Your financial company calculates the billing figure according to the “insurance method” defined in the Consumer Credit Act of 1974. Any payment made under the agreement consists of both capital and interest amounts. Your financial company calculates your billing figure by taking the outstanding principal balance and adding interest due up to the settlement date, plus a monthly surcharge. You will receive a copy of the billing figure in writing: this shows a clear breakdown of the amount required. It is possible to extend your contract for up to 3 months if you have another brand of our custom vehicle that is not ready for the end of your current contract. This is based on the same conditions you currently have, and you will receive an additional miles allowance proportional to your current agreement. You can request an extension here. At the end of a PCP agreement, you have three options. We have covered each of them in detail below.
When it comes to shocks and scratches beyond normal wear, you will have to pay for any repairs if you intend to return the vehicle to the financial company at the end of your agreement. Hello, my contract ended in October 2017 and the car was recovered by Manheim. At the time, they said there had been damage that we denied. I didn`t hear anything more until February 10, 2018, when I received a letter saying that the repairs were $336 and that I had to pay within 14 days! Can`t you hold me responsible five months after the pickup? In addition, the email I received in September 2017 regarding the end of the agreement made it clear that they would be in contact within 6-8 weeks of pickup if there was an unpaid debt. Thanks to Vikki My Audi goes to the end of its PCP period (the contract ends in January 2020) and I would like to involve it in a new PCP agreement on a VW. However, the VW dealer said there was a waiting period for the car I want, so I`m considering depositing a deposit now. The GFV only applies at the end of a PCP. Depending on your circumstances, you can return the car prematurely without waiting for the agreement to end. For more information, see our guide to voluntary termination of a PCP. If you want to keep the car for the duration and make it at the end, you can do it.