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Long story short... got a car on finance through advantage finance. On the original HP agreement it says that after we had paid a sum of £5311.50, we could return the car and as long as we had paid this amount and taken reasonable care of the goods that we would have no more to pay...
Okay now we have paid nearly a grand more than this.... however got a letter today telling me they need another £2591.06 to bring the account up to half payment and settle the insurances.
The termination section says this :
You have a right to end this agreement. To do so, you should write to the person you make your payments to.. They will then be entitled too the return of the goods and to have the total amount payable under this agreement, that is £5311.50. If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the goods you will not have to pay anymore.
Now we have paid £6300 something. ( I rang and checked)
the letter I got today says the following
With reference to you termination request, please ensure that you have read your contract carefully. In order to effect a voluntary termination on this account the following criteria need to be met.
Payment required
in order for you to terminate the above agreement you will need to pay
1. the amount required to bring your account up to date = £0.00
2. AT least one half of the total amount payable as stated on your hire purchase Agreement, which includes payments already paid and any deposit you paid at the start of the agreement = £841.50
3. Any outstanding collection charges = £0.00
The amount required to terminate this agreement is £841.50 This figure is valid for 7 days.
Optional Insurance.
Please be aware that the balance of any payment protection or other insurances taken out at the same time will remain paybale.
to settle these insurances and claim any rebate to which you are entitled you may also choose to pay the amount set out below. this will also ensure that you have no further liability under the insurance element of the contract.
The amount required to do this is £2,524.91
less rebate £785.35
Total £1749.56
In order to pay both the termination figure on the vehicle and settle any oustanding insurances the total amount due is £2591.06. You may elect not to settle the insurances now and pay these over the remainder of your agreement but this may result in you losing the rebate to which you are entitled.
In addition the goods must be returned to us. In order to obtain details of our nearest agent to you please contact our re marketing Department on.......................
then it goes on to lay out how the car needs to be.. ie good trim etc.
Can they demand this extra money.. as I sent my other car back a month ago and there was none of this to pay...
I am not an expert in law, finance or any related field, I just read a lot. Any advice is based solely on what I've read so please don't take it as gospel without checking it out yourself.
I prefer not to give advice by PM. If you want me to look at something, send me a link to your thread, and if I can help I'll reply on there.
When you say that you have paid £6300 so far, are you including in that figure the amount you have so far paid on the insurances? If so then that could be where the confusion lies.
Each monthly payment you make is likely to consist of an amount towards the car and an amount towards the insurance. Only the amounts for the car count towards your termination figure.
Its 4 months on.. we now no longer owe anything on the car itself from my workings out..
How can we pay the insurance off if we wanted to cancel. Can we just carry on paying that as we were????
As really need to get the car gone as I to be fair its not worth whats left on it... I still have nearly 7k to pay and its worth 3k tops... and I would rather send it back.. have the cash for a few months and buy myself one cash.
we had exactly same problem they asked for 6000 to return car after we had paid half of the price we asked to pay a reduced ammount and they refused to date the 2995 car has cost 8995 Beware
Have you sorted your problem? I used to work for Advantage Finance & know exactly how they work. Im a broker now so if you need any advice, mail me. Ill need to see a copy of your agreement in order to advise you properly.
Have you sorted your problem? I used to work for Advantage Finance & know exactly how they work. Im a broker now so if you need any advice, mail me. Ill need to see a copy of your agreement in order to advise you properly.
I am about to voluntary terminate my HP with Advantage Finance. I have not defaulted on any payments yet and have paid 34 of 48 monthly installments.
Do you guys think i'll have any major drama's with returning the car? I really dont want to pay anything 'extra'. The reason why I'm terminating is because I'm leaving the country fairly soon. How long do you think it will take to get the whole process over and done with?
It is hard to say what "difficulties" you will have on a VT. Some companies are easy to deal with (I have returned 2 cars to GM Finance,which is Vauxhall) but have heard horor stories on here about others, (Mercedes springs to mind).
Are you sure you need to VT though, because at month 34 out of 48 surely the car is worth far more than the amount you still owe, even if you sell at a "bargain" price?
It is hard to say what "difficulties" you will have on a VT. Some companies are easy to deal with (I have returned 2 cars to GM Finance,which is Vauxhall) but have heard horor stories on here about others, (Mercedes springs to mind).
Are you sure you need to VT though, because at month 34 out of 48 surely the car is worth far more than the amount you still owe, even if you sell at a "bargain" price?
You'd think, but the settlement figure is still £2800 and thats about the maximum i would get if i sold my 2004 Xsara Picasso. I got screwed over on the finance side of things...desperation is definitely a weakness!
I think it'll just cause me less headache to return the car.
Returning car to advantage finance - HELP
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Originally Posted by natsunstar
