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Hey Chaps,
Has anyone paid off their PCP early? Can you remember if you saved on the compound interest?
I've been on my deal for 7 months, out of a 48 month contract, at 5.9%. I've got enough now to pay it off. If I was going to save 5.9% interest on the remaining amount, then that's a good way to use that cash!
I'll be pouring over the details of the contract later, but wondering what others experience has been.
Cheers!
Ricks
Yes you save the interest. There’s probably an early repayment charge though. Mine was £600 but the dealer and manufacturer contribution to the deal was £2000 so I was still Wids in.
Poring over.
FFS
Poring over.
FFS
No. Pouring.
My contract is written in lemon juice, to make it visible I need to pour over a PH Indicator solution, such as red cabbage juice.
Hence, I will be pouring over it.
Yes, paid off a £12k or thereabouts balance with VW Finance after 5 months. Easy enough to figure out the saving. Ask them for a settlement figure which is valid for a couple of weeks then compare against outstanding payments and final payment. And I still got the free first 2 services offered as part of the PCP.
My contract is written in lemon juice, to make it visible I need to pour over a PH Indicator solution, such as red cabbage juice.
Hence, I will be pouring over it.
🙂
Not sure it's the same as PCP but we bought my wife's work lease scheme car before the end of the lease when she changed jobs. There was an early end charge however they offset this against the higher current value of the car at purchase time (Vs what they expected to sell it for after the lease). End result was a purchase price a few hundred under the market value.