How long does it take to VT?

Sboot3

Hi All,
Quick question for those of you with experience of VT.

How long did it take from the point of sending the letter?

Sent in the template letter from here recorded del last Tuesday, still not signed for by Friday so I emailed a copy. Today I have received an email from them saying "You will receive a quote in the post shortly". I have asked what quote, as it is collection of the car I need to arrange and am awaiting a reply.

But I'm just wondering, once they understand what I'm actually asking, is it likely to be that they will collect tomorrow or in 3 weeks?

I've tried phoning but I'm sick of being on hold.

Thank you!

wealdroam

Sboot3 wrote: »

But I'm just wondering, once they understand what I'm actually asking, is it likely to be that they will collect tomorrow or in 3 weeks?

Well I don't understand what you are asking either.

So it may be a little while before they collect.

ElkyElky

What's VT?

LandyAndy

Rang up and confirmed it was possible. Faxed a letter and sent it in the post Recorded Delivery (Signed For). Cancelled DD. Went on holiday. They came and collected it when we got back. No probs.

LandyAndy

ElkyElky wrote: »

What's VT?

Like you don't know:cool:.

The_Loan_Ranger

VT - 'Voluntary Termination': you are within your rights to do this having paid 50% of the total amount financed.

Though this may seem a good idea on the surface- and it is if you are desperate to get out of a car loan, please consider that finance companies are entitled to place a 'flag' on your credit history which shows you have VT'd; this can have an affect on your future credit rating, as finance companies may be reluctant to lend you larger percentatges when this is apparent on your credit history.

Wherever possible, try to find a private buyer for the vehicle and settle with the finance company. You are within your rights to sell to anyone at any time, as long as you settle the finance witin seven days of the sale.

ElkyElky

LandyAndy wrote: »

Like you don't know:cool:.

I didn't, actually. :cool:

LandyAndy

The_Loan_Ranger wrote: »

VT - 'Voluntary Termination': you are within your rights to do this having paid 50% of the total amount financed.

Though this may seem a good idea on the surface- and it is if you are desperate to get out of a car loan, please consider that finance companies are entitled to place a 'flag' on your credit history which shows you have VT'd; this can have an affect on your future credit rating, as finance companies may be reluctant to lend you larger percentatges when this is apparent on your credit history.

Wherever possible, try to find a private buyer for the vehicle and settle with the finance company. You are within your rights to sell to anyone at any time, as long as you settle the finance witin seven days of the sale.

We VT'd a car about one and a half years ago, see above. It didn't have any effect on our financing two cars immediately afterwards. It made no sense for us to sell privately as we had a balloon plus remaining payments that was about £1k over the market value.

Gloomendoom

ElkyElky wrote: »

I didn't, actually. :cool:

Nor did I.

DCFC79

Gloomendoom wrote: »

Nor did I.

neither did i but im aware now

LandyAndy

Gloomendoom wrote: »

Nor did I.

DCFC79 wrote: »

neither did i but im aware now

But you aren't the latest troll.;)