VT timing help

[curlyjen]

Hello, I can see there are lots of experts on VT here so I hope you don't mind me asking this as my first post. I can't find the answer regarding timing anywhere else.

I have a 49 month PCP deal with Landrover via Blackhorse Finance.

I took this out in September 2016.

The monthly payments are £476.80 and I paid a deposit of £2177.

According to the paperwork, my VT 50% amount is £21,062.01 so quite some way to go.

My issue is that the car has been an absolute bust from day one, with almost constant problems and regular visits to the garage every couple of months.

The warranty runs out in Sept 2019 and it will need an MOT then as well, so I am minded to get rid of this car in August.

I've worked out that if I VT in August, I will still owe £2197 to take it to that 50% mark.

When would the best time to start the process? Is it OK to VT before you have crossed that 50% threshold?

I won't be getting a PCP deal again that's for sure.

[R0b]

Timing depends on how long you want to use the car. Once termination of the agreement has taken effect you no longer have permission to use the car unless the finance co. tells you otherwise.

It is a myth (particularly amongst finance co.'s) that you can terminate the agreement t unless you have paid at least 50%. In fact you can terminate any time, before or after.

if a finance co. Refuses to accept your termination notice to expire before the 50% threshold is reached, they are likely to be in repudiatory breach (fundamental breach) and you would be entitled to terminate the agreement and discharge all further liabilities.