I'm pretty sure it's bollocks, it leaves a mark but shouldn't affect your credit rating. You may have an issue if you went to the same dealer but others couldn't care less.
I VT'd with a year to go on my last car as the market had been hit by the emissions scandal and my car was worth less than the balloon with still a year to go.
I bought my current car outright, I doubt I'd ever go back to PCP after losing a tonne of money. The only plus was knowing my monthly payment is all I would have to pay out in case anything went wrong.