Motonovo VT calcs

[cramsnik]

Hi all,

I'm looking to VT with Motonovo and was wondering if somebody would be kind enough to double check my figures before I go ahead?

Total amount of credit - £51,127.73

The deposit paid, as I understand goes towards the 50% which is/was £14,000.00

As of last month, I have made 31 payments out of 49, totaling £13,369.06

The agreement says I can VT at £25,563.87, going by my workings above I'm currently at £27,369.06 ...so getting on for £2k over the 50%

Having done some reading I've seen a couple of references of the total amount and the ballon need to be added together to get the true total amount of credit, but I'm not sure that's correct. Could somebody put me straight before I start filing the required letters to kick the process off, please?

TIA

[echat11]

Hi Cramsnik

Welcome to LB

The following may help regards VT -

https://legalbeagles.info/forums/for...on-your-rights

https://legalbeagles.info/forums/for...tter-templates

[cramsnik]

Just to update... letter was sent to to VT using the template kindly provided here, I also emailed the same letter to customer service and had an autoreply to say they'd be in touch shortly. This was 4 days ago, in the interim I've had an email from a company stating the finance company has contacted them and asked them to arrange collection of the car.

Should I be bothered I've not actually heard from the finance company themselves by now, am I ok to assume I can go ahead and arrange collection of the cr via the third party?

[echat11]

Just to update... letter was sent to to VT using the template kindly provided here, I also emailed the same letter to customer service and had an autoreply to say they'd be in touch shortly. This was 4 days ago, in the interim I've had an email from a company stating the finance company has contacted them and asked them to arrange collection of the car.

Should I be bothered I've not actually heard from the finance company themselves by now, am I ok to assume I can go ahead and arrange collection of the cr via the third party?

You really need something from the finance company to say they are arranging collection.

Especially as you haven't had any dealing with the third party before.

Before the car is returned, you need to take pictures / video of it.

[cramsnik]

Okay, thank you. I'll get in contact. Photo's are done

[cramsnik]

Further update - Have made contact with the finance company and got confirmation of collection, this is now booked for this Friday. Interestingly, when I checked my banking app I found the direct debit has already been cancelled. I was about to do it myself but it appears the finance company has done it... slightly unusual I think?

[echat11]

Further update - Have made contact with the finance company and got confirmation of collection, this is now booked for this Friday. Interestingly, when I checked my banking app I found the direct debit has already been cancelled. I was about to do it myself but it appears the finance company has done it... slightly unusual I think?

Maybe, but they might just be 'efficient'.
Let's hope they are as 'good' with concluding collection / post collection admin etc.

[cramsnik]

Car was collected this afternoon. The inspection was minimal at best and I wasn't asked to sign anything. I queried with the collection agent as to if I should have any paperwork and he said no, the car is really clean, no problems as he could see.

Once he'd left I called the finance company who didn't seem duly concerned, they said the car would now go to auction. Once it sells I'll probably get a letter advising of any further liability. I pointed out there shouldn't be any given that I was at least a couple of grand over the 50% VT mark

I'm a little concerned the car has now gone without a proper once over but I guess the manner in which it has happened is a good thing from my point of view, any damage that might be spotted from the moment it left me isn't my concern, correct? I notified DVLA online that the car is no longer mine.

FYI any calls I've had with the finance company have been recorded.

[echat11]

Car was collected this afternoon. The inspection was minimal at best and I wasn't asked to sign anything. I queried with the collection agent as to if I should have any paperwork and he said no, the car is really clean, no problems as he could see.

Once he'd left I called the finance company who didn't seem duly concerned, they said the car would now go to auction. Once it sells I'll probably get a letter advising of any further liability. I pointed out there shouldn't be any given that I was at least a couple of grand over the 50% VT mark

I'm a little concerned the car has now gone without a proper once over but I guess the manner in which it has happened is a good thing from my point of view, any damage that might be spotted from the moment it left me isn't my concern, correct? I notified DVLA online that the car is no longer mine.

FYI any calls I've had with the finance company have been recorded.

Exactly that, you've done everything you should have.
Update the thread, if they do.

[cramsnik]

Will do, I can still see the vehicle location via the app and note that it's been taken to Manheim Northampton Auctions. Any idea if they're likely to try and do another inspection whilst it's there? Given the info I provided above, I cant see that it's going to do them any good even if they do with regard to getting any further money from me.

[echat11]

Will do, I can still see the vehicle location via the app and note that it's been taken to Manheim Northampton Auctions. Any idea if they're likely to try and do another inspection whilst it's there? Given the info I provided above, I cant see that it's going to do them any good even if they do with regard to getting any further money from me.

Maybe a 'cursory look', they clearly want the best price for it, but then it is an 'auction', so 'time is money'.

[cramsnik]

To put this to bed, I had a letter from Motonovo yesterday stating my agreement with them is now over with nothing more to pay. Have to say it was a really painless experience, I feared the worst after reading stories on various forums but it went pretty smoothly.

That said, without the email templates kindly provided here things could have been a lot more tricky, so thanks for the advice.

[Pezza54]

Thanks for updating the forum. Makes a pleasant change to read about a VT of a vehicle running smoothly

[echat11]

Well done, it's good to see that things worked out.