If you want to own the vehicle, you have to pay what is called a balloon payment. Once it is paid, the car belongs to you. By marketing your car at the end of a PCP agreement, you can ensure a smooth transition from one car to another. Any good car dealership will be able to take your existing car, settle the financing on your behalf and create a new financing agreement to avoid disruption. If you become the owner of the car thanks to the optional final payment, the condition and mileage of the car do not matter – since you do not return the car to the financial company – so there will be no additional charges. Before you make a financing deal, it`s worth making your money – and always reading the fine print. Some financing agreements charge extra to cancel prematurely, so it`s best to know about this early on. These are described in detail in the treaty. This is the option to take the manufacturer the most for you, as they get repeat deals. Here, all equity (where the car is worth more than the remaining payments) are left in the car to put in the deposit on a new financing system, reduce your future monthly payments.

You must inform the company of the amount of your optional final payment and they will evaluate the car. As long as their valuation is more than that amount, then it is a simple thing that they buy the car from the financial company and then you will be able to use the surplus. The annual mileage on your contract was agreed in accordance with your requirements at the beginning of the financing agreement. Your optional final payment is the likely future value of your car assuming that the mileage and condition is as agreed if you signed your contract. If you exceed this agreed mileage, the additional costs indicated in your agreement are incurred. Our standard purchase fee is $10, but if your current contract is 0% APR, there is no purchase fee to pay at the end of your agreement. The end of a hp agreement looks like the premature conclusion of a PCP agreement. If you have already refunded more than 50% of the total amount owed, return the car to a dealership to cancel future monthly payments. These options may seem confusing as you near the end of the contract. Are you better off returning the car and leaving or paying to keep it? Should you “exchange” or refinance the car? And how do you avoid damage and mileage costs if you return the car? Don`t be afraid, think of them in advance and there is no need, Stres.

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