Finance deal coming to an end

[motomarsh]

Hi all!

Basically, my pvp finance deal finshes at the end of October... But I have found another car ready for me to purchase already. Anybody know what I can do with my ds3... Or do I have to wait it out till the end of my ccontract?

Thanks in advance

[T0rres 92]

As far as I know of these plans you have to complete the term or return the car with a fee but will get nothing back for it as your cancelling early.


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[Bigfeet]

If the other car is at a dealer then you should be able to PX and settle your outstanding balance as long as the equity in your DS3 matches or exceeds the shortfall.

You can settle early without PX'ing, all you do there is pay the amount and return the car, otherwise you can just wait until the end and as long as the car is in good condition and below the mileage Citroen will collect it for you.

[motomarsh]

So Citroen will give me a fee I have to pay if I want to end early?

[Bigfeet]

Yes, give CFS a ring to request a settlement figure.

Their number is 0845 086 7070.

[Rickzayne]

nope, I ended my contract 2.5 years early, to refinance with a bank loan.

Just ring up Citroen finance and ask for a settlement figure and take it to the dealership where the car is and see if they will give you that amount or more for it.

[lfcrule1972]

Will be interested to know what the settlement figures and trade in values are ��

[DS3WPR]

There is also a clause in your finance agreement that states you can take it back and walk away once you have completed half of your agreement. Its a finance law that they must abide to.

This will only help if you intend to walk away with nothing though?

[Phil H]

There is also a clause in your finance agreement that states you can take it back and walk away once you have completed half of your agreement. Its a finance law that they must abide to.

This will only help if you intend to walk away with nothing though?

The consumer credit law thing is once you have paid over 50% of the total amount, not paid for 50% of the agreement term. If you read your finance paperwork, the figure is stated in the termination section.
Eg cost of car 12k, interest over the term say 4k, total 16k. Voluntary termination can be done once you have a remaining balance of 8k.

[DS3WPR]

Thanks for correcting me on that Phil .... I was informed incorrectly then. My friend took his mini back halfway through his agreement but he must have paid 50% already I guess......

[Phil H]

It may well have been on a PCP as I looked at my agreement from Banque PSA regarding this amount and as I called them today to inform a change of address, I asked for a settlement which was £9700, now if you say I am 9 months in, with a repayment of £179 a month, it will be a bit over halfway when I have 8k of the 16k left, so you technically may be correct that you reach the plateau at around the halfway stage.

[RichardL]

Can I just ask how long the option to return usually takes? I understand it will usually differ by finance company but I'm due to pick up my new DS3 on Friday. I'm part EXing my C1 and if I were to terminate rather than part ex I'd save myself £300 through not having to pay off my shortfall. I'm going to ask my dealer what she thinks is best tomorrow but what do you guys think my best option is bearing in mind I can't delay my DS3?

[Bigfeet]

Couple of points;

The right to terminate ONLY applies to Hire Purchase/PCP agreements where the car is the asset and NOT personal loan agreements which are a favourite of the big chains. If you are not sure then check your paperwork. The right to terminate clearly states that you can end the agreement once you have paid half of the TOTAL AMOUNT REPAYABLE, not half of the finance balance or half way through the agreement. TAP is the total cost of everything including your deposit and part exchange, for example you buy a car at £16,000, put down £6,000 and borrow £10,000 then the TAP figure is £16,000.

If you exercise your right to terminate then you must do so in writing and the whole process normally takes a couple of weeks. Bear in mind that the finance company has the right to charge you any excess mileage they deem under a PCP agreement so check first what they would expect the mileage to be otherwise you could end up being seriously out of pocket.

[Chris_Blue]

Biggie- if you pay off the finance deal, do you loose the Citroen Assistance/Breakdown which runs the 3 year of the deal
I know the Service remains, but guessing the Breakdown cover would go, as its not the finance companies asset anymore

Guessing (Again) that you would have to pay the £65 per year the Manual says after the first 12month free period if you have no loan
No definitive answer yet from the dealer. Next port of call Citroen finance I suppose

Its quite good the Citroen breakdown, with onward travel, roadside and all that- Europe too. So would like to keep it and cancel RAC who charge me £30 when I do 3 days in Europe

[lfcrule1972]

The Citroen breakdown is with the AA isn't it ? I had just taken mine out before I bought the DS3 last year and they added the free 12m cover to the 11m I had remaining