Hello,

I am 14 months into a 48 month PCP with Audi Finance and it is proving more expensive than I had budgeted, in as much that I could now get the same vehicle for £200-300 less a month through several leasing companies (and save several thousand pounds over the course of the contract). I am seriously regretting signing up now, but rest assured have learnt the salient lessons.

Any tips on how to get out of my lease early please without getting stung?
It's not desperate (yet) but every penny helps! (newly appreciated wisdom)

Thanks,
Rich

You need to talk to the finance company. The only way to get out of the agreement early is to make the required lump sum payment. They may give you permission to sell the car to raise this but first you need to phone them up and ask them to tell you the settlement amount if you settle, for example, at the end of the month.

Thank you for that maxsteam.

I will give them a call in the next few days.

I am thinking more and more that it may be best to get a loan to pay off Audi Finance and then recoup my money by selling it privately.

It would be nice to have their permission to sell it and negate the need for a loan but that may cause problems with people running checks etc to see whether or not there is any outstanding finance.

Once that dilemma is sorted, I need to find out about Autotrader etc for a sale.

Thanks again,
Rich

That sounds sensible.

Be careful about the settlement date though. Some people fall into the trap of asking for the amount needed to settle things today. They then settle in a month or two's time only to find that they don't have enough because the settlement figure is different for different dates.

Good luck.

I made a post in the other question about getting out of a PCP so the comment there still stands. If your PCP is a conditional sale agreement then when you have paid 50% of the total amount due you can send the vehicle back with no further payments to make as per the Voluntary Termination Clauses (section 99 and 100) under the Consumer Credit Act 1974.

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