Volunatary termination help please

[dee4378]

I'm new to this so hope I've done things right!

Anyway my situation is this, I took a car on finance in February 2016 over 5years, however a year down the line I'm unable to meet the payments, I tried to negotiate with them but they put the monthly payment up rather than down, I feel the only way is to voluntarily terminate as opposed to waiting until they repossess. Am I right in thinking I will owe 50% of the full agreement price less any payments and less what they get for the sale of the car?

Thanks

[R0b]

Re: Volunatary termination help please

Just 50% of the total price payable plus any damage for repairs if the car is returned in an unreasonable conditon

[dee4378]

Re: Volunatary termination help please

sorry if I'm being a bit thick hear so it doesn't take into account any payments made? I will owe still owe the £ 6300 as a minimum?

Agreement price £ 12600
Therefore 50% = £ 6300
13 payments made of £ 209.80 = £ 2727.40

[R0b]

Re: Volunatary termination help please

No it takes into account any deposit and payments made to date. You owe 50% of the total price payable so you take your payments away from the 50% amount and that's what you owe

[dee4378]

Re: Volunatary termination help please

Thank you that's a big relief