Barclays pcp and how to calculate VT

Pj88

Hello
This is my first post in this forums but I've been reading other people's questions and some kinda answer my own questions. I've now opted to join after reading a lot of helpful and useful infomation being shared, so I hope I can receive some too.

I took out a pcp contract with Barclays partner finance via Vauxhall. I have phoned up twice for current a balance and I'm now 2 years ( and abit) into a 4 year deal. So I'd like help on calculating my voluntary termination figure. I can offer any figure that's required to acquire the figure.
2/3/15
Closing balance: £14,850.32
First payment and onwards £217.56
Interest £1,451.88
Apr 3.9% per year
2 years 3 months into the 4 year

12/5/17
Total amount payable £9193.76
Less rebate £420.15
Settle loan in full £8773.62

I hope I've provided enough to calculate a rough answer as I got July 2017 as VT point
Many thanks paul

antrobus

Pj88 wrote: »

..I took out a pcp contract with Barclays partner finance via Vauxhall. I have phoned up twice for current a balance and I'm now 2 years ( and abit) into a 4 year deal. So I'd like help on calculating my voluntary termination figure. I can offer any figure that's required to acquire the figure. ...

VT is available when you have paid 50% of the Total Amount Payable when you took out the deal. It doesn't cost you anything, unless you haven't yet reached the 50%, in which case you have to stump up the difference.

Pj88 wrote: »

....
12/5/17
Total amount payable £9193.76
Less rebate £420.15
Settle loan in full £8773.62

That's a settlement quote. You pay them £8,773.62 and you get to keep the car. With VT the idea is that you pay nothing, and hand the car back. Which is the best option would depend on how much the car is worth,

Nearlyold

The "Total Amount" payable will be shown in your agreement its the cash price of the car plus interest plus arrangement and option to purchase fees.

The 50% point at which you VT will also be clearly shown in your agreement. Any deposit paid (cash or part ex) plus any fees you have already paid plus your monthly payments count towards the 50%.

At the top of the agreement on the first page what type of agreement does it say you have, does it say Hire Purchase? or does it say fixed sum/term agreement? I ask because some of the finance arranged for/thru Vauxhall is based on a Personal Loan type agreement (with an optional buy back clause to cover the usual PCP GMFV hand back option). If its a personal loan there won't be a VT option.

Pj88

So to do the 50% I'd have to pay half of the loan which I think was just over £15,000 so £7.500 ? Does the interest and ballon get included or excluded from working it out also?

Pj88

Nearlyold wrote: »

The "Total Amount" payable will be shown in your agreement its the cash price of the car plus interest plus arrangement and option to purchase fees.

The 50% point at which you VT will also be clearly shown in your agreement. Any deposit paid (cash or part ex) plus any fees you have already paid plus your monthly payments count towards the 50%.

At the top of the agreement on the first page what type of agreement does it say you have, does it say Hire Purchase? or does it say fixed sum/term agreement? I ask because some of the finance arranged for/thru Vauxhall is based on a Personal Loan type agreement (with an optional buy back clause to cover the usual PCP GMFV hand back option). If its a personal loan there won't be a VT option.

Only paper that states it is the recent letter when I phoned and asked for it to be posted and the bold print is.
Barclays partner fincance personal contract purchase agreement

Nearlyold

The "Total Amount" payable will be shown in your agreement its the cash price of the car plus interest plus arrangement and option to purchase fees. (The total amount payable incudes the balloon due at the end and all the interest). The VT point is NOT 50% of your monthly payments.

You need to find your original finance agreement

Pj88

Nearlyold wrote: »

The "Total Amount" payable will be shown in your agreement its the cash price of the car plus interest plus arrangement and option to purchase fees. (The total amount payable incudes the balloon due at the end and all the interest). The VT point is not at NOT 50% of your monthly payments.

You need to find your original finance agreement

I honestly think I've either lost it or thrown it away with other paperwork. I keep it all in a big folder and I had a clear out awhile ago as I've not long moved into a new place so something telling me I have. Can I request or view my paperwork online?

Nearlyold

http://www.barclayspartnerfinance.com/personal/loanaccount

bris

You know its much quicker and easier to just phone up and ask them don't you?

Gazza2323

Thanks for this thread, it is really an interesting read.

A quick question, when I am looking at getting to the 50% of "Total Amount Payable" amount, I am assuming this calculation should also include the deposit made when the transaction started?

Thanks for your help.

Nearlyold

Gazza2323 wrote: »

Thanks for this thread, it is really an interesting read.

A quick question, when I am looking at getting to the 50% of "Total Amount Payable" amount, I am assuming this calculation should also include the deposit made when the transaction started?

Thanks for your help.

Yes any deposit put down either cash or Part Ex counts towards the 50%.