Newbie

[Wobbly1]

Good morning

Interesting site which I hope to both contribute to and learn from.

Whilst writing could someone please advise on the following

Motoring

I have a PCP which I am considering VT-ing. I understanding the 50% requirement but could someone clarify what constitutes 50%

For instance (keeping things simple), if I have an agreement that is for £17500 and I pay an initial deposit of £2500 i.e. finance of £15000 is the 50% reached at £7500 or £8750? (This is a simplistic scenario I know that other charges for interest/fees etc would also be in addition)

thanks

[Amethyst]

Hi Wobbly

The total amount on the agreement is £17500 - therefore you need to have paid £8750 including the deposit of £2500 - so £6250 worth of instalments.

However if the Car cost £17500, and you borrowed £15000 after paying a deposit of £2500, there will be the interest for the £15k loan to take into account.

It does normally say on the agreement - usually in a box ' Termination - your Rights ' or some such.

[Wobbly1]

Yep! Understood. Thank you for your input!