PCP Car Finance

molerat

Total Amount Payable

Voluntary Termination

Interest is not being charged on the deposit but is being charged on the GFV.

Your VT point is half the total amount payable so is £30427.30 which will be at (£30427.30 - £7500 = £22927.30 / £557.41 = ) month 42. (or month 41 with a small additional payment to make up to that point)

neilmcl

Gistwithandre said:

molerat said:

Total amount payable on a credit agreement is the total amount of all payments including the deposit, I make TAP around £61K. What point are you arguing with ?  If you agree with the amount of interest being charged - which it seems you are happy with as your calculation is higher - then there is nothing wrong with their calculation.  Are you wanting to VT and looking for an earlier exit point ?

Hi, 
My thought will be that interest should not be charged on the deposit
Meanwhile whats TAP and VT?
Regarding exit point, it's part of what i intend to achieve as i understand you can exit after paying half so i wanted to know if half is the difference between the Price and GFMV or the total price

It isn't. The interest is being charged on the total credit amount,  ie, £43,197. Their figures are correct, the total amount payable which includes your deposit, is correct.

VT stands for Voluntary Termination, where you are require to pay 50% of the total amount payable to walk away from the agreement.

neilmcl

Gistwithandre said:

Gistwithandre said:

daveyjp said:

Just enter the data into an online pcp repayment calculator.
pcpcal.co.uk is one.

I will try that now

Hi Daveyjp...I tried the link and it gave me below

Monthly		Total Interest
501.54		10230.26

You forgot something, ie, the £2197 of extras. Add that to the overall price and you'll get something closer to what you're paying.

Gistwithandre

Thank you everyone. This has helped clarify much

DrEskimo

Probably too late, but cancel the GardX and GAP. They are horrendously overpriced and I would bet my mortgage that they are dreadful products....go online for GAP and find a local detailer.

Fact you are paying 7.9% interest on them as well doesn't help....

Mercdriver

DrEskimo said:

Probably too late, but cancel the GardX and GAP. They are horrendously overpriced and I would bet my mortgage that they are dreadful products....go online for GAP and find a local detailer.

Fact you are paying 7.9% interest on them as well doesn't help....

Rather too late for that.  Since the OP is a long way through the agreement and querying about VTing

Grumpy_chap

I wish people with these cases would be more straight up that they want or need to close the deal because their circumstances changed rather than starting out that there was obviously an error in the original agreement.

Gistwithandre

Grumpy_chap said:

I wish people with these cases would be more straight up that they want or need to close the deal because their circumstances changed rather than starting out that there was obviously an error in the original agreement.

This is very funny though...my circumstances have not changed at all. ..I have had the car for 2years and it's still a nice car. Just wanted to find out when I can terminate and get a newer model and at the same time, see if I can reduce my outgoings considering I have not been using it and it's costing me.... don't jump to conclusions..there were a lot of factors that prompted my query. First being I thought I was been charged interest on the deposit.