Thinking about VT'ing my MBFS Agreement

[Bye_Bye_MB]

Hello everyone. Reading your posts has been incredibly helpful - thank you for posting. Admittedly, reading through some experiences here, I am utterly surprised at lenders behaviour through the VT process.

I am looking for advice on how to best approach an intended VT without prejudicing my rights and circumstances. This is my 4th MB on PCH Agility and have and excellent repayment record. A change in working circumstances means that I now have to look at drastically reducing my costs.

With my car being one of the early casualties, being 36 months into a 48 month agreement, I am considering voluntary termination. How do I go about determining whether 50% of the total debt has been paid and if not, when is that likely to be - without compromising my position?

I am thinking about calling MBFS direct and put these questions to them. Is there any reason why I shouldn't? Can you folk provide pointers as to how to lead that conversation?

Look forward to your suggestions.

TIA

[ostell]

Is the 50% figure not in the contract?

[jeffster247]

I would just ring them and ask how much is still outstanding before you reach the 50% figure. I can't see that asking the question would prejudice anything.

It is also worthwhile asking for a settlement figure. This will tell you how much you would need to pay to settle all of the outstanding finance plus the balloon payment. It may be that total is less than the value of the car. In which case you can settle the finance and sell it. Or, if you still need a vehicle and just need to downgrade a dealer may settle the finance for you and take it in part exchange

You may end up being in a better position than VT ing.