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Car Finance escape?
Comments
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Early Termination. You give them the car back. They sell it at auction and put that amount towards the settlement figure plus their costs. Anything left is paid back to you but you are responsible for any shortfall.Pigletntrekky wrote: »What is ET? and how did you get the £3k figure?
£3K seems to be about the difference between what you have paid - 10 * £170 + £1500 - and the VT figure of £6238.0 -
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 ?Early Termination. You give them the car back. They sell it at auction and put that amount towards the settlement figure plus their costs. Anything left is paid back to you but you are responsible for any shortfall.
£3K seems to be about the difference between what you have paid - 10 * £170 + £1500 - and the VT figure of £6238.
I see, thanks for that.
I think my best option would be a settlement figure, get a loan, pay them, sell the car, pay back the loan. I think all the options are going to cost me but this seems to be the cheapest. How do they work out their settlement figure? Will it be cheaper this way do you think?0 -
What is the APR on the loan - around 10% ? The settlement figure would be calculated as something like the loan amount + interest to date + 2 months interest - what already paid. Back of fag packet calculation - you have likely paid around £1000 off the balance so probably a settlement of around £7.5K - £8K.0
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What is the APR on the loan - around 10% ? The settlement figure would be calculated as something like the loan amount + interest to date + 2 months interest - what already paid. Back of fag packet calculation - you have likely paid around £1000 off the balance so probably a settlement of around £7.5K - £8K.
Well that doesn't sound too bad, and yes the apr is 9.9%. I will contact them and ask for the figure, fingers crossed.:beer:0
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