VT and balloon payment query

[RedRidingHood]

Hello
I bought a new Kia Picanto on PCP in March, then out of the blue I was offered a job in Vietnam, meaning that I no longer need my car. I haven't paiid 50% but am happy to make a lump sum payment to bring the account up to the 50% mark so that I can VT the agreement and return the car, but I can't get a straight answer anywhere regarding what I should include in my calcualtions.

The agreement is 0% interest, so I'm very clear on the figures. I am assuming that I need to pay 50% of the total amount payable minus payments already made and minus the guaranteed future value of the car, which would otherwise be the balloon payment at the end of the agreement if I decided to keep the car?

I'd be grateful if someone could please confirm this for me.

Thanks in advance.

[R0b]

Re: VT and balloon payment query

Hello,

Your calculations should include any deposit made, plus your monthly instalments to meet the 50% mark. The total price payable includes the balloon payment, you should see in your agreement a section headed "TERMINATION: YOUR RIGHTS" which will tell you how much you need to pay.