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I am looking for some advice on doing a VT on my volkswagen Golf R.
I purchased the car in March 2015 and it seems I may have been poorly advised by the sales rep (no surprise there then).
I have read through my contract and it seems at no point would I be eligible to VT. Surely the contract has to weigh up so that at some point you reach the 50% mark?
To summarise:
I had a 36 month agreement
My total amount of credit was £26,930 (Was £28,930) but i put in 2k.
My monthly payments are £305.79 PCM.
I have read through my contract and it says to exorcise my right to VT I have to pay £16,843.38 which is half of the sum i borrowed plus interest!! Even at month 36 of my contract I would have only cleared £11,008.44. How is it possible that the agreement is this far out? Even if it was a 48 month agreement I still wouldn't reach the VT figure.
I have looked at all my options (I think) with this and I honestly don't know what to do for the best.
I have gone over on my mileage so even if I could somehow afford the car until the end of the term I would be hit with a bill for excess mileage, If I sell the car privately it would only be worth about £18,000 and the finance outstanding would be £21,000 and I don't think I can VT. I did actually ring VW finance and the girls words at the other end were " I have never seen an agreement where the figures don't add up like that you could go to the financial ombudsman if you think you have been miss sold". Although, I don't see what good that would do as they would say I knowingly accepted the agreement?
I feel I was a bit naive and thought the residual figures etc must be right as lease deals were floating around for 2k down and £240 a month which was a lot cheaper than mine.
If somebody could drop me some advice on this it would be greatly appreciated!!
Thanks
I purchased the car in March 2015 and it seems I may have been poorly advised by the sales rep (no surprise there then).
I have read through my contract and it seems at no point would I be eligible to VT. Surely the contract has to weigh up so that at some point you reach the 50% mark?
To summarise:
I had a 36 month agreement
My total amount of credit was £26,930 (Was £28,930) but i put in 2k.
My monthly payments are £305.79 PCM.
I have read through my contract and it says to exorcise my right to VT I have to pay £16,843.38 which is half of the sum i borrowed plus interest!! Even at month 36 of my contract I would have only cleared £11,008.44. How is it possible that the agreement is this far out? Even if it was a 48 month agreement I still wouldn't reach the VT figure.
I have looked at all my options (I think) with this and I honestly don't know what to do for the best.
I have gone over on my mileage so even if I could somehow afford the car until the end of the term I would be hit with a bill for excess mileage, If I sell the car privately it would only be worth about £18,000 and the finance outstanding would be £21,000 and I don't think I can VT. I did actually ring VW finance and the girls words at the other end were " I have never seen an agreement where the figures don't add up like that you could go to the financial ombudsman if you think you have been miss sold". Although, I don't see what good that would do as they would say I knowingly accepted the agreement?
I feel I was a bit naive and thought the residual figures etc must be right as lease deals were floating around for 2k down and £240 a month which was a lot cheaper than mine.
If somebody could drop me some advice on this it would be greatly appreciated!!
Thanks
