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Hi,
I have a 2017 Renault Megane on a PCP contract which will end in January 2026. The car has a fault and requires a new wiring loom at an approximate cost of £2500 - note that the car is still very much driveable, safe, but would be an MOT failure. I have a voluntary termination quote of approx. £1000, although by July 2025 this will be £0 as I will hit the 50% mark. (Note - MOT is due in June).
I am unable to find much information about the situation about returning a car under voluntary termination with such a fault. I assume that upon returning the vehicle I would be expected to pick up the repair costs at the will of the finance company, but I have seem some conflicting information on this. I expect to have to pay this money (the joy of motoring!), but if I can return the car and get this repaired via this route it minimises the risk of anything else going wrong during the intervening period if I was to get the repairs done myself (I've had a number of problems with the car since I got it in January 2023 and have no faith). I have no intention of paying the balloon payment at the end of the agreement as the vehicle is already worth less than the balloon payment, so I would be in the same situation come January 2026 anyway.
My current train of thought is to get the repairs done myself in April and return the car in early May. This means the car is (hopefully) going back with no faults, I don't incur any MOT costs in May/June, and may have to pay £400 to VT at that point - offsetting the potential MOT costs really.
Can anyone advise on this, or any general thoughts/opinions from those in the know?
Much appreciated!
I have a 2017 Renault Megane on a PCP contract which will end in January 2026. The car has a fault and requires a new wiring loom at an approximate cost of £2500 - note that the car is still very much driveable, safe, but would be an MOT failure. I have a voluntary termination quote of approx. £1000, although by July 2025 this will be £0 as I will hit the 50% mark. (Note - MOT is due in June).
I am unable to find much information about the situation about returning a car under voluntary termination with such a fault. I assume that upon returning the vehicle I would be expected to pick up the repair costs at the will of the finance company, but I have seem some conflicting information on this. I expect to have to pay this money (the joy of motoring!), but if I can return the car and get this repaired via this route it minimises the risk of anything else going wrong during the intervening period if I was to get the repairs done myself (I've had a number of problems with the car since I got it in January 2023 and have no faith). I have no intention of paying the balloon payment at the end of the agreement as the vehicle is already worth less than the balloon payment, so I would be in the same situation come January 2026 anyway.
My current train of thought is to get the repairs done myself in April and return the car in early May. This means the car is (hopefully) going back with no faults, I don't incur any MOT costs in May/June, and may have to pay £400 to VT at that point - offsetting the potential MOT costs really.
Can anyone advise on this, or any general thoughts/opinions from those in the know?
Much appreciated!
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