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Audi Finance PCP and VT Options

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  • Audi Finance PCP and VT Options

    My wife took out a 3 year PCP with Audi in September 2015 for a Q3. We paid a £3155 deposit and the PCP was based on credit of £29201.07.

    Todate we have made 28 payments of £369.32 and wish to use the VT option. However when we check the Finance Agreement it quotes a termination figure of £18718.60 - a figure we won’t get to even if we pay the full 36 monthly instalments. They appear to have calculated this figure by adding the credit amount to the deposit, interest (at 6.12%pa), acceptance fee (£125) and option to purchase fee (£60). This makes a total of £37437.20 of which 50% is £18718.60?

    The PCP was based on 8000 miles pa. The car has currently done just over 16000 so there are no excess mileage issues and it is in pristine condition.

    is this correct? Does it mean we are stuck with the PCP for another 8 months?

    rob Help?
    Tags: None

  • #2
    How much is the balloon payment?

    Comment


    • #3
      Originally posted by Huxie View Post
      How much is the balloon payment?
      Hi thanks for your help. The balloon payment is £20900 or at least this is quoted as the final sum payable at the end of the PCP term.

      Any help/guidance you can offer would be appreciated.

      Comment


      • #4
        tagging R0b
        Debt is like any other trap, easy enough to get into, but hard enough to get out of.

        It doesn't matter where your journey begins, so long as you begin it...

        recte agens confido

        ~~~~~

        Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

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        But please include a link to your thread so I know who you are.

        Specialist advice can be sought via our sister site JustBeagle

        Comment


        • #5
          Hello

          I've seen this happen a few times before and I am not entirely sure if this is a new trick of the trade Audi and co. are doing but on the face of it, seems inherently unfair. The way the agreement has been calculated as you say, is that you will never reach the 50% mark at any time within the term of the agreement and it appears that, if you do VT to limit your liability, you are effectively paying more than you would had you completed all the monthly instalments. In effect, they are not preventing you from exercising your right to VT but it looks as if they are penalising you by doing so and therefore indirectly forcing your hand to make all of the monthly instalments rather than terminating early.

          The only real way I can see you being successful is challenging this in court. Given the amount involved I would probably suggest you seek a proper legal advice for an opinion. The starting point would be to look at the unfair relationship provisions under s140A and s140B of the CCA
          If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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          LEGAL DISCLAIMER
          Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

          Comment


          • #6
            [QUOTE=R0b;n1389531]Hello

            I've seen this happen a few times before and I am not entirely sure if this is a new trick of the trade Audi and co. are doing but on the face of it, seems inherently unfair. The way the agreement has been calculated as you say, is that you will never reach the 50% mark at any time within the term of the agreement and it appears that, if you do VT to limit your liability, you are effectively paying more than you would had you completed all the monthly instalments. In effect, they are not preventing you from exercising your right to VT but it looks as if they are penalising you by doing so and therefore indirectly forcing your hand to make all of the monthly instalments rather than terminating early.

            The only real way I can see you being successful is challenging this in court. Given the amount involved I would probably suggest you seek a proper legal advice for an opinion. The starting point would be to look at the unfair relationship provisions under s140A and s140B of the CCA[/QUOT

            Rob

            thank you you for getting back to me so quickly. your advice is very helpful.

            like you this seems very unfair to me and I will take your advice and seek legal assistance to challenge it in court.

            I will keep you posted!

            regards

            Michael

            Comment

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