First response car finance Voluntary Termination

Carfinancehelp

Hi 

I have 2 cars on finance both with first response. I can no longer afford to run both. If I return one of them (29 months into a 61 month agreement) the book price of the car is within the settlement figure range will that affect the finance of the other vehicle?  

Also how would I go about at VT. 

TadleyBaggie

You might not be at the point where VT is possible, what type of finance is it? For example, with PCP you might need to be in the final year. What do your finance documents say about VT. VT and settling the finance (by selling the vehicle) are two different things.

VT'ing one shouldn't have any effect on the other.

Herzlos

They'll be 2 separate agreements so won't impact each other.

How does the value to a car buying service like webuyanycar.com compare to the settlement figure for the PCP? Assuming that either (a) you aren't at the 50% repayment needed to VT or (b) the car is worth more than the settlement then you may be a lot better selling the car to one of those companies and having them settle the finance.

Normally the VT threshold is a lot nearer the end of the term, since it's 50% of the total repayment amount and not 50% of the payment term, and PCP is a delayed repayment.