Car PCP - Voluntary termination process

[PCPstress]

Can someone talk me through the process please? DH and I are looking to end a PCP deal early, we are in year 3 of the 4 year deal and I believe we are at the 50 % mark.

My questions are around the legal process, as I want to ensure it proceeds in a legally compliant way and I don’t get stitched up by the finance company. My car finance company have a 1 star rating on trust pilot! With lots of warnings from dissatisfied customers. We didn’t realise we could shop around for car finance and were led to believe we had to use the dealerships finance firm. We know different now.

I sent a letter last week stating I wished to proceed with Voluntary termination (VT), sent it signed for and today we have received an email from the finance company telling us to cancel our direct debit and that an inspection firm, will be in contact shortly. Does this sound normal? My gut says not to cancel direct debit at this stage.

Anyone been through VT process who can advise please?

Start with the contract you signed - it should detail the process for VT.

Agree with not cancelling dd as this could impact your credit rating.

It’s it’s normal. They assess the vehicle to ensure that it isn’t sanded etc and also you haven’t give over your mileage allowance. We had to pay £2k last time as our mileage was high due to don’t family issues. Make sure you take pictures so they only charge you for scratches etc that you caused.

That’s interesting that you say that, as I’ve been through the paperwork and cannot find the VT process written down anywhere.

Thank you for replying. Did you cancel your direct debit before vehicle inspection?

I’m not sure actually but if you have it in writing from them then you should be ok.

I do have it in writing but I don’t trust the info I’ve been given after reading their reviews!! I just wondered if anyone can talk me through step by step their VT process.