Asked for PCP, got HP
Discussion
We recently applied for PCP finance at a main dealer. We got the paperwork through today but it's HP with a balloon payment. We haven't signed yet.
It's a regulated agreement so allows us to terminate when 50% is repaid.
We definitely want to hand the car back after 3 years (the dealer had an offer with PCP - so it worked out cheaper than any lease we could find. Otherwise we would lease).
If we hand the car back after 3 years using a voluntary termination I understand it's recorded on our credit rating and can reduce our chances of getting more car finance.
If it was PCP, rather than HP, would there be an option to hand it back which is NOT termination?
It's a regulated agreement so allows us to terminate when 50% is repaid.
We definitely want to hand the car back after 3 years (the dealer had an offer with PCP - so it worked out cheaper than any lease we could find. Otherwise we would lease).
If we hand the car back after 3 years using a voluntary termination I understand it's recorded on our credit rating and can reduce our chances of getting more car finance.
If it was PCP, rather than HP, would there be an option to hand it back which is NOT termination?
Edited by bigbob77 on Sunday 20th September 21:04
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