cap Join Date: 15th June 2007 Location: Central Scotland Posts: 44 Thanks: 0 Thanked 0 Times in 0 Posts	You can phone the finance comp and ask for a settlement figure & sell the car (& send the cheque to the finance comp!). I think if you have paid at least half of the loan amount you can hand the car back, provided it is in tip top condition. This is the 'halves rule' or something. There should be some info in your finance agreement.

4th June 2008, 12:11	#7 (permalink)
gjackson Locking Wheelnut Join Date: 5th February 2008 Location: West Yorks Posts: 111 Thanks: 0 Thanked 2 Times in 2 Posts	As mentioned above. If you close it early it could well cost you a packet. Chances are if you ask for a settlement they will expect you to buy the car. Which you will then need to sell on! The halves rule is that if you have paid 50% of the agreement or more you can give the car back with no more to pay. However they will state what is acceptable condition. This will include paint condition, tires and the usual stuff. You will probably also get charged an inspection fee, say £35. The newer the car the better condition it will need to be. Also note the PCP will probably state it must have an up to date Honda dealer service history. If not they will charge for their percieved loss in value. If go down this route ensure you take pictures of the car on the day it gets picked up and a signed form from the pick up driver. The collection firms are notorious for dumping cars in underground garages for days before inspecting them in which time they can all sorts of dinks etc.