Toyota PCP VT query

yoshiyella

Dear All,


Last September I took out a PCP with Toyota with the following details:


Deposit £5000
Monthly payments for 3 years of £276
GFV: £7500


Unfortunately 18 months ago my daughter died and due to my grief (not dealing with it) I started spending more and more on things I didn't need or want so am now in a position where fortunately the medication is working and the car (despite it being the only thing I bought in this period that I actually need) looks as if it has to go so I can use the monthly payments on clearing the debts I sadly racked up.


My question is: when is the half way point? The car cost £22500.
To date I have paid £8300 including the inital deposit.



Thanks for any advice.

molerat

The half way point will be half the total amount on the agreement so half of your deposit + all payments + balloon. Most likely around £11250 if GFV = balloon, so another 11 months.

yoshiyella

molerat wrote: »

The half way point will be half the total amount on the agreement so half of your deposit + all payments + balloon. Most likely around £11250 if GFV = balloon, so another 11 months.

The GVF is apparently the guarenteed final value.


I assumed what you have said was what it would be but wasn't sure if it was half of the deposit and the finance taken out.


But hey ho, will struggle on with it and may have to have a few late payment markers for my other finance deals.

Willing2Learn

yoshiyella wrote: »

...will struggle on with it and may have to have a few late payment markers for my other finance deals.

Are any of your finance deals eligible for a payment holiday?

yoshiyella

Willing2Learn wrote: »

Are any of your finance deals eligible for a payment holiday?

I wouldn't have thought so but can only ask!

DrEskimo

What Toyota is it?

Based on the figures you’ve given, you’ve made 13payments, and your settlement would be around £14,100.

Have you looked at what your car is worth trade? Try Tootle and see what offers you get. If it’s worth >=£14,100, you can just trade it in today and settle the finance.

VT and GFV is a last resort....

yoshiyella

DrEskimo wrote: »

What Toyota is it?

Based on the figures you’ve given, you’ve made 13payments, and your settlement would be around £14,100.

Have you looked at what your car is worth trade? Try Tootle and see what offers you get. If it’s worth >=£14,100, you can just trade it in today and settle the finance.

VT and GFV is a last resort....

It is a Toyota Verso Icon 1.6M


Just looked at My Finance on Toyota and settlement figure is £13,300 which looking at companies like webuyanycar they are over £1000 away.

DrEskimo

yoshiyella wrote: »

It is a Toyota Verso Icon 1.6M


Just looked at My Finance on Toyota and settlement figure is £13,300 which looking at companies like webuyanycar they are over £1000 away.

That's good news. WBAC are usually the low end of the offers.

Try using Tootle.com and see what other dealers will offer for it. Any ring you, haggle and say you are looking to get £14k. If they can do it for that price, it's theirs. If they end up offering £13,500, happy days. They buy it and settle the finance in full, you are left with £200 in the bank.

So sorry to hear of your loss and I really am hoping you can get this sorted. Best of luck....

Oli.s

The exact figure you need to have paid will be on your finance agreement paperwork under the VT section.

foxy-stoat

molerat wrote: »

The half way point will be half the total amount on the agreement so half of your deposit + all payments + balloon. Most likely around £11250 if GFV = balloon, so another 11 months.

Assuming zero interest rate.