Voluntary Termination 30 January 2021 at 4:59PM in Motoring 17 replies 571 views

neilmcl

NathanMorgan said:

neilmcl said:

NathanMorgan said:

right so I need to pay at least £18,500?

Read your finance agreement, within it it will state exactly what the total amount payable is, it might even state what the VT figure is.

no checked the agreement and it doesn’t state it.

It has to state what the Total Amount Payable is by law. Check again.

neilmcl

NathanMorgan said:

AdrianC said:

Grumpy_chap said:

NathanMorgan said:

right so I need to pay at least £18,500?

Where do you get that number from?

Based on the figures you stated:

• £25,000 car
• £12,700 balloon payment

This agreement will never reach 50% point before the end of term.

Unless it's ~£40k car...
£25k in term repayments, £12,700 balloon.

But that'd be either a very long term, or hilariously bad depreciation.

OP - give us the figures you've got, and we'll help you figure it out.

can’t really think of anymore info that I’ve already given that could help.

I had the £18,500 figure from adding the total amount for the car + the balloon payment and then dividing it by 50%?

The information held in your finance agreement, eg:

Cash Price of Vehicle
Advance Payment/Deposit
Amount of Credit
Total Charge of Credit
Total Amount Payable
Duration of Credit
Optional Final Payment

AdrianC

NathanMorgan said:

AdrianC said:

Grumpy_chap said:

NathanMorgan said:

right so I need to pay at least £18,500?

Where do you get that number from?

Based on the figures you stated:

• £25,000 car
• £12,700 balloon payment

This agreement will never reach 50% point before the end of term.

Unless it's ~£40k car...
£25k in term repayments, £12,700 balloon.

But that'd be either a very long term, or hilariously bad depreciation.

OP - give us the figures you've got, and we'll help you figure it out.

can’t really think of anymore info that I’ve already given that could help.

I had the £18,500 figure from adding the total amount for the car + the balloon payment and then dividing it by 50%?

So we ARE talking about a £40k+ car? £25k in monthlies across the term?

Nearlyold

neilmcl said:

NathanMorgan said:

neilmcl said:

NathanMorgan said:

right so I need to pay at least £18,500?

Read your finance agreement, within it it will state exactly what the total amount payable is, it might even state what the VT figure is.

no checked the agreement and it doesn’t state it.

It has to state what the Total Amount Payable is by law. Check again.

There is of course always the possibility that the OP's PCP is not based on a Hire Purchase or Conditional Sale agreement but rather a Fixed Term/Sum agreement which won't provide VT rights.

NathanMorgan

right so...

car was - 30k
deposit - £1k
duration - 49 months
total credit charge - 6.9%

optional final value - £12,500

AdrianC

So you borrowed £29k, and interest will work out to about £6k, so the total of your agreement is around £35k. That puts the 50% VT to about £17,500, or just over three years.

DrEskimo

AdrianC said:

So you borrowed £29k, and interest will work out to about £6k, so the total of your agreement is around £35k. That puts the 50% VT to about £17,500, or just over three years.

It includes the deposit as well, so £36k total and VT will be around £18k.

Doesn't change the conclusion though, VT will be around month 36/37.