If you have not reached the 50% level, you cannot terminate your agreement on the PCP by voluntary termination. Instead, our calculator gives you an early billing figure, which is the amount you have to pay to reach the 50% mark. As a general rule, you must pay the full advance billing, plus any cancellation fees indicated in your contract with the finance company. Charges and charges on excess kilometres also continue to be collected. The process associated with early termination can vary from case to case, as it often depends on the funder. We recommend that the process can take between three and four weeks from start to finish, so please note this if you contact us. Sometimes, like all things in life, your lease may not go as planned. Please note that excess mileage charges or repair costs are charged separately after termination based on the contractual terms. Voluntary termination is your legal right to terminate a PCP contract after paying 50% of the total loan. This isn`t necessarily half of your payment plan, as it contains the balloon payment, administrative fees, and interest on the initial loan. This is normally agreed in advance with your reseller and should be described in your agreement.

If you are not entitled to voluntary termination, we will show you how much you will have to pay before reaching this point and how long it will take. This is called the early number of colonies. Suppose you have 8 months left for your lease and you pay £200 a month. You owe the leasing company £1600. If you enter into another rental agreement at the same monthly price for 3 years, your total refund through the rental agreement is £8800 (excluding transfer fee for the transaction or a deposit, etc.). Pcp arrangements are easier to escape, as you may be can sell the car to reach the number of colonies. If you`ve decided you don`t want (or need your car anymore), you first need to figure out how much it will cost to return it. To do this, you need to know the initial purchase price of the car, which is listed in the HP agreement you signed.

If you don`t have a copy handy, you can get it from the bank by calling their after-sales service (you need the car`s license plate or financial contract number if you have it). Once you have the “lease purchase” amount, simply divide it in half. This figure is the amount you owe (or have paid) to return a vehicle in accordance with the “half rule”.