I recently drove a car on a PCP with Arnold Clark. I just lost my job, so I can`t afford the monthly payments to the financial company. I am still within my 14-day withdrawal period, what should I do? Any advice? I`m sure I can withdraw from my financial agreement with the financial company, but what is arnold clark going to do? I have already informed her. I`m sure they have to take the car back from me if I can`t afford to pay for it? Thank you If you have trouble paying for the lease, it is possible to extend your contract in order to reduce the amount you pay each month. You should contact your financial service provider to negotiate these terms. The PCP deal is one of the most popular types of auto financing. For this type of financing, you need to make a first deposit, followed by a series of monthly payments. At the end of these monthly payments, you have two main options. Is it so easy to return the car and not leave with nothing? I didn`t have to pay a deposit, they just released my financing agreement for my old car. You have been waiting for it for me too, so it will only be due in September 2015. Hi, Brian. The number you need to know is 50% of the total amount to be paid and that should be mentioned in your financing agreement. You should then determine how much you have paid (deposit plus all previous monthly payments) to see if you have reached that amount.
If so, then you can pay for the car with nothing more. If you have paid less than the figure of 50%, you must pay up to this amount. It is not 50% in terms of time, as the quantity also contains the amount of balloon/GMFV. Also, are you still trying to keep track of future refunds of £6118.12? But £6118.12 + £5931.18 + £1619.40 = £13,668.70, or £1806.34 more than the original contract amount? This is clearly wrong In your situation, you can sell the car, but your billing will be quite high and probably a little more than the car is worth, so you will have to pay the balance. Read this article on early settlement of your agreement. It is based on a PCP and not on an HP, but the principle of early billing is the same. Thank you for the answer. This is the dealership I have to talk about because I can cancel the financing, but I have to convince the dealer to take the car. .