VT Advice Needed

facade

I may not understand you here, but why do you want to VT it?


Any negative equity is not your problem if you simply stick to the agreement you signed originally..


Are you trying to get a "new" car and avoid rolling the current negative equity into the deal?

LandyAndy

It's nine years since I VT'd. I'm pretty certain I wrote them a simple letter exercising my right to VT and emailed and posted it to the finance company. I told them that the vehicle was available for them to collect at their earliest convenience. I cancelled my DD but they wrote back arranging collection before that was due anyway.

DrEskimo

£6k for a 3.5yr old Mercedes? I did a search on AT and there are no 4yr old Mercedes with average mileage on for that sort of price (or above average mileage for that matter..).
Cheapest is £10k for a 2014 B-Class with 36k miles.

How much negative equity are you in? Why not just pay the remaining monthlies and keep the car till the end of the agreement, then hand it back if it's still not worth more than the GFV? You could even try and negotiate the final payment down with Mercedes finance if you want to keep the car.

Worty

The neg eq is £6k! Dreadful service received from them so don't want another one and cant afford one anyway. the neg eq or can I VT was not the crux of my question.

DrEskimo

Worty wrote: »

The neg eq is £6k! Dreadful service received from them so don't want another one and cant afford one anyway. the neg eq or can I VT was not the crux of my question.

Ah my mistake. That makes more sense.

Well to be fair you did ask:

Worty wrote: »

I gave them 14 days notice but have heard nothing back from them; I was wondering if I need to be doing anything more, I was going to email them and say if they do not respond then I will deliver the car back to the local dealership on the 15th day, please can anyone advise if I need to be doing more as I'm concerned I've not heard from them or if I can do this. I’ve read on previous posts that MB are particularly unhelpful with VT’s.

Anyway, a quick call to the finance company would answer any of your questions, so best of luck with it :beer:

motorguy

Worty wrote: »

Thanks all, the figures are confirmed and I am past the 50% payment threshold (even MB confirmed this as they were the ones who originally suggested it as an option upon my compliant). I'm actually 80% of the way through the term having just checked. I am definitely able to VT.

My question is do I need to do anything more other than the email I sent to MB customer services as this is the part that is worrying me.

If i was that far upside down in a VT i'd be laughing all the way to the bank as clearly Mercedes have got their figures wholly wrong, i certainly wouldnt be upset or annoyed.

I think you really need to pick up the phone and ring Mercedes Finance and ask them are they processing your VT.

Personally, i'd have ran on at the deal until the end of the term though

facade

With you now, you aren't VTing because of negative equity, you want shot of the thing ASAP, and being so far in negative equity makes you a winner (well Mercedes Finance bigger losers) if you do it now.


As above, 'phone them. They might send you a "VT pack" to sign- don't sign anything as they are usually ways to get you to sign away your legal rights and allow them to sting you for extra charges.

almillar

As facade says, and as I did in your dupicate thread, negative equity is not your problem, it's the dealers. Remember, at the end of the term, you can just hand the car back with nothing further to pay, as long as you haven't damaged the car or gone over your agreed mileage. If there really is a £6,000 hole (and as above, it's now getting smaller every month), it's in Merc's pocket, not yours.

Are you trying to get a "new" car and avoid rolling the current negative equity into the deal?

And if so, just walk away from this dealership. You now start at £0 instead of -£6,000.

And since you've already got the VT in - phone them!

peter_the_piper

Make sure you get video/pics of the entire car in case you need to dispute Mercedes claim that the car is a wreck and will cost X£ to correct.

letspretendforaminute

What Mercedes did you buy that's producing negative equity of £6k? Must be an expensive one. As others have said, holding onto the car for the remainder of the contract and handing back at the balloon payment point it becomes a Mercedes problem and not yours. I've found Mercedes very lenient on wear and tear trading in for an upgrade but heard from others how they are less forgiving on VTers.

Our current E class (two years old) has never been more than £2k in negative equity and briefly went positive and we decided to keep hold onto what is a cracking car.