Voluntary termnation of Audi Q5

[Jlm01000]

Hi
i am new to this forum so hoping you can help on a VT process for my Q5?
we are well over 50% through our agreement - 30 months out of 36 and wish to exercise a VT due to a change in personal circumstances.
i contacted AUDI, who informed me that i would have to pay 50% of the balance i think she said, which amounted to £5000.89p in order to terminate?
reading your forum and speaking to various contacts, i believe we can hand the car back but may need to pay a mileage excess, although this forum suggests we don’t have to do that either
car is in excellent condition , no bumps, scratches eyc and has been fully serviced by AUDI from new - we had the car from new - 15 plate
can you advise next steps please? I believe i should use one of your templates to send to AUDI?

Regards

John

[kreig]

Re: Voluntary termnation of Audi Q5

Hi John,

I am going to jump in and try and help you on this one, but I'm sure someone like Rob or Camel will be around soon with their knowledgeable comments.

Request a statement to see how much you have paid to date, the basics behind a VT are:

- You must have paid 50% of the total price to be able to VT at month 30 you must be close or have done that by now
- Do not sign anything they ask you to if not comfortable all you have to do is send them a letter notifying them of your intention under section 99 of the consumer credit act, and ask them to arrange collection
- Excess mileage is a grey area but in principle should not be due, different finance companies vary in their aggressiveness of defending their position on this. My personal advice from experience is if it is only a small amount pay it. Up to you but likely to be a fight to get around (I'm still fighting).
- Take lots of photos in case they challenge your opinion of its condition.

[Seanyd]

Thanks let u kn

[Laticsforlife]

I'm going out on a limb here but if you are said to have to pay £5,000 to VT, and lets say you're paying £350 a month, and only have 6m left, then you'll not even pay 50% by the end, and I guess the contract has a huge balloon payment attached.

Another Audi thread has such a scenario, and it is being suggested that these contracts are unfair, legally.