Car Finance escape?

Pigletntrekky

Hi All,

I got a car on finance with nissan in May 2017. 4 years with a final payment due at the end of the 4 years.

Car cost £10,183
Total amount payable under agreement £12475 which includes advance payment of £1,500.
48 payments £169.78 per month final payment £2827.
VT £6238

Agreed 16k miles pa

Payment started either june or july 2017. So i have either paid 9 or 10 payments to date.

I have a new job with a company car (starting in 2 weeks) and my mileage for the new job will be 25k-30k per year.

What are my options to end this agreement? Whats the most cost effective? Should I do voluntary termination? Should I get a loan, get a settlement figure and pay it off then sell it? Give it back and pay a fee and loose my money already paid? I cant afford 2 cars for sure I want of course the cheapest option, don't we all!

Any advise gratefully received

thanks

[Deleted User]

Cheapest option or best value option?

I wouldn't have thought VT was an option this early on and I doubt you'll want to hand it back along with half the total payable.

I'd ask for a settlement figure to buy it.

bengalknights

Have you checked if its cheaper to pay the excess mileage and ask for a car allowance instead?

Pigletntrekky

my company may offer this option, I can ask the question but the small print state 14.9 pence a mile over the 16k and over 5k its twice the rate over this extra 5k so 29.8p after the first extra 5k. Sounds way to high for my company to provide an allowance?

Pigletntrekky

so if they provide a figure, i get a loan, pay their figure then sell the car and pay the loan back?

molerat

Your options are
VT now. Give them the car and another £3K
ET now. Could cost you more than above.
Get a settlement figure and sell the car / get a loan to pay it off.

How much realistically is the car worth ?

Pigletntrekky

A friend researched the value/price and stated between 6.5k and 7k

benten69

Pigletntrekky wrote: »

my company may offer this option, I can ask the question but the small print state 14.9 pence a mile over the 16k and over 5k its twice the rate over this extra 5k so 29.8p after the first extra 5k. Sounds way to high for my company to provide an allowance?

Most companies give an allowance of approx 10% your salary or a minimum of say for example £3500 per annum, whatever is greater (check with your employer for exact figures) and they tend to pay business fuel mileage on top of that.

So you need to see what your company offer exactly and do the math to see if the allowance they give + fuel mileage will make it worth while to keep or get rid of.

Pigletntrekky

Your options are
VT now. Give them the car and another £3K
ET now. Could cost you more than above.
Get a settlement figure and sell the car / get a loan to pay it off.

How much realistically is the car worth ?




What is ET? and how did you get the £3k figure?

Pigletntrekky

What is ET?

DCFC79

Pigletntrekky wrote: »

Your options are
VT now. Give them the car and another £3K
ET now. Could cost you more than above.
Get a settlement figure and sell the car / get a loan to pay it off.

How much realistically is the car worth ?




What is ET? and how did you get the £3k figure?

Use the quote function

ET its the film lol, its Early termination, should be listed jn your agreement.