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Hi,
I have read (most of) the post on here regarding ending a lease early and send a copy of your template to my finance company last week. Please bear with me while I explain my situation.
I took a car on PCP in March 2014. The agreement was for 48 months and I paid a hefty (3,500) deposit. I've never missed a payment and the car is in excellent condition (although I'm 2000 over my agreed mileage).
Unfortunately, at the end of last year, my son had to have serious neurosurgery which has left him as a full time wheelchair user, subsequently I've had to give up my job to care for him so my income has dropped significantly.
I wrote to the finance company asking to terminate my contract early, I wasn't expecting them to be pleased about it but having read lots of information, I was under the impression that eventually all would be fine. Oh how wrong I was. The company phoned me this evening to tell me that if I ended my contract now then I would still owe almost £1000! I'm not sure how, having paid 27 months worth of payments and the huge deposit. The options they gave me, even after explaining that they'd likely end up repossessing the car, were to give it back and then pay off my debt in instalments over 9 months or sell the car myself and pay off the settlement price. I'm doubtful, from looking on Autotrader, that I'll get enough to pay off the settlement.
Where do I stand here? I was so confident that I'd done everything correctly but clearly I've gone wrong somewhere along the line. I'm in a real pickle as my wheelchair accessible vehicle is arriving next week. I would appreciate any advice that anyone can give me.
Many Thanks
I have read (most of) the post on here regarding ending a lease early and send a copy of your template to my finance company last week. Please bear with me while I explain my situation.
I took a car on PCP in March 2014. The agreement was for 48 months and I paid a hefty (3,500) deposit. I've never missed a payment and the car is in excellent condition (although I'm 2000 over my agreed mileage).
Unfortunately, at the end of last year, my son had to have serious neurosurgery which has left him as a full time wheelchair user, subsequently I've had to give up my job to care for him so my income has dropped significantly.
I wrote to the finance company asking to terminate my contract early, I wasn't expecting them to be pleased about it but having read lots of information, I was under the impression that eventually all would be fine. Oh how wrong I was. The company phoned me this evening to tell me that if I ended my contract now then I would still owe almost £1000! I'm not sure how, having paid 27 months worth of payments and the huge deposit. The options they gave me, even after explaining that they'd likely end up repossessing the car, were to give it back and then pay off my debt in instalments over 9 months or sell the car myself and pay off the settlement price. I'm doubtful, from looking on Autotrader, that I'll get enough to pay off the settlement.
Where do I stand here? I was so confident that I'd done everything correctly but clearly I've gone wrong somewhere along the line. I'm in a real pickle as my wheelchair accessible vehicle is arriving next week. I would appreciate any advice that anyone can give me.
Many Thanks
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