Audi car finance

[darrenbilly]

Good afternoon everyone, I am looking for some advice regarding finance held on an Audi A3 convertible.


I hope I give all the information you need... Car was purchased September 2012. Deposit for the vehicle was a traded in Citroen C3 - they gave around £1550 for it. Money paid on the day was £100, to hold the vehicle. The monthly payment was agreed at £330, for 4 years. I was told that after 2 years if circumstances change I could give the car back. I have found that the payment is a struggle, therefore I would like to know my options in regards to getting rid of the car, whether I exchange for another Audi, perhaps the A1 as they are cheaper, or a different make altogether. At the time the car was worth £22,000 on paper. I had it valued by Audi recently at £17,000 (expires June). I'm sure Audi may under value it, to benefit them. So please tell me, what are my options? Can I take the car to Audi and use it as a hefty payment on a new car, will they give me £17,000 cash for it, or does that money go to the finance company? Can I use that money to pay for a cheaper car in full? Could I go to, for instance, Peugeot and have them take it off me in place of one of their new vehicles?


Ultimately I want to get rid of it. It's costing me too much money when I need to be saving for my own place. Any information is much appreciated.


Thank You

[Guest]

Re: Audi car finance

OK

If the car is under a HP/ conditional sales agreement you will need to get permission before you sell and settled the agreement(they may not grant it.

If you turn over the car to them(voluntary surrender) they should give you a discount off the remaining amount due under the contract in view of the interest which will not yet be due, they should then knock the value of the car off and bill you for the balance.

You could voluntarily terminate the car agreement , This means that you could contact them and tell them that you wish to end the agreement and give the car back under section 99 of the consumer credit act. If you did this and you have paid over one half of the total credit price on the agreement you would have nothing more to pay, however you would get nothing back for the car.

Which ever option is best for you will depend on, the current value of the car, how much you have paid off the agreement, what the total credit price of the agreement is and the condition of the car, also if there is any millage issues in the contract regarding early termination.

If you wanted to put the details on here I could work out the figures for you.

[darrenbilly]

Re: Audi car finance

Thanks for your reply. I have the facts and figures required.

Thanks for your replies everyone, I have the facts and figures now. Contract was signed on 06/09/12 for a period of 48 months. Amount of credit £21,750 with 7.10% interest. Total amount of credit (with interest?) £26,503.68. Monthly payment is £330.69. I was given £1500 for my old Citroen. It says the finance is their 'solutions' product. Through Volkswagen.

Vehicle Cash Price was: £24,250
Less Advance Payment of £2,500
Amount of Credit: £21,750.

Total amount payable, including final balloon would be £29,003.68.

Maximum annual mileage is 8000, to date the car has done under 10,000.

In the Termination section it says that if I have paid at least 50%, £14,501.84 I do not have to pay any more. Car was recently valued by Audi at £17,000. On line quotations have said £19,000-£21,000 depending on private sale, trade in etc.

I hope the above is enough for some guidance. Thank You!

[Guest]

Re: Audi car finance

Gosh big balloon do you have the APR just to double check my figures I get 10.7%

'oh and was the 1500 included in the deposit or was it an additional pre payent, ie you paid 4k off ?

[darrenbilly]

Re: Audi car finance

Yeah, big final payment, no plans to pay that! I've checked the percentage and it is what I put. I didn't think the total amount was right, but that's what it is

[Guest]

Re: Audi car finance

Yeah, big final payment, no plans to pay that! I've checked the percentage and it is what I put. I didn't think the total amount was right, but that's what it is

N it is ok I put the wrong initial payment down it is 7.4% balloon is £10961

settlement if you had paid 20 payments (£6613 ) would be £17700.42

I get tht you would owe £5388 to get up to the half way point on a VT

So looks like a trade in would be favorite going off that

[darrenbilly]

Re: Audi car finance

N it is ok I put the wrong initial payment down it is 7.4% balloon is £10961

settlement if you had paid 20 payments (£6613 ) would be £17700.42

I get tht you would owe £5388 to get up to the half way point on a VT

So looks like a trade in would be favorite going off that

I shall find out the remaining balance and the value of the vehicle, I will consult with Audi to see what they can do for me. They may be more accommodating if I wish to take a new contract on a cheaper vehicle. Hopefully. Thank for your help, I appreciate it.

[Guest]

Re: Audi car finance

Tthe figure quoted should be the settlement figure for the finance calculated using the early settlement regulations. this is the very maximum thy are allowed to charge under the legislation (CCA)

[darrenbilly]

Re: Audi car finance

Tthe figure quoted should be the settlement figure for the finance calculated using the early settlement regulations. this is the very maximum thy are allowed to charge under the legislation (CCA)

Once I have found out the settlement figure and current vehicle valuation, I shall let you know.

Thanks again