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Old 18-04-2011   #1
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cancelling a PCP?

i've currently got a one year old 1.4 8v GP, and now that ive got my 1 years ncb and pass plus im going over to the dark side and getting an 11 plate 1.6T Corsa VXR Blue Edition since the insurance is now remotely affordable...

so my question is, has anyone ever cancelled a PCP on their fiat before? i know the vauxhall dealer says i could part ex it and then they'd agree a settlement figure with fiat finance and add any negative equity onto the value of my payments... but ive done wayyyyy less mileage than what i opted for (10,000 and ive only done 6241), so the (rough) valuation i have im actually a couple of hundred pounds in the black in terms of equity (so they'd actually owe me money). would i be better handing the car back and paying off/getting back any equity or leaving it to the dealer and possibly getting ripped off? as i only have a month or so to get it sorted
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Old 18-04-2011   #2
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Re: cancelling a PCP?

I reckon youll get completely shafted whatever you do!

My mates got the VXR its quick but he says it drinks a lot, and the quality of the interior is appalling!..so make sure its really what your after as there is better out there!

Why not get an Abarth?!
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Old 18-04-2011   #3
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Re: cancelling a PCP?

Quote Originally Posted by TJ07 View Post
I reckon youll get completely shafted whatever you do!

My mates got the VXR its quick but he says it drinks a lot, and the quality of the interior is appalling!..so make sure its really what your after as there is better out there!

Why not get an Abarth?!

im getting the blue edition new shape one with the touch screen entertainment system, etc... it looks lot nicer tbh
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Old 21-04-2011   #4
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Re: cancelling a PCP?

Can only terminate your finance agreement once you have paid 50% of the total payments. If you have equity, i.e. Owe less than what the car is worth then that's just profit to roll into the next car. BUT by the sounds of it the Vauxhall dealer has valued your car at less than what you owe on it, so negative equity.

It's difficult to advise without knowing the numbers involved, but you can't hand the car back to Fiat finance. You'd have to 'Sell' the car to a dealer and hopefully get a decent price and pay off the finance.

Used to have a Corsa VXR. Fun and quick but drink the juice. Even when you're trying to get the MPG up. Shame you didn't look up the Abarth. Almost as quick in standard format and look just as tasty.
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Last edited by Krysten CTR; 21-04-2011 at 00:47.
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Old 10-05-2011   #5
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Re: cancelling a PCP?

You agreed that you would be doing around 10k a year when you signed the agreement. Vauxhall will have valued your car based on its current mileage. Fiat will want paying back what you owe on the agreement, regardless of what mileage you have done, all the mileage does to an agreement is change the residual value or GFV, which reduces/increases your payments. If you'd have said you were only going to do 6k/year, your payments would be slightly less, but the balance to pay back would stay roughly the same as the GFV would be bigger.

If you've only had it a year on a PCP agreement, you will almost certainly be in Negative Equity.
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