Vuntary Termination (VT) - FGA

Galaxy1987

Hi all,Looking for some advice.
I took a car on HP with FGA and I am looking for information as to the viability of VT.
The details are:!Start date: 19.08.2010
Amount of credit: £10100
Total Payable: £12468
41 payments of £155.85
1 payment of £3891
Final Payment Admin £285
Deposit : £2085
Credit Admin Charges: £463.80
I have to have at least paid £6324 for VT.
Also has anyone done this with FGA, what did they charge you.!
I have excess mileage @ 6p
Also no service history but great condition.!
Thanks.

Ultrasonic

Try phoning up FGA and asking? Ultimately anybody else will be guessing what they'll say.

And just in case that wasn't a typo, the word is 'voluntary'.

Ultrasonic

Johndthomson1987 wrote: »

Also no service history but great condition.!

Has the car never had a service, or have you been doing the work yourself? If it's the former get it serviced ASAP! But also note that no sane driver would consider buying it, without just possibly a massive drop in price compared to otherwise comparable cars.

motorguy

Johndthomson1987 wrote: »

Hi all,Looking for some advice.
I took a car on HP with FGA and I am looking for information as to the viability of VT.
The details are:!Start date: 19.08.2010
Amount of credit: £10100
Total Payable: £12468
41 payments of £155.85
1 payment of £3891
Final Payment Admin £285
Deposit : £2085
Credit Admin Charges: £463.80
I have to have at least paid £6324 for VT.
Also has anyone done this with FGA, what did they charge you.!
I have excess mileage @ 6p
Also no service history but great condition.!
Thanks.

They cant charge you for excess mileage.

The lack of service history may be a concern though.

Also, they cant 'charge' you to do a VT.

Galaxy1987

Yeah it was typo. Sorry.

Motorguy, my contract says if to vt I pay excess mileage. Its no biggy thought. I am more concerned about the service history. It has never had one tbh I was constantly wrking n totally forgot. What do u think they will charge me additional for no service history.

Ultrasonic

When did you last check the oil level? If it's been a while then check it right now.

motorguy

Johndthomson1987 wrote: »

Yeah it was typo. Sorry.

Motorguy, my contract says if to vt I pay excess mileage. Its no biggy thought. I am more concerned about the service history. It has never had one tbh I was constantly wrking n totally forgot. What do u think they will charge me additional for no service history.

Your right to Voluntary Termination is set out under the Consumer Credit Act, and as such you have the right to hand the car back once 50% of the total amount payable has been paid, with nothing further to pay.

http://www.legalbeagles.info/forums/showthread.php?34548-Voluntary-Termination-of-a-Hire-purchase-or-conditional-loan-under-the-CCA-1974

You are therefore not obliged to pay any excess mileage charges as long as the car is in 'reasonable condition'.

http://www.consumeractiongroup.co.uk/forum/showthread.php?335225-HP-Voluntary-termination-is-high-mileage-penalised

forgotmyname

Depending on the payment dates you have paid approx £4987.20 or £5143.85?

So if the total is £12,468 your not there yet.

The £2000 deposit was taken off the car value not the loan yes?

Am i right in thinking the final balance payment still counts in the 50%?

So it actually pushes the VT date further along compared to paying a fixed price over the full term?

Do i have this right?

Made up numbers here but example..

£12,000 loan over 12 months 0%. £1000pm so after the 6th payment you can VT?

£12,000 loan over 12 months 0%. £700pm + final £4300. No VT until the 9th payment?


So the OP cannot VT until they have paid £6234 ?