PCP Voluntary Termination - Help

[dynamo86]

Hello,

I'm hoping someone will be able to help me out a little.

Unfortunately my circumstances are changing and need to consider a VT on my car. I have done quite a bit of research but i'm struggling to understand at which point I could VT if required.

This is a 36 month agreement and I have already paid £5405.72 at £187.17 per month.

Here are my figures:
Deposit: £3,190.00
Amount of Credit: £11,321.74
Interest: £718.16
Initial arrangement fee: £149.00
Final arrangement fee: £149.00
Cost of credit: £1,016.16

Total amount payable: £15,527.90

I would be grateful if someone could help me understand the point at which I could VT should it come to that.

Thanks for reading

[Kati]

R0b ??

[Gasdiver]

This should be written into your agreement with a figure when you have paid 50% of the credit amount. So, 50% of £11,321.74 but check your agreement.

[dynamo86]

Yes I forgot to mention in my original post that I dont have the agreement only the pte contract info, I have requested a copy of this but haven't yet had it, in the meantime I'm trying to work this out for myself.

Also I'm concerned that VT'ing will have a negative impact on both my and my partners credit as we both have excellent scores and have never defaulted .

[R0b]

Hello

It's 50% of the total amount payable. You calculate on the basis of the monthly instalments plus any deposit and if that exceeds the 50% mark you can VT without further liability.

[dynamo86]

Thank you all for your replies.

[dynamo86]

Hello

It's 50% of the total amount payable. You calculate on the basis of the monthly instalments plus any deposit and if that exceeds the 50% mark you can VT without further liability.

Thank you for your reply!

I received a copy of the financial agreement today and my 50% mark is £7,763.95 i worked out with the installments and (correct me if i'm wrong) the deposit of £3190.00 this means I have paid £8783.46 ?

[R0b]

Yes correct