Voluntary Termination PCP

[boaxx]

I currently am 36 months into my 48 month PCP agreement via Barclays partnership on a fiat 500. I have recently been bought a car as gift and now would like to return my car. I am very unsure on the process as this is my first car and my first finance. I have read you can hand back your car if you have paid more than 50% of you initial loan. My loan for the car including interest was just over £11,000. I have paid a payment of £151.53 for 36 months equalling £5455.08. If I pay one more payment I have then paid over the 50% mark. But what about the balloon payment? Do I have to pay half of this also? As on my Loan paperwork from Barclays the balloon payment is obviously not stated as I assume this would need to be re financed if I did keep the vehicle after the 48 months. So have I paid half??? Am I eligible for VT??

Thank you!!

[R0b]

Re: Voluntary Termination PCP

Hello,

Your liability consists of 50% of the total amount payable, which includes the balloon payment, interest and any other fees added. You should see in your agreement a box usually at the beginning of the agreement which says "Termination: Your Rights" that will tell you how much you need to pay to discharge any further liability.

I suggest you take a read of the following link to give you more information on your rights.

http://legalbeagles.info/forums/show...on-Your-rights