Seat Finance, ending contract early

[MattW]

Hello All

Got a little bit of a problem and was hoping for some advice.

I'm planning on going traveling for a year and have a my car on one of Seat's finance deals - not sure on the deal name but it's the one where there is a baloon payment at then end or give the car back.

When i bought the car i asked if say a year down the line and i find i have no use for the car can i give it back with no extra costs and the dealer said yes as long as it is in good condition and the mileage is not above the set figure.

Is this the likely case? anyone had experience of ending the contract early? I've got a funny feeling it won't be as simple as just handing the keys back!

Thanks for any info

Matt

 

[Neel-Cupra]

Hi mate .. i have my car on a hire purchase plan but did take a look at the PCP my dealer offered me, i think thats what your on .. From what i remember the dealer and finance manager told me a PCP cannot be ended early by payment or handing the car back and has to carry on for however long to took it out on.

 

[MattW]

cheers fella,

that's a pain, but at least i can attempt to budget it into my trip... i might try it on anyway to try to lose it!

Matt

 

[Neel-Cupra]

Yeah defo try it .. at the end of the day if they've made profit out of you or can they will .. wont hurt to ask ..

 

[Sero]

Phone your dealership up and ask for a settlement figure.

 

[DIESELDAVE]

if you have a contract on pcp or hp , there is a clause called "halves and third rule", which basically means you can return your car after you have paid half of the total finance off ! I work at A&L Finance and thats what happens with our vehcles on finance

 

[MattW]

Cheers for the info everyone

I've found the figure and it is half the value of the car. Ill have to keep it and let my brother/mum/step dad use it or something.

Can't really sell it privately as its got finance attached and i would need to make up the shortfall.

Cheers

Matt

 

[DIESELDAVE]

Cheers for the info everyone

I've found the figure and it is half the value of the car. Ill have to keep it and let my brother/mum/step dad use it or something.

Can't really sell it privately as its got finance attached and i would need to make up the shortfall.

Cheers

Matt

there is always the option of a tranfser , meaning you transfer the finance to someone else...we do it at our place and charge about 150 quid fee to do it...basically if the finance company thinks that you could be a bad debt they will try to find a solution that still keeps the contract profitable....If you know any mates or family that could take it over then its worth a try ...Just a thought anyway.