PCP Termination/We Buy Any Car

DrEskimo

meerkatpie said:

molerat said:

No deposit paid ?

Only £1,000, but I didn't think that would be included in the £19,000 figure. 🤔

It does. Your VT figure should be stated on your finance documents.

I take there was also around £2,250 deposit contribution or something, as 41 monthly payments of £292.15 with a final payment of £5,197.50 gives a total amount payable of £17,175.65. Not £19,425.72.

molerat

I suspect the VT point is more like £4330 away !  If total amount payable from the agreement is £19425.72 then 50% is £9712.86.  42 - 27 = 15 payments of £292.15 = £4382.25 + £1000 deposit = £5382.25,  £9712.86 - £5382.25 = £4330.61. Is £19425.72 the figure actually printed on the finance agreement as total amount payable ?

Grumpy_chap

If you need to pay £3k now to give the car back, why not keep the car until the monthly payment has covered the £3k?  Then give the car back.  Means you get a year of free car.  Sort of.

meerkatpie

DrEskimo said:

meerkatpie said:

molerat said:

No deposit paid ?

Only £1,000, but I didn't think that would be included in the £19,000 figure. 🤔

It does. Your VT figure should be stated on your finance documents.

I take there was also around £2,250 deposit contribution or something, as 41 monthly payments of £292.15 with a final payment of £5,197.50 gives a total amount payable of £17,175.65. Not £19,425.72.

I am looking through the documents now just to see where it is! I didn't even consider this at the time 

I've checked, that's me getting my wires crossed! The £19k figure is the total amount owed on their online portal, but the opening balance was £17,175.72.

I forgot about a £1,250 deposit contribution from the dealership, that was my fault.

meerkatpie

molerat said:

I suspect the VT point is more like £4330 away !  If total amount payable from the agreement is £19425.72 then 50% is £9712.86.  42 - 27 = 15 payments of £292.15 = £4382.25 + £1000 deposit = £5382.25,  £9712.86 - £5382.25 = £4330.61. Is £19425.72 the figure actually printed on the finance agreement as total amount payable ?

I'm just having scour through to see what I can find, I made an error with the opening balance so I hope I can find it for some transparency! 

meerkatpie

Grumpy_chap said:

If you need to pay £3k now to give the car back, why not keep the car until the monthly payment has covered the £3k?  Then give the car back.  Means you get a year of free car.  Sort of.

Honestly, I really would if I could, I like the car, it is lovely.

But circumstances are changing, unfortunately I need to clear my debt and think about leaving home in the near future, so I'm just doing what I can to make it sooner rather than later.

meerkatpie

Again this might be me being not looking right, but I don't seem to have any figure of that sort in my paperwork.

I kept everything together when I bought the car and I've realised I don't even have a copy of the finance agreement?

I have a vehicle invoice, the pre-contract information and the vehicle order form amongst other things like insurance, but no finance agreement...

I think I'll contact the finance company for a copy before I do any more?

DrEskimo

meerkatpie said:

DrEskimo said:

meerkatpie said:

molerat said:

No deposit paid ?

Only £1,000, but I didn't think that would be included in the £19,000 figure. 🤔

It does. Your VT figure should be stated on your finance documents.

I take there was also around £2,250 deposit contribution or something, as 41 monthly payments of £292.15 with a final payment of £5,197.50 gives a total amount payable of £17,175.65. Not £19,425.72.

I am looking through the documents now just to see where it is! I didn't even consider this at the time 

I've checked, that's me getting my wires crossed! The £19k figure is the total amount owed on their online portal, but the opening balance was £17,175.72.

I forgot about a £1,250 deposit contribution from the dealership, that was my fault.

Yea OK that adds up now.

So your VT point is £9172.89. Your deposit and deposit contribution knocks off £2,250, meaning you have £7,462.89 to pay to reach VT. £7,462.89/£292.15 = 25.5, so you're about 10.5 months away from being able to VT. Or about £3,000.

I have to say, I think I agree with @Grumpy_chap. You are going to be paying the £3k shortfall with your money transfer anyway, so it's just shifting the debt from one provider to another. May as well keep it running with the car finance and get use out of your car. 

In 10months time you can either VT, or more likely you will be able to trade the car in for about £9-10k. I can't imagine it will lose much more in that time, so you may have built even a bit of equity which you can then use towards a cheaper run about.

In 10months you will be in the same situation either way...might as well keep the car during those 10months too.

meerkatpie

Actually yes, that makes sense.

And sorry @Grumpy_chap I think I misread what you'd put.

It would be moving it from one to another.

I suppose that would probably make more sense and 10 months will be here before you know it!

meerkatpie

Thanks all for your input with this.

Sometimes it's so difficult knowing what's best!