Voluntary termination PCP

[Teddybear]

Hi, been told by finance company that i need to make another 4 payments before i reach the magic 50% mark. I have already made 22 which would mean i pay 27 in a 36 month contract.
The termination amount is £13300 which is half of the price of car plus interest ie £26600
This does not seem very fair as I've paid a deposit of £5130 and the balloon figure is £10600
The monthly payment is £299 and is with RCI NISSAN FINANCE. They have also given me a settlement figure of £13680.
I would appreciate any advice you can give
[MENTION=71570]R0b[/MENTION]

[R0b]

Re: Voluntary termination PCP

It does seem unfair, but the deposit is included when calculating the total amount payable. Under The Consumer Credit (Agreements) Regulations 2010, Schedule 1 paragraph 12 it says this about total amount payable:

(1) The total amount payable by the debtor being the sum of the total amount of credit and the total charge for credit payable under the agreement as well as any advance payment.

Because the deposit is included in the total amount payable it means you are paying more months of the contract than exactly the half way point.

[Teddybear]

Re: Voluntary termination PCP

Darn, what was that about small print. Thank you very much and have a good day

[R0b]

Re: Voluntary termination PCP

Sorry to be the bearer of bad news - Perhaps next time if you are going to put down such a large deposit you might wish to consider a leased car if you have no intention of purchasing it.

[Teddybear]

Re: Voluntary termination PCP

Indeed , the intention was to always complete but the car is no longer needed.
How does a leased car differ from pcp and does the size of deposit make no difference as its half of total ?