Voluntary termination due to getting a company car?

[BrettWilson]

Hello,
I have recently been offered a new job which comes with a company car as part of the package. It will be 2-3 months before I start but one of the main things I need to try resolve is my current PCP car loan/contract. I’m 3 years into my agreement and it would take another 10-12 months approx. of payments to get to the 50% figure I’ve seen mentioned for voluntary termination.

Are there any clauses or legislation for situations like this? What options do I have to try settle this as financial economical as possible?

I got a settlement figure online and looking at private sale values I think I have around £1000 negative equity. The agreement is with Audi finance if that has any relevance.

If anyone know the best way to deal with this it would be greatly appreciated.

Thanks!*

[redstar]

Sorry because you have been offered a company car does not negiate the loan terms you took out.Pcp hp effectively under another guise doesn't equate to I have another car so change the terms.Its a fair deal can trade in upgrade or pay full loan .You could explore if could use your current PCP car for work or use both ie gratis work car and PCP car for personal.Your PCP car terms won't change because you no longer feel you need car.They are a business not a support I am afraid .

[BrettWilson]

Redstar, is everything OK? Why such an annoyed & patronising tone? I simply asked a question if a big change of circumstance might see a different approach from a finance company. By the way I didn’t say I was expecting a free ride and that they’d come take the car back all smiles and give me a bottle of champagne for my troubles. People use this website for help not to have sarcastic idiots posting unhelpful and useless comments. Not saying that’s you specifically but I think you can work out if you fit into that bracket.

Thanks again so much for the post, amazingly helpful and I don’t know what I would have done without your insight.

[redstar]

Sorry Brett this was not meant to upset you simply trying to project you no longer need so can you effectively get out of agreement when you accepted terms just no longer need due to life style .. genius horrible missold or base rate* et Al do not equate to can I avoid paying because I no longer need the agreement.So sorry if you were offended but if was a case of not repaying due to lifestyle choices no bank or lender umbrella PCP or hp would be in business so good luck to you glad you no longer need car but come on you want to get out agreement because you no longer need and offended because your credit agreement stands ? Sorry maybe I missed something if so sorry will not post on your thread again Good Evening

[ostell]

You can initiate a VT with the car and you can make an extra lump sum payment to bring the payments up to the 50% and walk away.* You don't* have to stick to the monthly payments to reach 50%. Is this the response you were hoping for?

There is a template VT letter on the forum


Don't know why redstar was being so abrasive.