Can I walk away from PCP yet?

debtdebt

From hero to zero in one swoop...

LM3

Onto the total amount payable?

Would this be correct?


£257 x 30 = £7710 + £750 = £8,460

Total amount payable £16,175 + Optional Final Payment £6,730 = £22,887


50% of £22,887 = £11,443

£257 x 36 = £9,252 + £750 = £10,002?

That would still leave me short of 50% even after my payments are finished!!??

LM3

So does this mean I need to make a 37th payment of £1,441??

AdrianC

When it says "TOTAL PAYABLE", it means "TOTAL PAYABLE". Including all payments.

LM3

AdrianC wrote: »

When it says "TOTAL PAYABLE", it means "TOTAL PAYABLE". Including all payments.

So does this excluded the optional payment!???


I wish someone created an online calculator for this haha!

AdrianC

LM3 wrote: »

So does this excluded the optional payment!???

No. That's money you've borrowed from them.

You have borrowed £15,994, less the £750 deposit - so you have borrowed £15,244.
With the interest, you agreed to pay a total of £22,887.
You are paying it back at £257/mo.
After 60 months, you will have paid £15,420.
At the end of the 60 months, you owe them the remaining £6,730 you borrowed plus interest. Or they promise to clear that debt if you hand the car back.

If you hand the car back early, you need to have paid half of the money you agreed to pay. 50% of £22,887 = £11,443.50.

I wish someone created an online calculator for this haha!

It really doesn't need one. It's really simple basic maths with an understanding of what you signed up for.

LM3

AdrianC wrote: »

No. That's money you've borrowed from them.

You have borrowed £15,994, less the £750 deposit - so you have borrowed £15,244.
With the interest, you agreed to pay a total of £22,887.
You are paying it back at £257/mo.
After 60 months, you will have paid £15,420.
At the end of the 60 months, you owe them the remaining £6,730 you borrowed plus interest. Or they promise to clear that debt if you hand the car back.

If you hand the car back early, you need to have paid half of the money you agreed to pay. 50% of £22,887 = £11,443.50.



It really doesn't need one. It's really simple basic maths with an understanding of what you signed up for.

Okay granted it is simple maths.

However Im only contracted to a 36 month contract?

I plan on giving back the car but will I still need to find an additional £1143 in order to meet the 50% mark and hand the car back at the end of the 36 months!?

AdrianC

LM3 wrote: »

However Im only contracted to a 36 month contract?

Then your numbers don't make sense.

boliston

how many months is the pcp plan spread over?
what is the total charge for credit?

LM3

Okay got my contract in front of me:

The total amount of credit: £13,994
Duration of credit agreement: 36 months
The total amount you will have to pay: £16,175.20
Cash Price: £15,994


Termination of rights:

You have the right to end this agreement. To do so, you should write to the person you make your payments to. You must of paid a total amount of £9,087.60

I think that settles it right!?