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Returning car to advantage finance - HELP

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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...

 

Please help.

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bump


RMW

"If you want my parking space, please take my disability" Common car park sign in France.

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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.

 

Hope that helps.

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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.

 

thanks in advance...

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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

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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.

Edited by natsunstar

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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?

 

Thanks for your help guys

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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?

Edited by crem
didn't notice 2 separate questions running.

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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.

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To natsunstar,

 

Sorry to bother you.. I bought a car on finance through Advantage.

 

The car has had nothing but problems with it and in my opinion.. it has never run sound from day 1.

 

The clutch went within 3 months and after arguing with the warranty co and the garage... they evently agreed to repair it. then the EGR valve went, but was no longer under the 6 month warrenty.. so I didnt persue it.

 

The garage told me that I can VT, but i had to contact ADV. I spaoke to Adv, and the woman told me she couldnt discuss it over the Phone and that it had to be in writing and she also seemed to want me off the phone very quickly.

 

The only reason I want to return the car is that its never 'run' ok and due to my circumstances my credit rating has got worse so I cant get new finance to get a more reliable car.

 

 

I've noticed that lots of people have had quite a lot of hassle trying to return there cars to Adv, do you think I will have a problem and is it worth doing a VT?

 

They told me my agreement is for 42 months and I recon Ive paid about 18 months without any defaults.

 

 

kind regards

 

Dan

 

Ps I know this msg is directed to natsunstar as they used to work at Advantage finance... but if anyone else has any advice... it would be appreciated before I write to them requesting VT.

 

 

Thanks again.

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Have you reached the point where a VT option is viable?

 

Can you tell us the following from your sales invoice and HP agreement.

 

Purchase price of car

Deposit paid (including any value of car traded in)

Monthly payment

Months of contract

Months paid

were any additionals included (eg insurances/warranties)

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Thanks for the reply crem, they didn't say I hadn't reached the point when enquired, will get all the details on monday. What I can tell you is I put 1k cash down plus my old car and I've been paying £32 a week and its a 42 month agreement. Thanks Dan

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ADV won't tell you you've "reached the point of VT" because you can VT at any time. What we usually mean by reached the point is have you paid half the total amount payable, thereby not having anything else to pay.

 

For example,

total payable =5,000.

1/2 way = 2,500

Payments so far = 1,000

 

You can still VT, but you will owe them 1,500 when you give them the car back which you might not be able to pay them.

 

That is why we normally look at whether you have already reached the 2,500 point or are at least close enough that you will be able to make the final payment when they ask for it.

 

Post back when you can get all of the figures I suggested above.

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Guys I'm having the same problem with advantage

 

One half of amount payable to VT agreement was £5,193.46

 

Payments made on account to date

£3,882.14 monthly payments

£100.00 deposit

 

Now I have missed a few payments which total £1,211.00

 

I expected the VT amount to be the value of missed payments , but advantage are saying that I have to pay this amount plus the arrears , my argument is I want to pay the arrears in one payment today in which case I'm already over the half way mark so why should I have to pay another £1211,00 and they simply will not put anything in writing help!!!!!

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Are you sure of how much the missed payments are, they seem a bit high.

 

Can you fill in a few more details to help us.

 

When did you start the HP

What was the total price of the car

How much is the monthly payment

How many months have you missed

 

If you ask them for a written confrimation as you are considering a Voluntary Termination, I can't see how they can avide needing to provide these details in writing.

Are your payments still in arrearss

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I am having the same problem with adv i have had the 40 month hp and it is due to end in January 2014 so only 11 more payments the car has had nothing but problems and now i can not get it to start and have been told it will cost over £1000 to fix the car is only worth £2100 and i still owe £2900 so it is not worth fixing or selling the woman wouldnt tell me anything over the phone i just need to no if i do hand it back will i face high chargers and if they sell in for a low amount will i have to pay the difference thank you

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I am having the same problem with adv i have had the 40 month hp and it is due to end in January 2014 so only 11 more payments the car has had nothing but problems and now i can not get it to start and have been told it will cost over £1000 to fix the car is only worth £2100 and i still owe £2900 so it is not worth fixing or selling the woman wouldnt tell me anything over the phone i just need to no if i do hand it back will i face high chargers and if they sell in for a low amount will i have to pay the difference thank you

 

this thread is a year+ old

 

tell us what is going on with you case please

 

dx


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yes they say you cant but you can

go your own thread

this one is more than a year old

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

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This thread should really be closed. It's been necro'd multiple times already.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Hi. I need advice on returning a car to advantage

Can you help me?

 

no! don't do that

start a new thread and tell us the story.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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hi guys,

im the same

I have finance with these for 2 years and still another 2.5 years left,

 

 

my car is a shed and is costing so much money I want to return it as its really not worth the money now!

 

 

any suggestions,

 

 

do I call advantage to see how much I need to pay,

and also about the insurance payments that share half of the monthly payments I make?

 

I don't want to alert them to my plans lol

 

Thanks

Hannah

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hi guys,

im the same

I have finance with these for 2 years and still another 2.5 years left,

 

my car is a shed and is costing so much money I want to return it as its really not worth the money now!

 

any suggestions,

 

do I call advantage to see how much I need to pay,

and also about the insurance payments that share half of the monthly payments I make?

 

I don't want to alert them to my plans lol

 

Thanks

Hannah

 

 

thread is 3yrs old no-one will see you here.

start a new thread

 

 

thread now closed to stop repeated yearly opening


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 1069 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you
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