Early repayment charges help needed

snowman08

3 months ago I took out a car loan for 7995 on a 13995 car. I want to end the agreement and let the car go but dont know where I would stand with interest charges and such like. The dealer I used did the finance with Creation who I have seen a few negative things about on here. I know what you will say "ring them up and ask them" :rolleyes: but on reading through my documents there is no phone number. Was just wondering if any of the guys on here can work it out roughly so I have a better idea of what to do. The interest rate is 15.5%. thanks in advance.

PNPSUKNET

it will say on your hp agreement about how settlement figures are worked out, but will be a lot higher than you have taken and you wont be able to vt yet

thriftymomma

Over how long was your loan scheduled to be paid-off ?

If it was 5 years and you have paid 3 payments of roughly £193, then the balance owed will be about 7725 at the moment.

snowman08

took it out over 48 months at payments of 219, although the first payment was 350. thanks.

was does vt mean? when you say my settlement will be a lot more, what sort of figure do you think i am looking at?

standupguy

vt will not apply in your case as you have put a large deposit into the deal and the car will be worth far more than the settlement figure in the finance.

The Finance company must calculate the figure under the cca rules -from what you say the settlement figure should be roughly around or just less than the amount you borrowed

Phone the Finance company and ask for a settlement figure