Has anybody handed their car back at the end of a PCP?

[andrewpain]

we managed to get a lease deal with no up front payments as well as getting the negative equity cleared. Payments low too. Happy days, new 290 Cupra sat on drive , old 280 gone

enjoy!!

 

[kazand]

enjoy!!

I will, when I can drive the thing!!! Sodding DVLA

 

[andrewpain]

bloody civil service...who pays the wages??
oh yes - us. doesn't do to remind them of that though....

 

[LeonFRTDi]

80% of new cars bought on PCPs thats rather scarry.
Thankfully i bought mine & no regrets.
No Monthly Payments nowt.

 

[JMAC]

I looked at voluntary termination but with only a couple of payments left, I didn't like the idea of a marker on my credit file. The plan is to hand it back when the PCP is up, and having looked at leasing (as advised by other members) there is some cracking deals to be had so will probably be the way to go

I'm now wondering what actually happens at the end - do VW finance get in touch with me or do I need to contact them to start the ball rolling and what happens on the day the car goes back

It doesn't adversely effect your credit scoring or history though. It's your legal right as a consumer to invoke this. Lenders don't like you doing it for obvious reasons but it's there for the consumer not the lender. The flag is simply to let other lenders know why the agreement was terminated earlier than initially scheduled. As long as you've made all your payments up to the point of termination then you're fine.

EDIT: Experian say as much themselves:

http://www.experian.co.uk/consumer/questions/askjames229.html

 

[marty_34]

As above it's in terms of agreement so your not going to be adversely affected. Normally you need to ring. VW finance they'll arrange to send someone to inspect the car. Look up the fair wear and tear policy on there website


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[SaintMac]

I have voluntary terminated 4 cars over about 15 years and it hasn't impacted my credit rating and ability to get finance.