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PCP Finance on a car with Santander

Hi Rachel, I've just taken out a pcp finance contract with Santander on a Kia Picanto. So, i'm paying £150 a month for the next 3 years and then an optional payment of around £4000 after the 3 years if i want to keep the car. I've only had the car for 2 months, having paid 2 months of finance additional to the £500 deposit i put down. The car is in immaculate condition but i have put 2000 miles on it and it was brand new when i purchased it. Do you think they would allow me to return the car as i have been offered a place at university and therefore will be leaving my job and unable to make payments.

Gaenor Jones


Answer

Hi Gaenor, in a word - No. You can't just hand the car back unfortunately. You've committed to an agreement and the only way out would be to pay very large charges levied by Santander for messing them around. Sorry to be blunt but didn't want to get your hopes up.

Answer correct as of September 2016

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In this illustration your credit score is set to

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We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender