Hey, Alex. Your contract will tell you how much you expect to pay if you return the car (in general it is about 10p/mile, which is 100 USD per 1000 miles). If you change part of the car or sell it privately, even with the high mileage, the car is still worth more than the number of colonies. Yes, yes. Whether you want another car or want to reduce your monthly payments, you can terminate your contract prematurely by charging compensation fees to the financial company. Once these fees are paid, you should owe the lender nothing. If you have the money, you can pay for it and you will own the car. This is a very useful article. I can just ask, say, I now enter a PCP and use a trade-in as a deposit. Pay all 36 monthly payments. Then the three years are over, and I decide that I want to move to a newer model… Obviously, the balance of funding is pending… I understand that I can return the vehicle to pay for the financing on the existing PCP contract.
But does this mean that I have to save the new vehicle`s deposit at this point? Or is the old PCP vehicle the guarantee of the new PCP? Some of the ads aren`t very clear on this – they almost look like a new car in 3 years without having to put money in, which I guess might not be the case. This regulation is relatively new where I live, so I am only looking for general clarity (subject to all individual agreements that are different and I have to read the fine print). Thanks, I thought that if you paid a large part or all the payments in a single shot for example (without balloon) of PCP, it can change the amount of interest, since in fact you do not have the financing for so long, even if the end of the contract is the same old ouay ts of the agreement, you could perhaps change early, if you like, etc?! Or the principle remains the same. The idea is whether we use some savings to buy a large portion PCP payment or maybe buy a cheaper car (cash) for racing/school racing, etc as the current car is not so economical for these (the kilometer clause is something, what I have in mind) – use the “good” car for weekends, which seems unprofitable to pay for a car that you do not use at full potential, but still a lot of (if it makes sense?) hello I`m at the end of a 42 month PCp. I`m watching the party sharing for a new car. since I took out the existing car, I have unfortunately accumulated a lower rating. There is nothing great, and all car payments, mortgages and cards, I have an exemplary balance sheet for. Nevertheless, the assessment is now given as a “poor” issue, is the new pcp a brand new treaty? or is it the possibility of entering into a new agreement with former financial companies without them conducting credit research? I have no problem paying car payments for the last 42 months My understanding was that if your car is worth more than the gfv, on return, the equity/difference would be returned, or could you use it for another deal? I took my car into the garage and they were happy with the condition, etc., but I wonder if there is a catch somewhere.