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Hi all, I thought it would be useful to give a brief overview of my experience VTing my Volvo with Santander. I've learned so much on here and I wanted to show that the process can be really straightforward sometimes.
To start with, I made sure I got a decent Smart repair on two obvious areas - a bumper ding and a large scratch. I didn't get any of the 4 small dents fixed nor did I get repaired the two alloy wheels which were damaged (not bad but one would definitely need refurbishment). The rest of the car was in superb condition (3 and a half years old) and I was below miles.
I wrote to Santander on 10/8 explaining that I was VTing with immediate effect. That was accepted despite me still owing a few hundred pounds plus another payment to reach 50%.
I was contacted 2 days (12/8) later to ask whether I wanted to have the car collected at a cost of £70 (which I would have paid) or drop the car off at Mannheim auction site. I chose the latter.
I arranged with Mannheim to take the car on 19/8. I discussed with Santander that I would not cancel my direct debit as I had one more payment on the 20th (day after drop off) which I needed to make to get towards 50%.
I took the car to Mannheim. An inspector went around the car and showed me his very fair appraisal. A number of the blemishes were small and marked as 'report only'. He did price up two wheel scuffs and a larger dent for a total of £135. I took a picture of his appraisal, caught a taxi and went home!
Following this, I called Santander. Confirmed with them that one more payment from my direct debit would leave the next day and then it would be cancelled. I then paid the outstanding few hundred to reach 50%. Had this all confirmed via email. I was made aware that although the VT had been accepted, they would wait for the vehicle appraisal to finalise any outstanding liability. Then it was a bit of a waiting game...
Today (7th September), I received confirmation from Santander that the VT process was complete and that there is no outstanding liability. They didn't charge me for the damage even though it would have been fair to do so, given the nature of them. Result!
So, in total, the whole process took 4 weeks and the only extra cost to me was £200 for smart repair to rather obvious damage and the cost of a taxi home from the auction site.
For me (I stress this is), I felt the process was utterly painless and far less stressful than I had thought it would be. I admit that I probably got more worried about this than I needed to - I thought a positive experience may give some others a bit of reassurance that it's not always awful and it needn't always be a battle of wills between us and the finance company. I do realise that for others it can be a totally different experience so I do feel pretty lucky.
Hope this helps and good luck to all of you going through this right now !
To start with, I made sure I got a decent Smart repair on two obvious areas - a bumper ding and a large scratch. I didn't get any of the 4 small dents fixed nor did I get repaired the two alloy wheels which were damaged (not bad but one would definitely need refurbishment). The rest of the car was in superb condition (3 and a half years old) and I was below miles.
I wrote to Santander on 10/8 explaining that I was VTing with immediate effect. That was accepted despite me still owing a few hundred pounds plus another payment to reach 50%.
I was contacted 2 days (12/8) later to ask whether I wanted to have the car collected at a cost of £70 (which I would have paid) or drop the car off at Mannheim auction site. I chose the latter.
I arranged with Mannheim to take the car on 19/8. I discussed with Santander that I would not cancel my direct debit as I had one more payment on the 20th (day after drop off) which I needed to make to get towards 50%.
I took the car to Mannheim. An inspector went around the car and showed me his very fair appraisal. A number of the blemishes were small and marked as 'report only'. He did price up two wheel scuffs and a larger dent for a total of £135. I took a picture of his appraisal, caught a taxi and went home!
Following this, I called Santander. Confirmed with them that one more payment from my direct debit would leave the next day and then it would be cancelled. I then paid the outstanding few hundred to reach 50%. Had this all confirmed via email. I was made aware that although the VT had been accepted, they would wait for the vehicle appraisal to finalise any outstanding liability. Then it was a bit of a waiting game...
Today (7th September), I received confirmation from Santander that the VT process was complete and that there is no outstanding liability. They didn't charge me for the damage even though it would have been fair to do so, given the nature of them. Result!
So, in total, the whole process took 4 weeks and the only extra cost to me was £200 for smart repair to rather obvious damage and the cost of a taxi home from the auction site.
For me (I stress this is), I felt the process was utterly painless and far less stressful than I had thought it would be. I admit that I probably got more worried about this than I needed to - I thought a positive experience may give some others a bit of reassurance that it's not always awful and it needn't always be a battle of wills between us and the finance company. I do realise that for others it can be a totally different experience so I do feel pretty lucky.
Hope this helps and good luck to all of you going through this right now !
