Those of us familiar with CPC finance deals will no doubt be aware that, half way through the repayments - AKA - once half the finance amount has been repayed, you can voluntarily terminate the agreement with no penalty to pay. You just hand the car back and the agreement comes to an end at no cost.
Well that was my plan. My Punto EVO has a 4 year agreement and the plan was to hand it back as early as I could. At first i thought this would be not long after the year 2 mark but when i got my statement I realised it would be nearer the 3 year mark. So i waited.
Now the 3 year mark is on me, I was planning on doing the MOT and handing it back a couple of weeks later. My 3rd year statment is in and... I can't voluntarily terminate with no penalty for another 2 months!
So, despite the rule that we can terminate early when half the amount financed has been repayed, the reality is that this doesn't come in untill well over the 3/4 mark.
I see what you did there Fiat Finance, well played.
Well that was my plan. My Punto EVO has a 4 year agreement and the plan was to hand it back as early as I could. At first i thought this would be not long after the year 2 mark but when i got my statement I realised it would be nearer the 3 year mark. So i waited.
Now the 3 year mark is on me, I was planning on doing the MOT and handing it back a couple of weeks later. My 3rd year statment is in and... I can't voluntarily terminate with no penalty for another 2 months!
So, despite the rule that we can terminate early when half the amount financed has been repayed, the reality is that this doesn't come in untill well over the 3/4 mark.
I see what you did there Fiat Finance, well played.