Want to VT car next month. Any advice ?

Djene

Hi

Next month when I'm back from holiday, I'll be looking to VT my car that's on PCP. I've not yet paid half, about 3K off half but I'm willing to pay the rest to make it half, which from what I have read is legally allowed. My car is I good shape, just had a dent repaired and the exterior clay bared and machine polished.

Having never VT'd a car before I don't really know what's the best method, I would prefer to phone my finance company to arrange it, rather that the post but I don't know if that's possible. I'm a bit worried about how they will deal with it, because from what I've read, they hate VTers and try to make it drawn out as possible.

Any advice on how to do it smoothly and as quick as possible is much appreciated.

Thanks.

Djene

NB

My contract has no mileage cap and no balloon payment. It also clearly states I may VT once half is paid.

forgotmyname

Just phone them and back it up with a letter, make sure you get the persons names that your spoke to and it should be fairly easy.

Djene

Thanks

Going to give them a phone tomorrow just for a bit of information.

ratrace

Djene wrote: »

Thanks

Going to give them a phone tomorrow just for a bit of information.

If you have a smart phone you can download an app called call recorder, so when ever you call any company to cancel or adjust anything at least you have proof but be sure you tell them that you will be recording the call.

and also as above send the VT in writing via recorded delivery

I only know about this as my brother had some problems with his estate agents, and lets just say the recording's came in handy when he wanted all of his deposit back lol

hopefully all works out for you.

Djene

Just phoned GMAC and after giving my details and asking for a what the settlement figure would be, I was told 'we can't discuss that'. But if I can't discuss that with my finance company who can I discuss it with. He is know going to send me out a VT information pack.

If this goes smoothly I'll be extremely surprised. So hypothetically if they won't tell me a figure, and I VT, they will then send me a letter with the settlement amount ?

motorguy

Djene wrote: »

Just phoned GMAC and after giving my details and asking for a what the settlement figure would be, I was told 'we can't discuss that'. But if I can't discuss that with my finance company who can I discuss it with. He is know going to send me out a VT information pack.

If this goes smoothly I'll be extremely surprised. So hypothetically if they won't tell me a figure, and I VT, they will then send me a letter with the settlement amount ?

I would say its the terminology thats confusing him / you.

If you VT, then thats very different to asking for a settlement figure to clear the finance.

Whats the car worth, relative to what you (think you) owe?

forgotmyname

Why do you want to pay £3000 to hand the car back early?

If you pay as normal at least you get to use the car for the money.

bigjl

Why would you need a settlement figure?

The figure you need will be listed in your finance agreement.

Which I would expect to also be inside the VT pack they are sending you.

bigjl

Djene wrote: »

NB

My contract has no mileage cap and no balloon payment. It also clearly states I may VT once half is paid.

If it has no balloon payment are you sure it is a PCP?

It sounds like normal HP.

Good luck dealing with GMAC they are a horrible bunch I used to have a mortgage with them and they left all GMAC mortgage customers high and dry.