Never reaching 50% VT Point on a PCP deal

[ticky]

Hi everyone,

Is it possible NOT to be able to reach the VT 50% point in a PCP contract?

Here is my scenario

2 Year PCP
Car Cash Price - £48k
APR - 7.3%
Total Amount Payable - £52.5K
Total Deposit + Contribution - 14k

Amount of Credit - £34k
Final amount (balloon payment) - 28k

My 50% VT point is £26.3k but my payments are only £445 a month. So including my 14k deposit & 24 monthly payments I will only get to £24,680

Does that sound correct?

Thanks in advance

[roygbiv]

Re: Never reaching 50% VT Point on a PCP deal

would be interested to understand this too

[Amethyst]

Re: Never reaching 50% VT Point on a PCP deal

If the total amount payable is £52.5k then 50% is £26250

You've paid £14k so taking that into account you have to pay 27.5 months of £445 payments to hit the £26250 50% VT amount. It's not the halfway point on months it's the halfway point on total payable.

The VT amount should be written on the agreement anyway?

And on those sums

Amount of Credit - £34k
Final amount (balloon payment) - 28k

is £62k not £52k so somethings not right there.