volkswagon car finance- early settlement figure

anna42hmr

can any one advise roughly how long a settlement figure is valid for.

dad has been given redundancy notice (so will get that and be in early retirement as well) he has decided to pay off all the loans/cards etc out of the lump sum including the car finance. the car was financed on hp i think (fixed monthly payments for 3 years, we are nearly 2 years into payments)

we are wondering when he should phone vw to see if they can give us an early settlement figure.

BenL

Just give them a ring when you are collating all the other figures.

They will probably say something like "You settlement figure is £..........., this is valid until your next payment date. After this date you will need to re-request a figure. Please continue to make payments until you decide what to do"

BigDave81

anna42hmr wrote: »

we are wondering when he should phone vw to see if they can give us an early settlement figure.

He should ring them when he has the money sat in his account, would be a waste of time otherwise :rotfl:. They will then advise how long it is valid till.

Could change a lot if interest is added daily or monthly or if a monthly payment comes out etc so they will give you the accurate details.

anna42hmr

thanks for the replies.

reason dad was thinking of calling early is to get a rough idea of whats remaining for a budgeting point of veiw

smallfry1983

On our VW finance agreement, the early settlement figure was each monthly payment for the rest of the term plus the balloon payment at the end. Each month, this went down by one payment amount, and the balloon payment stayed the same.

Not sure if it'd be the same with you, but they can tell you over the phone how long he'll have left and how much early settlement would be. That figure would be valid for a month probably.

anna42hmr

thanks

there is no balloon payment due at end as the big deposit was paid at the beginning so it was a straight 3 year fix payment finance deal.