What are you doing with the car? Returning it, selling it, buying it out?

 

Ideally I'd like to end the lease and return it if possible so that I can get a new vehicle in Germany (lhd). Just curious if others had been in a similar situation with Hyundai Finance.

 

Not with Hyundai and not on PCH I'm afraid. I had no trouble ending my Nissan finance early though, once it was past the half way point.

 

I have experience of ending a PCH early but not with Hyundai. You contact the lease company and tell them you want to and they give you a settlement figure to end it early. If the residuals are better than forecast then it might not be too expensive to end early.

You need to do it in time to arrange a collection date and make sure they have collected and inspected the car.

 

Does your Fiance mind?

 

I have a PCP finance with Hyundai and if I remember correctly it's not a problem to return the car after the 2nd year has passed. Probably if you explained the situation well to them and if numbers work for them then it shouldn't be a problem.

 

Paying it off and selling it privately or to an EV Specialist place, who are paying good money for EVs at present may be an option. You may even make a slight profit.

 

If its a PCP you can return as a voluntary termination when 2/3rds of the total finance is paid (this includes the balloon payment) If you have not reached 2/3rds then you can request a settlement figure, which is likely to be close to what is remaining to get to 2/3rds - but its not always the case.

If its a PCH then there is no termination rights, and you can request a settlement figure but they are under no legal requirement to do so. In the latter case you would have to pay the remaining balance and return early, in practice most will offer you a settlement figure.

Also not a Voluntary Termination is a statutory instrument but it does not mean it won't impact your credit rating - it does - but also being a statutory instrument no further chargers can be levied once terminated.

 

Isn't it half?

So once you've paid at least half the total amount repayble you can voluntary terminate and return the car.

 

VT is 2/3rds - I've never understood where 50% came from, I believe it because most PCP's 2/3rd point is about halfway through the term.

 

When I worked at a main dealer it was always known as halves and thirds.

Once someone had paid at least a third of the total amount repayable the finance company couldn't repossess without going through the courts (or something like that), and once you had paid half the total amount repayable you could VT and hand back the car with nothing more to pay.

One of my mates did it to get out of negative equity.

PCP Voluntary Termination - PCP Mis-sold

I've just been double checking online and everything I've read says VT is at 50% of the total amount repayable.

 

Thanks for all your replies. I contacted Hyundai Finance and they quoted me an early settlement figure which works out to about roughly half of what I would pay in normal monthly payments if I continued through to the end of the lease.

 

After 38 years in the UK I am going to be returning to my country of birth, Germany, in the next few weeks and taking my British family with me (thanks Brexit)

Since you mentioned it, when did Brexit involve repatriating people who've lived in the UK for 38 years?

 

Indeed- it's got nothing to do with Brexit...

 

It's much, much easier to get out of PCP early. You just sell the car and let someone else foot the settlement bill, essentially. Don't even have to mess about with VT.

Traders tend to happily take cars with outstanding finance as their customer will ultimately pay the bill - it all rolls downhill quite nicely for everyone!

Returning PCH early is expensive, as the settlement comes from your own pocket... ouch.

 

It's much, much easier to get out of PCP early. You just sell the car and let someone else foot the settlement bill, essentially. Don't even have to mess about with VT.

Traders tend to happily take cars with outstanding finance as their customer will ultimately pay the bill - it all rolls downhill quite nicely for everyone!

Returning PCH early is expensive, as the settlement comes from your own pocket... ouch.

Yup I sold my Zoe - they paid off the PCP and I walked away with 2.5K that I wouldn't have had otherwise