Advantage car finance advice

Bardo

Hi there.

I really need some advice.

So I got a car through advantage finance in February of this year.
Through past mistakes and an awful credit history the interest was shocking but at the time I needed the vehicle for work.

The figures are;
Cost of the car £2000
Interest on the credit £840.12
Acceptance fee £325
Option fee £175
Total charge for credit £1340.12
Total payable £3340.12

23 months at 131.88 and 1 month at £306.88.

Now since buying this car I have replaced the back box and had the green flag out twice. Today as I was setting off for work the car won’t start yet again and so I have had enough.

I am wondering what my options are. I know that I can voluntarily terminate the agreement and hand the car back providing that I have paid 50% of the total figure. So this would be £1670.06 and I have paid 6 months at 131.88 = £791.28
Leaving £878.78 to pay to be able to just hand the car back?

My second query is, my MOT runs out at the end of this month. It is booked in for 26th August but I have a feeling that it is going to be costly. Where do I stand with this if I wanted to give the car back without at MOT? Does it have to have a valid MOT for them to take it back?
I know from a bit of research that the finance company can take a couple of weeks to reply re the outstanding figures etc? I’m guessing I can’t just leave the car parked outside of my house with no MOT on it? (has valid tax & insurance)

Any advice would be really appreciated. Please no clever comments as I’m trying my best to understand all of this.:(

Many thanks in advance

forgotmyname

Check the terms but its more than likely to be a personal loan with no 50% VT.

If the car is unroadworthy expect a bill to put it in a roadworthy condition.

It needs to be MOTd to be parked on the highway also.

Bardo

Thank you for your quick reply.

I have just checked and it has the VT information in the terms where it states that I need to pay £1670.06 to terminate the agreement.

I have had this car for a week under 6 months, frustrating!

forgotmyname

Thats cars for you, they all require some TLC.

At the lower end of the market you need to buy with care, I generally buy around £2000 ish.. and very very fussy on the service history.
High mileage and well maintained is the key.

Your probably going to get charged to make it roadworthy so you maybe better off doing it and keeping it. Once the work is done then thats one less job in the future.

Bardo

The car had 54000 miles on it when I bought it in February and a full service history including a recent new engine. I thought I'd found a little gem. You're probably right, get the MOT done and go from there. If I'm still having trouble with it once I have paid half through my monthly payments then I may consider VT again.

Thanks a lot for your response

BeenThroughItAll

What is the car?

dcouponzzzz

I would see a new engine at 54k miles a sign of previous owners driving like nobs..... what else have they screwed up?!

burlington6

dcouponzzzz wrote: »

I would see a new engine at 54k miles a sign of previous owners driving like nobs..... what else have they screwed up?!

Just had a Transit Custom engine changed at 1290 miles.

BeenThroughItAll

burlington6 wrote: »

Just had a Transit Custom engine changed at 1290 miles.

I've just had an 'engine' (motor), charging system and battery changed on my Zoe with 356miles on the clock.


My previous work had a new engine and gearbox on a Laguna with 87 miles on the clock.


Hmmm... Renault. Pattern emerging there.

Bardo

It's a 2004 Vauxhall Corsa 1.4.

Just had the settlement figure back from Advantage finance and it works out as £923.17, stuck with it for now I guess.

Thank you for your replies!

motorguy

BeenThroughItAll wrote: »

I've just had an 'engine' (motor), charging system and battery changed on my Zoe with 356miles on the clock.


My previous work had a new engine and gearbox on a Laguna with 87 miles on the clock.


Hmmm... Renault. Pattern emerging there.

What about VW reliability?

TWO brand new engines fitted under warranty in my dads SEAT Ibiza 1.4 petrol before there was 4,000 mile on it. :eek: