Voluntary Termination of VW Finance - HELP!?

neilmcl

dominicruk wrote: »

Thank you for providing me with this link. I've noticed under section 2 it states "you can terminate the contract at any time and you do not need to have paid half of the total amount payable"

Is that correct?

You slightly misunderstand. You can terminate at any time you like but you will always be liable for 50% of the total amount payable. In other words you don't have to wait until you have got to this point but you will have to pay the remaining amount up to this.

dominicruk

neilmcl wrote: »

You slightly misunderstand. You can terminate at any time you like but you will always be liable for 50% of the total amount payable.

Thank you Neil, that makes sense now

neilmcl

dominicruk wrote: »

Thank you Neil, that makes sense now

So if, as you say you would have reached the 50% point in 8 months time which equates to a further £1,764.60, you could VT now if you wanted and pay off this amount.

Le_Kirk

Might be worth talking to your employer and see what they suggest about the car, maybe a deal until the PCP comes to and end whereby they pay you an amount per month equivalent to what they would have had to pay to buy/lease a company car for you??

Herzlos

Or see if a family member will take it over for the 8 months (if you sort out appropriate insurance)

DoaM

Le_Kirk wrote: »

Might be worth talking to your employer and see what they suggest about the car, maybe a deal until the PCP comes to and end whereby they pay you an amount per month equivalent to what they would have had to pay to buy/lease a company car for you??

Definitely worth speaking with your employer. Are they giving you a pool car until your new car is ordered? Or will you be without a company car until your new one arrives? (New company [lease] cars usually take a couple of months to come, unless you've chosen one that happens to be available ex-stock).

dominicruk

DoaM wrote: »

Definitely worth speaking with your employer. Are they giving you a pool car until your new car is ordered? Or will you be without a company car until your new one arrives? (New company [lease] cars usually take a couple of months to come, unless you've chosen one that happens to be available ex-stock).

They already have a 65 plate Audi A3 Sport available for me which I can have next week. That will be costing roughly £110 a month out of my tax. The option I have is to continue to pay for the VW finance for 8 months though and then try and sell privately.

dominicruk

Le_Kirk wrote: »

Might be worth talking to your employer and see what they suggest about the car, maybe a deal until the PCP comes to and end whereby they pay you an amount per month equivalent to what they would have had to pay to buy/lease a company car for you??

I'm not sure I understand what you are saying here I'm sorry?

Lucky_Duck_2

Do they not offer a cash alternative to the company car?

Le_Kirk

dominicruk wrote: »

I'm not sure I understand what you are saying here I'm sorry?

Well, I thought it was quite clear but now explained by others. It normally takes time for a company to organise a company car for new/promoted employees. In the meantime you could offer to use your existing car and they could pay you for the privilege. This might take you a few weeks/months down the line by which time you would be nearer the 50% finance cut-off point with your existing car and it's financial arrangement and it should make it easier to pay off.