Usual sensationalism by a sub editor. How can it be a secret when voluntary termination has been in law for decades?

I VT'd car in the mid 90s, it was painless, but it was HP, not PCP. Finance houses and dealers have caught up and you need to be very careful when requesting VT on a PCP vehicle as they often send a new agreement to sign.

This is because the original terms of the PCP including charges for damage and excess mileage may not be enforceable under VT as the original agreement is not running its full term.

A new legal document may be sent which states you remain responsible for damage and excess mileage, it may also include other admin charges.

When using VT there is absolutely no requirement to sign a new document, all that is required is a letter of instruction to the finance house and you then await instruction on what to do with the vehicle,

It should also be borne in mind that as VT can't be instigated until 50% of the total amount has been paid (not 50% of the PCP term) this date is usually very close to the end of the original PCP term. i.e. on a 36 month agreement 50% may be month 33 or 34, so its not such a huge benefit.

Edited by daveyjp on 08/11/2020 at 09:49