Unfortunately there is no legal definition of a "proper PCP contract". Whatever was in the agreement that you signed, stands. With some PCP contracts, you need to complete the full term of the contract and then make a final payment to own the car.

You need to be aware that you have paid about half the cost of the car but the car has lost more than half of its value so you have not paid enough to simply hand the car back and call things quits.

Hi all

I purchased a new car in April 2007 on a PCP deal. I paid a £2500 deposit and the total balance payable including credit charges was £30,387. The PCP agreement was £585/month for 36 months with a £9k final installment on month 37.

I'm now on month 25 - total paid so far is £15360 which is just over 50% of the total paid off.

From what I understand, with a PCP agreement, I am now entitled to simply return the vehicle back to the lender with no penalty to myself. However, I have looked through the T&C's of my contract and nowhere does it mention anything about my rights for Voluntary Termination - it only speaks about their rights of termination (if I dont pay etc).

The contract is titled "Hire Purchase Agreement" although the contract template is called "PCPNA", which leads me to believe it is a proper PCP contract.

Can anyone confirm? I'd like to a) know if this sounds like a proper PCP contract and if so, b) what are my rights, even if they're not written in the contract itself.

Thanks!