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Hi there.
I really need some advice.
So I got a car through advantage finance on February 23rd of this year.
Through past mistakes and an awful credit history the interest was shocking but at the time I needed the vehicle for work.
The figures are;
Cost of the car £2000
Interest on the credit £840.12
Acceptance fee £325
Option fee £175
Total charge for credit £1340.12
Total payable £3340.12
23 months at 131.88 and 1 month at £306.88.
Now since buying this car I have replaced the back box and had the green flag out five times. Today as I was setting off for work the car won’t start yet again and so I have had enough.
I am wondering what my options are. I know that I can voluntarily terminate the agreement and hand the car back providing that I have paid 50% of the total figure. So this would be £1670.06 and I have paid 6 months at 131.88 = £791.28
Leaving £878.78 to pay to be able to just hand the car back?
My second query is, my MOT runs out at the end of this month. It is booked in for 26th August but I have a feeling that it is going to be costly. Where do I stand with this if I wanted to give the car back without at MOT? Does it have to have a valid MOT for them to take it back?
I know from a bit of research that the finance company can take a couple of weeks to reply re the outstanding figures etc? I’m guessing I can’t just leave the car parked outside of my house with no MOT on it? (has valid tax & insurance)
Any advice would be really appreciated. Please no clever comments as I’m trying my best to understand all of this
Many thanks in advance
I really need some advice.
So I got a car through advantage finance on February 23rd of this year.
Through past mistakes and an awful credit history the interest was shocking but at the time I needed the vehicle for work.
The figures are;
Cost of the car £2000
Interest on the credit £840.12
Acceptance fee £325
Option fee £175
Total charge for credit £1340.12
Total payable £3340.12
23 months at 131.88 and 1 month at £306.88.
Now since buying this car I have replaced the back box and had the green flag out five times. Today as I was setting off for work the car won’t start yet again and so I have had enough.
I am wondering what my options are. I know that I can voluntarily terminate the agreement and hand the car back providing that I have paid 50% of the total figure. So this would be £1670.06 and I have paid 6 months at 131.88 = £791.28
Leaving £878.78 to pay to be able to just hand the car back?
My second query is, my MOT runs out at the end of this month. It is booked in for 26th August but I have a feeling that it is going to be costly. Where do I stand with this if I wanted to give the car back without at MOT? Does it have to have a valid MOT for them to take it back?
I know from a bit of research that the finance company can take a couple of weeks to reply re the outstanding figures etc? I’m guessing I can’t just leave the car parked outside of my house with no MOT on it? (has valid tax & insurance)
Any advice would be really appreciated. Please no clever comments as I’m trying my best to understand all of this
Many thanks in advance
