Black Horse Finance Voluntary Termination

Gasiewski91

Looking for clarity. I have enquired with Black Horse regarding the VT of my current PCP agreement. They are saying I have two total amount payables 1) being the car 2) being insurance package leaving me with a shortfall on the liability payment. 

I was under the impression the total amount payable was everything hence the word total? Which as a result shows me of a shortfall of £152 

Are they right that is the total amount payable for the entire amounts or the two separate amounts ? 

Nobbie1967

I think they are right. You have a car on finance that you can VT and an insurance package on finance that you have to pay in full separate to the VT. ‘Total amount payable’ refers to the car element for the VT, but you also owe for the insurance package you bought.

born_again

Gasiewski91 said:

Looking for clarity. I have enquired with Black Horse regarding the VT of my current PCP agreement. They are saying I have two total amount payables 1) being the car 2) being insurance package leaving me with a shortfall on the liability payment. 

I was under the impression the total amount payable was everything hence the word total? Which as a result shows me of a shortfall of £152 

Are they right that is the total amount payable for the entire amounts or the two separate amounts ? 

What is the insurance package for?

Nearlyold

The insurance extras have no ongoing value if you VT the car which is why many lenders split the total finance between an HP or Conditional Sale based loan or their PCP version of the same and a separate bolt on fixed sum-term loan (aka a Personal Loan) for insurance, negative equity from the trade in etc. 

Without sight of the paperwork it's not possible for anyone to give a definitive answer. Did you put down any deposit at all?

Gasiewski91

born_again said:

Gasiewski91 said:

Looking for clarity. I have enquired with Black Horse regarding the VT of my current PCP agreement. They are saying I have two total amount payables 1) being the car 2) being insurance package leaving me with a shortfall on the liability payment. 

I was under the impression the total amount payable was everything hence the word total? Which as a result shows me of a shortfall of £152 

Are they right that is the total amount payable for the entire amounts or the two separate amounts ? 

What is the insurance package for?

It was for GAP insurance and a “Warranty” which I did not request from the dealer