Could do with some help on my Voluntary Termination from Mercedes on my PCP finance

[alsouthon]

Action so far.

1. I've sent a letter to Mercedes Benz using this website's template.

2. They have sent me back a letter which i could upload if necessary for advice saying basically thanks and no problem in doing your VT but your still have money outstanding.

3. In my view i've settled over 50% but would like to clarify exactly what that means.

26 rentals of 36 £465 =£12,090.00
Deposit =£4,302.99
Acceptance fee =180.00
Total Amount paid =£16,572.99
Total amount due = £20,259.00 Including car or bloom payment at end of term

So short fall of £3,686.01

But my reckoning is i've already paid 80ish % so i don't need to pay the shortfall. Is that right?


They want me to sign a completion form saying i will pay the shortfall, to end the contract, which i haven't but what do i do now? can someone help me please?

will this effect my credit score and how long will it show on my account that this is now cleared.

Thanks for nay help in advanced

Alex

[R0b]

Re: Could do with some help on my Voluntary Termination from Mercedes on my PCP finan

I think you have miscalculated your total amount payable. The deposit merely reduces the monthly instalments it does not contribute towards the amount paid for the purposes of VT.

You need to look at your agreement and see what the total amount payable is, then deduct that from the number of instalments made to date.

[alsouthon]

Re: Could do with some help on my Voluntary Termination from Mercedes on my PCP finan

Ok... i might of misunderstood here. Just to clear it up. Is it 50% of total credit cost plus costs and interest triggers VT or 50% of total amount to pay?

[R0b]

Re: Could do with some help on my Voluntary Termination from Mercedes on my PCP finan

Both are the same thing. If you look at yinto your contract it will say the total amount payable, that will show the total credit plus interest and deposit. It is 50% of the total amount payable you need to meet.

You will also see a section on "Termination: Your Rights" which will tell you what you need to meet to hit the 50% mark