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VT - Trying to get my head round the numbers?
Hello all,
I've been reading lots of the threads here but I'm still struggling to get my head around how a voluntary termination might work for me. Mine is for a motorbike not a car but it's still Black Horse finance and I'd assume works almost exactly the same way.
I've only had the bike just under a year in a 3 year PCP but after injuring my hip two months ago I've now found riding the bike is too painful. But I'm caught in the finance and can't work out what I'm best doing.
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I've tried to post a section of my contract but just in case it doesn't work I've put the main figures below.
Cash price of goods: £6,735.80
Less deposit: £1,200
Amount of credit: £5,535.80
Total charge for credit: 727.24
Repayment Balance: £6,263.04
Total amount payable: £7,463.04
APR 5.9% Interest Rate, 5.67% per annum
Duration 37 months
36 repayments of £101.64
Final repayment £2,604.00
Termination Your Rights - states that in order to return the goods I must have paid £3,731.52
Currently I've made ten payments totalling £1,016.40
Does the deposit I put down also count towards the figure? Bringing my total paid to £2,216.40?
Is so that would mean a shortfall of £1,515.12 that I'd need to pay in order to terminate? Is that right?
Or is it just based on the payments meaning I'm short by £2,715.12
My other option, if this is possible? Black Horse have given me a settlement figure of £4,902, the bike is currently worth around £4,600. So could I pay this settlement figure and then instantly sell the bike? That way I'm only losing out on £300. This would mean putting it on a credit card until I could sell it and pay it off again which is something I'm really wary of. I don't have £5k cash though.
I'm under my mileage and other than a small chip in the paintwork the bike is in an excellent condition.I'm just too sore to ride her anymore and I've no idea what I can do. It's so early to try and terminate! I haven't spoken to Black Horse yet, I don't think they'll want to help me though so I'd like a little advice first. I've never had to cancel one of these before.
I've been reading lots of the threads here but I'm still struggling to get my head around how a voluntary termination might work for me. Mine is for a motorbike not a car but it's still Black Horse finance and I'd assume works almost exactly the same way.
I've only had the bike just under a year in a 3 year PCP but after injuring my hip two months ago I've now found riding the bike is too painful. But I'm caught in the finance and can't work out what I'm best doing.
[IMG]
uploading pictures[/IMG]I've tried to post a section of my contract but just in case it doesn't work I've put the main figures below.
Cash price of goods: £6,735.80
Less deposit: £1,200
Amount of credit: £5,535.80
Total charge for credit: 727.24
Repayment Balance: £6,263.04
Total amount payable: £7,463.04
APR 5.9% Interest Rate, 5.67% per annum
Duration 37 months
36 repayments of £101.64
Final repayment £2,604.00
Termination Your Rights - states that in order to return the goods I must have paid £3,731.52
Currently I've made ten payments totalling £1,016.40
Does the deposit I put down also count towards the figure? Bringing my total paid to £2,216.40?
Is so that would mean a shortfall of £1,515.12 that I'd need to pay in order to terminate? Is that right?
Or is it just based on the payments meaning I'm short by £2,715.12
My other option, if this is possible? Black Horse have given me a settlement figure of £4,902, the bike is currently worth around £4,600. So could I pay this settlement figure and then instantly sell the bike? That way I'm only losing out on £300. This would mean putting it on a credit card until I could sell it and pay it off again which is something I'm really wary of. I don't have £5k cash though.
I'm under my mileage and other than a small chip in the paintwork the bike is in an excellent condition.I'm just too sore to ride her anymore and I've no idea what I can do. It's so early to try and terminate! I haven't spoken to Black Horse yet, I don't think they'll want to help me though so I'd like a little advice first. I've never had to cancel one of these before.
