Pcp & HP what to do with both need advice pls

neilmcl

DD1A wrote: »

I've just updated the figures and image as I found this just now

Click link below to image of figures

https://flic.kr/p/2dwhuXT

Again, you need the actual agreement which will tell you in detail what you would need to have paid to VT, but just on the figures you've provided a rough estimate would suggest you wont reach the 50% point until your 45th payment, so a few months to go yet.

And a bit of advice, stop posting documents with your agreement details such as your agreement reference number etc, we don;t need to see your original docs. Your agreement will say quite clearly the Total Amount Payable for the agreement.

DD1A

So basically I need to just pay all of the agreement off (48m) which is the last 12 months left?
Basically my circumstances have changed and I need to return the car as I cannot carry on with it, what options are available for me?
I've kept the vehicle mint well maintained and serviced at Audi never missed payments and i have a track record with Audi of having a very bad experience with this car and never been happy and they can't seem to make me happy or make the vehicle satisfactory as it still has issues. I've contacted the finance team about it but to nip it the bid here they weren't interested in taking it back.

neilmcl

DD1A wrote: »

So basically I need to just pay all of the agreement off (48m) which is the last 12 months left?
Basically my circumstances have changed and I need to return the car as I cannot carry on with it, what options are available for me?
I've kept the vehicle mint well maintained and serviced at Audi never missed payments and i have a track record with Audi of having a very bad experience with this car and never been happy and they can't seem to make me happy or make the vehicle satisfactory as it still has issues. I've contacted the finance team about it but to nip it the bid here they weren't interested in taking it back.

Did I say that, no. You'll be in a position to VT at around the 45th payment month.

You can settle the finance any time you like so another option would be to get a loan, settle the finance then sell the car on.

DD1A

Understood,
I didn't mean for it to come out in that way was just saying I have to pay them back whats owed up to term end.

Surely people become jobless or get in a position where they can't financial pay for it, what do these people do or face?

ComicGeek

DD1A wrote: »

Surely people become jobless or get in a position where they can't financial pay for it, what do these people do or face?

It's a case of people living beyond their means. Just because you can afford the monthly payments on a shiny new car when times are good doesn't mean that it's a good decision.

When I was starting out in work 20 years ago I would never have thought about buying an expensive car, new or not. I have only in the last few years bought new cars when I've actually had the cash in savings, and then only taken on finance when this was at low enough rates to make it worth keeping the cash in the bank.

I'm in my (late) 30s - I still remember when friends at college got into real problems with credit card debt nearly 20 years ago, and are still in difficulties now. That taught me life lessons and has helped me avoid the same mistakes - I could easily have made those mistakes if they didn't first...

Everything's now a 'monthly cost finance culture', which fools people into spending up to their maximum monthly income. No wriggle room for tough periods, unexpected costs or energy/food inflation increases.

Sorry, I'm not trying to belittle you or lecture - it's just a sad fact that you're up against very clever marketing and sales people who work very hard to sell you things that you don't really need, and there is very little education out there for people on these issues. People aren't given the skills they need to make good financial decisions, particularly when you can buy a new car on finance from the comfort of your sofa now!

macman

No, you do not have to pay them 'what's due to end of term', but you have to have reached 50% of the total, including deposit, monthly payments, and any balloon payment due. Others have already advised you that this stage will be around month 45.
Becoming unemployed or in financial difficulty does not cancel your debt, otherwise no-one would ever repay loans.
I cannot see your docs images, as that link just takes me to a yahoo log-in page? How much is the balloon?

neilmcl

macman wrote: »

No, you do not have to pay them 'what's due to end of term', but you have to have reached 50% of the total, including deposit, monthly payments, and any balloon payment due. Others have already advised you that this stage will be around month 45.
Becoming unemployed or in financial difficulty does not cancel your debt, otherwise no-one would ever repay loans.
I cannot see your docs images, as that link just takes me to a yahoo log-in page? How much is the balloon?

I asked him to take down the docs as they were showing too much personal info but I think the balloon was around £16,700.

DD1A

Ok I called the today and they said as of today there is £2198 fall over payment.
Or 6 month remaining until VT point.
They stressed there is a 7.2p per mile on the excess mileage which I'm clearly over already.

How would be the best approach for this I'm guessing I'm paying less in one lump due to interest, but it's the mileage part I want to avoid paying ideally as it's quite a lot.
They also emailed me a VT pack which they said I need to fill out.
I'm guessing don't use this and use a template online which I have already sourced.
Many thanks for the advice.

I'm happily paying it off its just I want to consolidate my finances as I want to buy another house and move.