Voluntary Termination Advice

[Darren84]

Hi everyone. I'm new to the forum and would like some advice. I apologise for asking the same question as many other people but I'd just like some advice on my specific situation

12 months ago I got a car on finance for 42 months. My circumstances have changed (new job with company car) so I have no need for my existing car. I understand I am liable for quite a lot of money and am not looking for a way to hand the car back without paying anymore, I was just wondering what is the most cost effective way of doing it? SEAT finance have said that my "half way" point for VT is another 24 months away so 36 months into a 42 month agreement.

Does this sound about right? If so then I'm happy to park the car up and continue the payments.... After all I agreed to the terms. I just want to make sure I'm not being misadvised by SEAT

Thanks

[Guest]

Re: Voluntary Termination Advice

No they wouldn't mislead you would they ?

You can voluntarily terminate the car at any time, you do not have to have paid 50% of the agreement price.
It is just that this is the amount that would be due after you terminate. So if you have already paid that much(this figure includes any deposit or part exchange) you will not owe any further amounts.

There should be a figure on your agreement under the heading voluntary termination or something along those lines, this should be one half of the total agreement price of the car.

If you add up everything you have paid upto date and subtract it from this figure this will be the amount you would have to pay upon termination.(or after). Just to be clear you do not have to have paid this amount in order to VT, this will be the amount due after you VT.(when the car has gone back).

The other option is to voluntarily surrender the vehicle, if you do this they will sell the car and deduct whatever they get for it from the full agreement price and you will be liable for the difference.

You will have to do the figures and see which option is best for you, it depends on the current value of the car (how much of a bargain you made when you bought it) , also how much deposit you paid.

[singlis13]

Re: Voluntary Termination Advice

Hi, sorry not sure if i'm posting in the correct place. I did a VT and handed back my car 2 months ago. There was an on site inspection which came up with no defect. However, they then took the car and drive it over 100miles to apparently do a "full inspection". Now my husband and i are fully ready to dispute any issues due to this as i dont see how they can prove anything hasnt occured on that drive (we also took hundreds of photos).
The problem we have is we havent heard back from them at all? The ownership of the car has been handed back for 2 months. Is there a set time limit that they have to send the bill by? Hate this constant worry that one day randomly we will be sent a huge bill!
I'm desperatly hoping there is a cut off time!
Thanks for reading and sorry again if this is in the wrong place .