anyone here have to settle early, dad has just given me his old car so my lease car is no longer needed.
going to phone them tomorrow but thought someone may be able to offer some advice before i go..
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citroen elect 3 finance...early settlement advice needed
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Posted 2 years ago #
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Did he give you the Porsche?
Posted 2 years ago # -
How much have you paid?
Posted 2 years ago # -
h ano i dont want the porsche!
bruneep, i've had it for just under 2 years paying £100 per month
Posted 2 years ago # -
sorry, is it on PCP/HP or is it a leased car.
Posted 2 years ago # -
as an ex car dealer if it's a straight finance lease (no ownership) then you will most likely have to pay all the remaining payments (although read the contract as it may allow you out of you have paid more than x payments (it will be in very small writing!!)
If it's balanced payments then you should be able to get out immediately (but unlikely at 100/mth)
If it's Lease Puchase/HP then you can sell the car and hopefully clear the debt with little or no settlement.... From memory i think select 3 is HP, but cant be sure!!
Good luckP.S. if you cant get out you can always have a deal on the side with a mate and rent it out, but make sure you get it fully insured (and dont tell the lease company!!)
Posted 2 years ago # -
Can you end HP early other than paying a one final payment?
Posted 2 years ago # -
I'm pretty sure as long as you have paid more than 2/3rds* of the payments you can hand the car back without penalty. *Check the small print on your agreement.
I did this with car a few years ago, finance co said all sorts of blah de blah shite about never getting credit again as it would hurt my scoring, again shite.
They sent a chap round to inspect the car and I had to take it to the car auction place in Edinburgh. Took the car there and that was that.
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http://forums.moneysavingexpert.com/showthread.html?t=371551Posted 2 years ago # -
ah cool, i'll recheck my contract but tbh i can't make any of it out really!!
cheersPosted 2 years ago # -
PCP is personal contract purchase. It's the consumer version of Lease Purchase. You pay a small deposit, reduced monthly payments and the a balloon/final amount (usually beyween 35-50% of the purchase price)is payable when you sell the car..........
Also i'm sure bruneep might be right and you can check through Citizens Advice.
Posted 2 years ago # -
On hp you can hand the car back when you have paid 50% of purchase price
Posted 2 years ago # -
just browsed my agreement and its all in gobbledygook. will phone then tomoz.
Posted 2 years ago #
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