Voluntary termination

[Jonnybhoy]

Hi I'm looking for advice please.
Today i called my finance company to get an exact figure in order to terminate & return my car. This is the situation I have.
I purchased my car in June 22, 24 months into a 60 month contract. I'm willing to pay the next 6 months upfront in order to get to the 50% mark. Here are the figures.
car purchase price £9,247
Negative equity from previous car £1,853.79
Interest £2,582,61.
Total amount payable £ 13,683,40
as of today i have paid £5,472 am I right in saying the 50% mark in order to return the car is £6,841.70.
A further payment of £1,369.70 is what I'm required to pay. Does it make any difference that the negative equity is included in total amount. Thanks for your advice guys.

[Pezza54]

Hi
Welcome to LB
You need to check with your finance company but I suspect it does make a difference when negative equity is rolled over into the loan
If the negative equity is a significant sum, say more than the purchase price of the replacement car, the finance company would lose not recovering the negative equity in full
Depending how the fc built the negative equity in, you may have only repaid 2/5ths (2 years of 5 years) of £1853.79 (excluding interest)
The fc might inform you, you have to pay 50% of (£9247 + £2582.61) and £1853.79 plus interest before they accept vt