Voluntary Termination with Advantage Finance

brownstone73

Hi,

Having just read through most of the threads about voluntary termination with Advantage Finance and can see that there are many issues when applying for VT.

Please help with a decision I have to make with my current situation. I financed my mini through Advantage Finance in November 2012 for £3999 and cancelled all additional insurance with the vehicle, therefore leaving only the car finance. I have since paid extra towards the agreement to try and reduce the term of the finance.

Currently, I have been paying a lot of money out of my pocket for car repairs and now I'm sitting with an even bigger issue where I have to replace my gearbox, the costs is around £2000 (new) or £1000 (recon), this is a lot of money considering all the money I have been paying out so far on repairs.

I called Advantage Finance this morning to find out what I can do and they gave me 2 options. 1 - reduce my payments over 3 months to fix the car or 2 - Do Voluntary Termination.

Option 2 sounds much better since I had so many issues with the car from day 1, however this will mean that I will not have a car to travel to work and public transport will cost me a lot as well, not too mention the time to travel!

These are my latest figures on the agreement:

Balance on your account is £5071.92.
Amount paid to date £3340.08.
You pay £220.00 every month.
Your account is in front by £586.16.

The agreed monthly instalment is £180.

What would be the best option, should I go with the VT option, I just don't have the money to fix the car, but need a car for work!

Thanks in advance

motorguy

brownstone73 wrote: »

Hi,

Having just read through most of the threads about voluntary termination with Advantage Finance and can see that there are many issues when applying for VT.

Please help with a decision I have to make with my current situation. I financed my mini through Advantage Finance in November 2012 for £3999 and cancelled all additional insurance with the vehicle, therefore leaving only the car finance. I have since paid extra towards the agreement to try and reduce the term of the finance.

Currently, I have been paying a lot of money out of my pocket for car repairs and now I'm sitting with an even bigger issue where I have to replace my gearbox, the costs is around £2000 (new) or £1000 (recon), this is a lot of money considering all the money I have been paying out so far on repairs.

I called Advantage Finance this morning to find out what I can do and they gave me 2 options. 1 - reduce my payments over 3 months to fix the car or 2 - Do Voluntary Termination.

Option 2 sounds much better since I had so many issues with the car from day 1, however this will mean that I will not have a car to travel to work and public transport will cost me a lot as well, not too mention the time to travel!

These are my latest figures on the agreement:

Balance on your account is £5071.92.
Amount paid to date £3340.08.
You pay £220.00 every month.
Your account is in front by £586.16.

The agreed monthly instalment is £180.

What would be the best option, should I go with the VT option, I just don't have the money to fix the car, but need a car for work!

Thanks in advance

Sorry to wee on your chips, but you wont be able to VT a car in need of a major repair, or if you do, they'll bill you for the repair.

Whats the problem that it needs £2000 for a box? Is it a particularly specialist car?

Second hand box for most cars is £200-300, plus perhaps £200 to fit.

brownstone73

motorguy wrote: »

Sorry to wee on your chips, but you wont be able to VT a car in need of a major repair, or if you do, they'll bill you for the repair.

Whats the problem that it needs £2000 for a box? Is it a particularly specialist car?

Second hand box for most cars is £200-300, plus perhaps £200 to fit.

I own a BMW mini cooper 2004, recon gearbox via ebay is around £1000, this is quotes I received which includes vat fitted and with clutch replacement, which makes sense since the gearbox will be removed.

If you would like to bring your powertools and carjacks, we can take it out and replace it ourselves :beer:

As per my post, I discussed it with the finance company and these are the options they gave me, thus the reason for my post.

TA

motorguy

brownstone73 wrote: »

I own a BMW mini cooper 2004, recon gearbox via ebay is around £1000, this is quotes I received which includes vat fitted and with clutch replacement, which makes sense since the gearbox will be removed.

If you would like to bring your powertools and carjacks, we can take it out and replace it ourselves :beer:

As per my post, I discussed it with the finance company and these are the options they gave me, thus the reason for my post.

TA

Ah fair enough. I guess with a MINI you cant really guarantee that a box from a scrapper will be any better than the one you're taking out - given how prevalent gearbox faults are on them.

IF you do VT though, it is up to you to ensure it is returned in good condition. If they pick up on the gearbox fault, they would be perfectly within their rights to charge you for the repair.

motorguy

brownstone73 wrote: »

Balance on your account is £5071.92.
Amount paid to date £3340.08.
You pay £220.00 every month.
Your account is in front by £586.16.

Just had a look at those figures. It doesnt yet look like you've reached the 50% mark yet?

If not, they can recoup their loses from you, in terms of the difference between what they owe and what the car makes at auction?

brownstone73

Thanks Paul, guess fixing it will be the better option than,,, now it's a matter of finding the money to do it!!

motorguy

brownstone73 wrote: »

Thanks Paul, guess fixing it will be the better option than,,, now it's a matter of finding the money to do it!!

Not a pleasant thought

Great cars to drive, but complete pigs to keep running right.