elcome Finance terminating Urgent help needed

swt61

Hi All,
I have a car with Welcome Finance that I wish to voluntary terminate it says on the agreement once I have paid half I can send the car Back.

I have had a statement from then and I have made 19 payments from a 48 month contract I am just slightly short of having paid the Half.

If I send them a cheque for the balance to make it exactly half will that be acceptable?

The CCA gives a figure of £7,473.76 as Half But my statement shows the Balance outstanding to date as £7927.46 but this balance started at £12,947.52 which was the loan amount including interest .

This did not include the £2000 deposit i paid But i assume the CCA Figure does.

Can someone answer me urgently please as i need to make a Descision fast

Many Thanks,

Simon

standupguy

Add up your deposit and all the payments you have made and compare that figure to the half figure ie £7473.76.

I think you will find that you have paid £7020.06 in total and are therefore £453.70 short of paying the half?

You need to check by doing the calculation

swt61

standupguy wrote: »

Add up your deposit and all the payments you have made and compare that figure to the half figure ie £7473.76.

I think you will find that you have paid £7020.06 in total and are therefore £453.70 short of paying the half?

You need to check by doing the calculation

Thanks,

But The figure of £7473.76 includes the deposit Yes?

The statement does not show the deposit it shows a balance of £7927.46

sp does that mean I Owe £1453.73 and not £453.70 ?

AHH NOW I SEE IT SORRY FOR BEING SO DULL!!

I have Paid 19 x £269.74 = £5125.06
Deposit was £2000.00

Total Paid £7125.06

So all I have to pay Is £348.70 To End It ?


Many thanks,

Simon

swt61

Hi All,

Just giving an Update I have sent off the letter & spoken to the Finance Company & they said that they will write to me in about 4 to 5 days & inform me when The RAC will come to inspect the car!
And after they receive the report from the RAC they will let me know what I have to pay & when it can be returned

Whats that all about?

Simon

petermb_2

Hi
Does your loan include ppi or any other insurances?
How was the loan arranged? did you get the car from an independant forecourt or one of Welcome's.

~Brock~

swt61 wrote: »

Hi All,

Just giving an Update I have sent off the letter & spoken to the Finance Company & they said that they will write to me in about 4 to 5 days & inform me when The RAC will come to inspect the car!
And after they receive the report from the RAC they will let me know what I have to pay & when it can be returned

Whats that all about?

Simon

That's because you have an obligation to hand the car back in a reasonable condition (the terms & conditions will say something like....'and you have taken reasonable care of the goods').

If the car is a shed then you will have not kept to your side of the agreement.

The RAC inspection will, I assume, be their way of verifying the condition of the car via an independant means. You will be responsible for the costs of bringing the car up to a 'reasonable standard'.

swt61

~Brock~ wrote: »

That's because you have an obligation to hand the car back in a reasonable condition (the terms & conditions will say something like....'and you have taken reasonable care of the goods').

If the car is a shed then you will have not kept to your side of the agreement.

The RAC inspection will, I assume, be their way of verifying the condition of the car via an independant means. You will be responsible for the costs of bringing the car up to a 'reasonable standard'.

O.,k Thanks for that Mate

I have no worries there then I have always had it serviced and have looked after it well, The tyres do need replacing sometime soon but meansd I am sending it back I am not doing that they all have over 1.6mm on them.

There is 1 nasty scratch on the car which was on the car from 2 years ago as it wouls have cost me over £200 to get it painted so i just lived with it.

Many thanks,

Simon