GMAC Voluntary Termination of PCP

[Darzo]

I am considering a VT on my Vauxhall Mokka. The details are as follows:

Total cost of car (including finance) = £19200

Deposit = £4210

24 monthly payments made so far = £229.08 x 24 = £5497.92

11 more payments to go + Balloon payment of £6973

Now my question...............does the 50% mark take into account the deposit or just the finance? If it includes the deposit then i would be over the 50% mark by my calculations (half of total cost = £9600 (£19200 / 2)).

Deposit of £4210 + payments of £5497.92 = £9707.92 which is over the 50% mark

However if the 50% mark is based purely on the finance aspect of the agreement i.e £14990 then half of this would be £7495 and my monthly payments only equate to £5497.92

Can you please clarify which calculation is correct?

Many Thanks

[R0b]

Re: GMAC Voluntary Termination of PCP

Correct, the deposit is essentially a down payment / credit towards the total price, which should be reflected in your agreement where it breaks down the total amount payable.

So when you VT then this should be taken into account.

[seduraed]

Re: GMAC Voluntary Termination of PCP

I believe that it half the total cost of the goods. So the value of the deposit is included. It should say on your agreement.

[Darzo]

Re: GMAC Voluntary Termination of PCP

My agreement does not mention this.

[R0b]

Re: GMAC Voluntary Termination of PCP

Then your agreement is unlikely to be a hire purchase agreement however, GMAC should have given you pre-contract information about the breakdown of the total amount payable - it is a requirement of law. Are you absolutely certain your agreement does not contain anything like this? It usually sits on the first couple of pages and the fact you mention balloon payment makes me think it is a PCP agreement but you might not be looking in the right place.

If it definitely doesn't show anything there, then I would suggest uploading a copy of your agreement with your personal info redacted and we can take a look at it.

[Darzo]

Re: GMAC Voluntary Termination of PCP

Hi Rob,

These are the documents I received from GMAC.

[R0b]

Re: GMAC Voluntary Termination of PCP

Do you have your original agreement? did you sign anything except for this being given to you?

I've quickly scanned that document and I am inclined to suggest that GMAC may have failed in their duty to provide you with the right information about the contract. They should have included the following statement below which is a legal requirement (at least to be included in the PCP agreement). If there is no statement in there, then it might be a hire agreement or a fixed sum loan.

[Darzo]

Re: GMAC Voluntary Termination of PCP

It was sold to me as a PCP agreement and to my knowledge this is the only agreement that I received at the time. I will check at home later

[R0b]

Re: GMAC Voluntary Termination of PCP

What you have been given is pre-contractual information which is usually given for you to consider before signing the agremeent. You should have been required to sign a full agreement setting out the terms but if that's all you have got there may be good reason to argue that the agreement is unenforceable and GMAC are in breach of their duties.

Before jumping to any conclusions you should ask for a copy of that agreement if you don't have one.

[Aga .B]

Re: GMAC Voluntary Termination of PCP

Good Morning
PLease help me
I have voluntary terminated car to Toyota Finance I have paid 50% they collected my car but they advise on email that I haven’t got any balance due to pay but they can’t close my agreement as first of all my car need to be sold by auction and after that they can send final completion letter...I am bit worry that if car would not been sale for another year which means I am still liable ohhhhh help

[Benj1507]

I have bought a car with GMAC finance (roughly 5 weeks ago) and I really just don’t like the car now I’ve lived with it

i will be in £3600 negative equity if I want to return the car, do I have any other options?