Voluntary Termination question on car loan!

jamiefly

I'm very nearly at the magical 50% point for payments made with regards to voluntary termination and while my car isn't a bad one I requested a settlement figure which was £8,200 while the car is only worth £5.8k-6.2k.

If I were to VT what is the likelyhood of my car ending up at auction going for much less than the settlement figure. My intention would then be to repurchase and clear a personal loan outstanding at the same time which I could afford to do otherwise at least for another six months.

Thanks.

Jamiefly.

BugsyBrowne

jamiefly wrote: »

I'm very nearly at the magical 50% point for payments made with regards to voluntary termination and while my car isn't a bad one I requested a settlement figure which was £8,200 while the car is only worth £5.8k-6.2k.

If I were to VT what is the likelyhood of my car ending up at auction going for much less than the settlement figure. My intention would then be to repurchase and clear a personal loan outstanding at the same time which I could afford to do otherwise at least for another six months.

Thanks.

Jamiefly.

Why not try and sell it privately and whats left pay the difference.

[Deleted User]

Are you suggesting VTing the car and then hoping to buy the exact same one back for less?

I'd have thought it would be virtually impossible to track down where in the country they ship it to and how they dispose of it (auction, dealer, staff sale, etc) and making sure you were at the front of the queue to buy it back.

I may be wrong though and someone may know a way.

jamiefly

Deleted_User wrote: »

Are you suggesting VTing the car and then hoping to buy the exact same one back for less?

In a word, Yes!

I have ~£9k cash in bank and at hand. Using 90% of this to purchase £6k's worth of car is not really an option, throwing good money after bad.

Failing that I will just VT and re-evaluate my options at a later date

Edit: last car I had from new was traceable when I handed it back at the end of the agreement - just entered the VRN in google and it showed up for sale in a dealer down south (I'm in the midlands). Reading a lot of previous VTs from other posters it seems that quite a few car finance companies tell you to leave at a particular car auction so I assume they just get rid from there?

chanz4

BCA is where most finance companys send them

bigadaj

A brief chat with the driver who picks it up may give you the answer, I've been told which auction they are taking them to when they've picked up company cars that have finished their lease.

chanz4

whos the finance company

jamiefly

chanz4 wrote: »

whos the finance company

RCI (Renault Finance)

chanz4

If its Renault, its likely to be BCA http://www.british-car-auctions.co.uk/default.aspx?page=3218