Howdy, new to here but I have both a Citigo SE green tech and Superb SE Tech estate.

 

I have the Citigo on PCP and essentially it was £10k, interest free, the agreement says when I pay half, it can be returned. Including deposit I've paid about £4700ish, so in a couple of months I'll be past half way.

 

So then I can just call Skoda Finance and tell them to come get it? It's way under mileage and serviced.

Yes

Swish, better start looking for something else!

Once you have paid HALF of the Total Value due to the finance Company you can VT (Voluntarily Terminate) the car - the finance docs give you the numbers

 

If the car was 0% finance - then basically half the value.

 

 

Indeed, so as per the above!

Bear in mind that, even though a VT doesn't go as a black mark on your credit record, it is flagged/mentioned and can be used by credit vendors as a measure of your intentions with regards to paying back loans. Wise not to abuse it as a regular get out clause.

My warning was on people which decide to VT early and although no marker (currently) will be positioned on your credit file.... an underwriter is a educated person and its becoming normal practice (especially with upcoming BoE concerns surrounding PCP https://www.autocar.co.uk/car-news/new-cars/bank-england-looks-regulate-pcp-car-finance-deals ) for additional questions of the applicant to be asked as to why a previous agreements.

 

My view is there next shift in automotive finance will be from what we know  PCP to PCH. Eliminates VT and the worry of PCP final payments.

15 hours ago, Citigouk said:

My warning was on people which decide to VT early and although no marker (currently) will be positioned on your credit file.... an underwriter is a educated person and its becoming normal practice (especially with upcoming BoE concerns surrounding PCP https://www.autocar.co.uk/car-news/new-cars/bank-england-looks-regulate-pcp-car-finance-deals ) for additional questions of the applicant to be asked as to why a previous agreements.

 

My view is there next shift in automotive finance will be from what we know  PCP to PCH. Eliminates VT and the worry of PCP final payments.

 

I know that an increasing number of manufacturers / dealers are offering PCH themselves, but I have only only had excellent experiences since foregoing dealers and using the Lease route. In my experience (three vehicles now), I have replaced slimey salesmen with people who don't look out for the interests of a single brand but help you look at all options available and (my favourite plus point) no sneaky upselling of GAP insurance and bloody Lifeshine products. They just set the deal up, take their fee and job done. The price savings over dealers are just incredible, especially if you're not too fussed on a particular brand and catch a model just before a facelift etc. Some amazing deals to be had.