Voluntary Termination Help

BMH1990

I’ll keep it short and sweet. Any advice gratefully received!!

i have an agreement with Hyundai Finance whereby it’s possible to voluntarily terminate the agreement, however they are being difficult in the advice they give!

total amount payable at the beginning of the agreement: £12,914.04

balloon payment: £3,060.

even though the larger amount states ‘total amount payable’ am I right in thinking that in order to VT I need to have paid  50% off the figure that includes the balloon payment therefore 50% of 

£15,974 

£7987?

thanks!

molerat

It should clearly state on the agreement what that figure is.  Your posted figures do not show whether the first figure is inclusive of the second or not.  There will be lots more numbers on the agreement.

DrEskimo

Just add up your deposit, all your monthly payments and the balloon payment. There might be small optional purchase fees, but they are typically minimal. 

Ectophile

I would expect that the balloon payment is part of the total amount payable.  It is effectively the final payment on your credit scheme.

neilmcl

Yes, the total amount payable will usually include the balloon, the agreement will tell you exactly what this is and may even state what the 50% amount is.