Pay off finance early

steveb

Do any of you guys know if you can pay off pmt finance early?? There may be an early settlement fee but thats not a problem 

FatPete

Unless they've changed the rules since I was in retail, I think they are required to accept an early settlement.

skunkwerx

Dont see why not, as you’re not paying any interest on the 9 month loans.. but who knows eh

Axe_meister

Sometimes you are not allowed to pay it off in full, so have to leave a nominal amount which of course gets paid off in the next Direct debit 

Nitefly

I've never heard of "not being allowed to pay off in full". 

Contact the finance company who did the deal, and ask them for an early settlement figure.

They will want the outstanding capital amount, plus probably one month's interest as a settlement fee, to cover their admin costs.

RandallFlagg

Read the agreement you accepted

bacchanalian

From memory, the law changed a few years ago to allow any finance to be paid off in full and the settlement fee be limited to a couple of months interest.  Prior to this, you could settle early but the company was able to charge nearly all the interest it was due. I think this happens a lot now with people changing phones and cars regularly. A car sales bloke I spoke to said about 95% of their new sales were PCP and of those very few ran to term.  

steveb

Ive not taken it out yet, i fancy a helix lt but i need to sell some stuff to pay for it. I was wondering if i could get it on 0% finance and then pay it off when the stuff sells. 

boogieman

steveb said:

Ive not taken it out yet, i fancy a helix lt but i need to sell some stuff to pay for it. I was wondering if i could get it on 0% finance and then pay it off when the stuff sells. 

If it’s on 0% finance, just sell your stuff then hang on to the money till the finance term is up and you have to pay it back. Might as well be in your bank account till then. 

Teyeplayer

Done it several times with several different stores and never had a problem. The finance is usually handled by a third party not the store, so they are more than happy to have you paying it off early.