Renault Selections - Can I give the car back early?

[milfordkong]

I've heard about the Consumer Credit Act containing a clause that enables you to terminate your PCP contract following you paying half of the initial agreement amount, providing the car is in good condition and whatnot.

Can anyone tell me if this applies to Renault Selections?

I'm unable to check my agreement for a few days so wondered if anyone on here knew.

[milfordkong]

Seen a few Renault Dealers on here before, any advice much appreciated.

[CarlT]

milfordkong said:

I've heard about the Consumer Credit Act containing a clause that enables you to terminate your PCP contract following you paying half of the initial agreement amount, providing the car is in good condition and whatnot.

Can anyone tell me if this applies to Renault Selections?

I'm unable to check my agreement for a few days so wondered if anyone on here knew.

Half of the total amount payable and not half of the agreement amount. IE. The amount borrowed, plus the interest, plus the Optional Final Payment.

[milfordkong]

CarlT said:

Half of the total amount payable and not half of the agreement amount. IE. The amount borrowed, plus the interest, plus the Optional Final Payment.

Half of the Final Payment? That seems absurd, surely that would be my agreement nearly up? I thought the final payment was the agreed value of the car on the deal being up. I'm beginning to think having seen some of the prices floating around on here that I got a really bad deal on my 200 - Clearly my own fault for being impatient and not shopping around enough.

Thought it was too good to be true, cheers for your help.

[CarlT]

milfordkong said:

Half of the Final Payment? That seems absurd, surely that would be my agreement nearly up? I thought the final payment was the agreed value of the car on the deal being up. I'm beginning to think having seen some of the prices floating around on here that I got a really bad deal on my 200 - Clearly my own fault for being impatient and not shopping around enough.

Thought it was too good to be true, cheers for your help.

IE. You borrow £10,000 + £2000 interest + £4000 optional final payment = £16,000. So, when you have paid back £8000 you can give the car back to the finance company. This is something the finance companies do not like....

I think that is the case, but I maybe wrong. Why not call Renault Finance or the details should be on your finance agreement?

I wouldn't believe all the prices you read about on the internet...

Edited by CarlT on Tuesday 2nd August 21:04

[CarlT]

http://forums.moneysavingexpert.com/showthread.php...

[milfordkong]

Cheers for that Carl, truth is I love the car but can see now I was more than a little hasty when I made the purchase. The deal I have really doesn't seem too good, one deal I saw on the exact same car/spec was for half the deposit I paid and 30% less monthly payments... A tad disheartening tbh.

Saying that I have no problem making the payments, and like I said love the car so I could just grin and bear it til the agreement is up.

Having looked at both the thread you linked me to and my contract it may be an option though, like you say I really won't know til I give them a call.

Cheers again.

[warren182]

milfordkong said:

Cheers for that Carl, truth is I love the car but can see now I was more than a little hasty when I made the purchase. The deal I have really doesn't seem too good, one deal I saw on the exact same car/spec was for half the deposit I paid and 30% less monthly payments... A tad disheartening tbh.

Saying that I have no problem making the payments, and like I said love the car so I could just grin and bear it til the agreement is up.

Having looked at both the thread you linked me to and my contract it may be an option though, like you say I really won't know til I give them a call.

Cheers again.

I just received a letter from Renault saying that as I'm halfway through the pcp, I can change for another car if I wish. Shame they aren't doing the same deals now, the meg250 was available at £199 p month!

[milfordkong]

warren182 said:

meg250 was available at £199 p month!

Seriously? Christ i'm getting ripped off.

[TVR1]

milfordkong said:

warren182 said:

meg250 was available at £199 p month!

Seriously? Christ i'm getting ripped off.

You are not getting ripped off. Warren, there was never ever a RS250 £199 p/month deal. You are mistaken. There were however, a couple of the big dealer groups offering RS200 Cup for £995 deposit and £199 p/month with a 6k mileage limit and a term of 24 months. This was for the basic car and nothing else.

HTH

[warren182]

Yes, there was. Lookers last year were running 3 deals at the same time iirc. Obviously the megane had a much higher final value.

All PCP's
Twingo cup Dep £199 Monthly £199
RS200 cup Dep £999 Monthly £199
RS250 cup Dep £1999 Monthly £199

[CarlT]

milfordkong said:

Seriously? Christ i'm getting ripped off.

There has been price increases, a VAT increase and other changes since 2010...

[milfordkong]

CarlT said:

There has been price increases, a VAT increase and other changes since 2010...

I purchased the car in Spring 2010? I got screwed by the sounds of the offers Warren is quoting. Like I said though. Only myself to blame.