Finishing PCP early, Half payment advice?

[Seaneylad]

Morning all,

I beleive you can have a PCP car finance car back after paying half?
If that half the value of the car, or half the vavlue you agreed to pay in the term?

Info i have:

Vechile cash price £8,667
Less Advance payment (deposit) £500
Amoung of credit £8,167

Small print (total amount payable (comprising the advance payment,amount of credit, acceptence fee, interest and option to purchase is £9,882)

Monthly repayment £139
Payment term 41 Months
Final Payment £3,757

I took policy out 17/10/2013
Ends 17/02/2017

My current settlement fee to buy the car is coming out at £5,800

Can anyone help or give me some advice ... Trying to work out if i can hand it back or best to run the term? Thanks

[Seaneylad]

Sarnie said:

By my rough workings you can hand the car back in circa 8-9 months??

Just done some more reading it was saying the 50% cost paid is for the amount i agreeded to borrow.
Which is im looking at this right (probably not )

Car was worth £9,882 and the Final Payment was £3,757
so 9882-3753= 6125

So far i have paid 23 months ... which at 139x23 = 3197

so half 6125/2 = 3062 .. so i have paid just over half?

I could be wrong though

[Seaneylad]

Mattt said:

Voluntary Termination is the term you are looking for, lots of info around if you Google it

Just been looking, trying to work if ive paid over 50% ... as its not clear if its 50% on amount im borrowning not including the lump sum at end (if i chose to purchase)

Just added some calculations to another post, could be wrong if it doesnt work that way