Please could someone help me, I am seeking sound advice on my car finance, I left the UK to work abroad and I have car on PCP and I advised the my car finance company about this, but they do not seem interested in helping me , the only answer I get from them is that I can return the car back when I arrive after a certain point of payments on the agreed PCP contract. Is there no way of making them take the car back especially since I do not intend to return to the UK. Thanks for any help in advance.

Is this the same as HP? In other words you pay a certain amount each month over a period of time and at the end the car is yours?

I'm pretty sure that you cannot simply "hand the car over" and walk away from it. More than likely you can settle the balance and sell the car privately.

Thanks for you reply so far

What is PCP?

PCP was designed specifically to be a personal contract for private individuals. Should you enter into a PCP plan, it is classed as a conditional sale agreement that offers you protection under the Consumer Credit Act 1974 and the Financial Services Regulations 2004.

Seen as a way to avoid the depreciation trap, a PCP agreement allows you the option to set up a contract term, with monthly payments. At the end of the term, you then have the option to purchase the vehicle, or simply hand it back to the contract provider.

But what I don't understand is also the finance company must know that I can't insure the car for long term whilst working abroand so would the not be worried about this???

In the contract, is there a certain amount that has to be repaid before the car can be given back?

Yes there is they are asking for 2/3rds back before I can hand it back, something called volountry termination I think?

If that's in the contract before you signed and that's what you've agreed to I can see why they'd be pushing for it. If it's not stipulated and they've "plucked the figure from the air" then you'll be ok. I doubt it's the latter.

I don't have my contract with me at the moment its still in the UK in storage with my other belongings, but thanks for your help so far I will check it out on my return.

many thanks

It may be possible for you to assign the contract to someone else (with their agreement) allowing you to walk away with what you've paid, but whether this will be good value for the purchaser depends on what they will have to commit to, balanced with the worth of vehicle at the end of the term. Am I right in thinking this PCP arrangement means you can never own the vehicle, it must be handed back or be used as a deposit for a replacement vehicle?

Yes there is final payment which means I can walk at the end or keep the car by taking out an additional loan,

Thanks for the info