I'm reaching the end of my Flex car finance (PCP) contract and need to check on next steps.
Keep the vehicle
If you wish to keep the vehicle, you will need to pay the optional final payment. You can do this online or by calling us on 0333 202 7967 and selecting the ‘make a payment’ option.
Return the vehicle
If you wish to return the vehicle to us, we can arrange this for you. There will be a delay as the company that collects the vehicles for us is currently closed. You must stop using the vehicle by your end of contract date, which is the date that your optional final lump sum payment would be due.
If your end of contract date is more than 28 days away, you do not need to take any action at the moment. Please contact us when your end of contract payment date is within 28 days and we will tell you what to do.
If your end of contract date is within 28 days, you should do the following:
- Email us at Mbox-PCPReturns@lbgassetfinance.co.uk to confirm that you wish to return the vehicle. You will need to include your agreement number. We will be back in touch as soon as we can to arrange collection.
- If you have not already done so, please cancel your direct debit so that no further payments are made to us. Your agreement will be placed on hold until the vehicle is collected. You will not be charged any late payment fees. We will also ensure that there is no impact on your credit file.
- You must stop using the vehicle by your end of contract date.
- This is the due date for your optional final lump sum payment. You will find this in the reminder letters that we sent you advising that your contract is coming to an end.
- You can cancel your motor insurance after the end of contract date. We will arrange cover for the vehicle. You must not drive the vehicle as you will not be insured to do so.
- You can apply to the DVLA to SORN the vehicle so that you do not have to continue paying road tax. Usually, if you SORN a vehicle, it must be kept off a public road. The DVLA has confirmed that this is still the case but they may consider taking a more lenient approach if they think it is right to do so.
- You will need to keep the vehicle safe and in your possession until we collect it. We do ask that you ensure the vehicle is maintained. Please top up oil and water levels when needed and start the engine and let it run for 15 minutes each week.
- You will still have to pay any charges that may be due if you have exceeded the mileage allowance. You will find your mileage allowance and excess mileage rate on your agreement. We will contact you about any charges that may be due after the vehicle has been collected.
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