British Credit Trust

[gigantojim]

Hi

 

I`ve had my hours lowered at work but got a compensation package to cover it for a set amout of time / years.

 

I currently have a car with the British Credit trust.

 

Its for 49 months ( 1 month being the gap insurance ) and I pay 291 quid a month.

 

The car cost about 8 grand or just under when I got it and I will have paid half ( of the finance which is 14k total ) when it gets to around August time.

 

I have asked them for a settlement figure and they stated around 6300 quid.

 

My question is, is that amount negotiable?

 

If I pay off the HP, then sell the car, I`ll get around what the settlement figure is for it.

 

If I wait and carry on paying until the contract gets to half way, I can just give it back right?

 

I really dont know what to do.

 

I want to downsize my car anyway as mine is a 2.7 litre Jeep, its in great nick but its a waste of money as I only use it for the couple of mile commute to work.

 

Any help or advice would be appreciated.

 

Thanks

Jim

[Marky2211]

Hi,

 

Yip after you have paid half of all monies due, you can VT the car without penalty. Although some people reckon this does harm your future credit rating.

[crem]

Hi,

 

Yip after you have paid half of all monies due, you can VT the car without penalty. Although some people reckon this does harm your future credit rating.

 

I have heard this also, but have yet to see it coming true in practice. I have VT'd a car before (back in 2001) and moved on without giving it another thought and never experienced any credit rate damage.

 

I have just requested and received a confirmation from Vauxhall (GMAC) that I can VT one of my current cars, whilst at the same time, ordering a new Vauxhall to be financed though GMAC . I have about 5 other cars on HP which the dealers are happy with and have been chatting to BMW this week about a new car including mentioning about this Vauxhall that I intend to get rid of by VT. None of this has been a concern to any of the dealers and arranging the new finance has never proved to be a problem.