PCP finance Discrepancy

[RobT]

Hi guys, i posted on here on the 17/06/20 regarding a possible discrepancy on my car finance from mercedes, and some kind person explained to me where i was going wrong. They showed me how to work out what i have left to pay as i intend to VT the car this week, I cant find the response and could do with the same sort of help again so i can get the balance i will have to pay Mercedes as i am under halfway through my PCP but 28 payments in a 48 payment plan, so i will now put the figures. The cost of the car was £32255 monthly 48 monthly payments of £444.14 deposit's were and including the finance deposit allowance was £1598. Thank you in advance

[ostell]

Does your contract not show the 50% figure?

[RobT]

Hi, no it does not give me anything like that

[Huxie]

On the PCP agreement, in the terms and conditions there should be a section headed Termination: Your Rights which should contain text along these lines:

You have the right to end this agreement. To do so, you should write to the person you make the payments to. They will be entitled to the return of goods and to half the total amount payable under this agreement, that is £XXXX.XX If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay more.

The figure quoted gives you the 50% amount you need to pay or have paid. Deduct the total of the monthly payments you’ve already made and any deposit and you’ll arrive at the balance owing.

If the £XXXX.XX amount isn’t showing on your agreement just give the finance company a ring and ask for the figure, it isn’t a secret.

[RobT]

ok thank you very much for your help