Audi Q5 - Terminating pcp early

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Wed 15 Feb 2023 19:33
Audi Q5 - Terminating pcp early - Halmerend
I’m 18 months into a three year pcp. Will I be heavily penalised if I end the pcp early, return the car and settle the balance?

Edited by RobertT on 15/02/2023 at 19:34

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Wed 15 Feb 2023 20:05
Audi Q5 - Terminating pcp early - mcb100
Have you asked Volkswage Financial Services, assuming that the finance is via them?
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Wed 15 Feb 2023 20:09
Audi Q5 - Terminating pcp early - Big John

You can usually terminate without penalty if you have paid back more that 50% of the financed amount including any interest, fees and the balloon payment. Check with your finance company.

Edited by Big John on 15/02/2023 at 20:09

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Wed 15 Feb 2023 21:48
Audi Q5 - Terminating pcp early - Adampr

Call VWFS and ask for a settlement figure; it commits you to nothing. You won't have to pay a penalty, but you will have to pay the remaining monthly payments and the balloon payment. On something like a Q5, that's going to be a fair old chunk.

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Wed 15 Feb 2023 22:27
Audi Q5 - Terminating pcp early - Halmerend
Thanks all. I put the maximum deposit down so my monthly payments are relatively small. Balloon payment is about £22k.
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Thu 16 Feb 2023 07:36
Audi Q5 - Terminating pcp early - veloceman
Ending a PCP early is no different to any other finance, get a settlement figure and do a We Buy Any Car valuation.
Large deposit is good which means you should have equity but low repayments mean you won’t have reduced the loan by much.
Used prices are still high compared to 18mths ago so you could well come out of it with something. Bear in mind tho that retail prices are mad at the moment if you are looking at something else.
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Thu 16 Feb 2023 10:20
Audi Q5 - Terminating pcp early - Falkirk Bairn

Returning goods after 50% payments have been made (Section 75 returns ) are for goods between £100 & £30,000

The OP's new car would be well over £30K

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Thu 16 Feb 2023 11:07
Audi Q5 - Terminating pcp early - Halmerend

Thanks - looking to move from 2 cars to 1 and was going to leave it until the pcp was up. But just wondered if it’s worth doing early as apart from more inconvenience (from going down to 1 car), we can probably manage better now. No kids at home now etc.

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Thu 16 Feb 2023 14:14
Audi Q5 - Terminating pcp early - NAthan smith
You can also sell the car privately and pay off the balance (you will get a rebate for any interest not paid).
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Thu 16 Feb 2023 15:29
Audi Q5 - Terminating pcp early - Halmerend
Managed to generate an online settlement figure fairly painlessly.
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Thu 16 Feb 2023 15:34
Audi Q5 - Terminating pcp early - Halmerend
What on earth’s happened to Cazoo prices? When I moved my last car they were offering the best deal. Now they’re miles off WBAC and offering around 12% less.
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Thu 16 Feb 2023 15:48
Audi Q5 - Terminating pcp early - Lee Power
What on earth’s happened to Cazoo prices? When I moved my last car they were offering the best deal. Now they’re miles off WBAC and offering around 12% less.

Cazoo have financial troubles, its exiting its European operations including its sponsorship deals with several European football clubs & focusing on the UK only.

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Thu 16 Feb 2023 18:14
Audi Q5 - Terminating pcp early - veloceman
Also try Motorway.
I’ve found they’ve offered more than WBAC in the past.
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Wed 22 Feb 2023 11:32
Audi Q5 - Terminating pcp early - Halmerend
Just to update -I went ahead with this thanks. Hardest part was getting the bank to release the (my) funds. Half expected them to come round to my house with a lie detector test and a dangling light bulb. How on earth do ‘real’ financial criminals thrive in this country.
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Wed 22 Feb 2023 21:36
Audi Q5 - Terminating pcp early - alan1302
How on earth do ‘real’ financial criminals thrive in this country.

They don't.

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Wed 22 Feb 2023 21:42
Audi Q5 - Terminating pcp early - Halmerend
www.which.co.uk/news/article/exclusive-more-than-9...z
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