Help with Voluntary Termination with GMAC

[Jonnym]

I'm in desperate need of help with this as I can't quite get my head around it!

Late last year around about 7 months into our PCP agreement my partner fell ill and was unable to work. We looked into giving the car back and was advised that this December would be the halfway point where we had paid off half of the agreement and could terminate. We rang to get an exact date and they have now told us that it isn't till October next year as they take into account the end payment of roughly £5000 which to my mind is an optional payment that i have no obligation to pay so don't know how it factors in? Can anyone clear this up for me?

[R0b]

Re: Help with Voluntary Termination with GMAC

What does your agreement say? It will tell you how much you have to pay before you can voluntarily terminate the agreement without liability. You don't have to wait until you've paid half you can write to notify them and make up the difference but always worth double checking before you actually do it.

The optional payment would usually be taken into account but Icould be wrong so you need to consult your agreement. It will telll you in the termination clause or on the front.