Figures to use when calculating 50% for Voluntary Termination

[2100295592]

Hi

I am considering VT on my PCP but I am not clear which figure I should be using to then halve to give me my VT 50% threshold. I have included the info below from my agreement and hope someone will be able to help me

From precontract credit information:

total amount of credit: £10,752 (A)
duration: 49 months
total amount you will have to pay (this means the amount you have borrowed plus interest and other costs): £15,135 (B)
cash price: £13,052

from my vehicle order form:

total price: £13,052
part ex: £700
deposit: £600
manufacturers deposit: £1000
Finance: £10,752

From my RCI online account:

Financed amount: £10,752 (A)
outstanding amount: £6,809.81 (C)

it isn’t clear to me which figure I should be looking at to use 50% of in order to ascertain how far away from being eligible to VT I am. I know that you can VT at anytime and make up the difference but I am wanting to calculate when I could VT with a zero balance.

In my opinion, figure B includes my deposit and partex so shouldn’t be that figure that needs to have 50% paid

figure A is the financed amount so this makes more sense to me. In that case I am £1,433.81 or approx 8 months away from reaching VT 50% with zero balance to settle

i would really be grateful if someone could let me know if I am looking at this correctly

[R0b]

Hello

You pay 50% of the total price payable under the agreement. This includes, any deposit, interest etc. so that would look like it's figure (B).

In your agreement you will have a box usually on the front page that says "TERMINATION: YOUR RIGHTS" and that will tell you the figure you need to meet, which should tally up with 50% of figure (B).

Deposits are considered an advanced payment so they count towards 50% of your payments which in this case is £2,300 being your deposit, the manufacturer's deposit and the part exchange.

So I would say that to reach your 50% threshold you need to have paid £5,267.50 worth of instalments. Under PCP agreements you don't tend to reach 50% at exactly the halfway point of your contractual term, it tends to arrive somewhere near the end with a few months left.