Hi folks.

I have a 2011 fabia vrs and its a great wee car but its costing me a fair bit a month, and ive decided I want to try and save as much as possible to fund a deposit for a house.

It's great having a fast, new car but I'd rather have my own place than staying at my parents forever haha!

I'm on a 3 year, PCP deal and I was wondering can I just take the car back to the Skoda dealers and end the contract there and then?

Your contract will detail any early redemption and penalties

You can, but it depends on how long the PCP has left to run,. You need to read the PCP documentation with regard to voluntary early termination. One reason I don't like PCP's is the cancellation penalties that could be buried in the paperwork.

I know on mine I can voluntarily give it back when I'm half through paying off the value of the car.

Good financial move though. House first, cars after.

worth asking how much to settle, if you can sell for more you could make a little bit

All you need to do is take it back to the dealer and ask for a settlement figure. There generally isn't a hidden charge with a PCP for ending early. They will let you know how much you owe on it, look at your car, give you a value on it and if the value exceeds the settlement figure then that's your money, however if you owe more than the car is worth you will have to foot the difference.

I asked VWFS about this. They said that I can either settle the remaining finance and keep the car or stop payments and they'll come and take the car away, no strings attached.

Give them a call. If you can get round their premium rate number and wait long enough for someone to answer they're pretty helpful.

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stop payments and they'll come and take the car away, no strings attached.

This may not be the best course of action if you ever want a mortgage.

Ha, no exactly "no strings attached" then like they told me. Good job I kept paying!

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