Same boat as me, my car was 5.5k and im paying back almost 10k over 4 years /£163.53 month. Had it now for 16 months and the settlement figure is 4690~ ish.

When i got the car the dealer never sat me down and went through the APR and payments etc, he didnt even tell me how much i was paying untill i signed. (he rushed me to sign) saying sign here here here, i wanted to read but he just said oh its ok its only PPP what weve been through, reading though it now and CLearly its not..! im Fu£$ing P1$$ed off now!

Hi,

When you took the finance out on the car did they sit you down and go through the APR over what term and how much the total repayable was?

I ask because I have a friend who wanted to get out of an agreement like this and had no luck because he signed an agreement with the dealer and knew what he was getting into.

I know you say your car has depreciated by 1k or so but it makes no difference to the finance company. the only way you might be able to get out of some of the interest is to settle now. I did this on a car I bought a few years ago.

I paid 9k for it and after 4 years interest I would of ended up paying 13kish. I settled after 5 months and had all the interest knocked off bar 2 months worth which was in the contract as a penalty if I settled early.

Hi

I am in excatly the same position. Have you been able to get any advice???

Thanks

eeboo

Hi - I got finance arranged on a car. The market value of the car at the time was about £5k, but teh finance over 5 years would see me shell out more in the region of £10k.

One year down the line, I am looking to get out of the agreement and return the car and make other arrangements. However, the company are now telling me that if i want to follow a "voluntary termination" of the finance contract, I will have to suffer the following:

1 - they repossess the car and auction it off.

2 - they deduct my total-to-date payments only

3 - they expect the remaining balance on the £10k account settled!

So, in essence, they take my car away (now worth £4k approx) and auction it off (for £500+), take into account my years payments (12x £270 = £3240) and then hit me for the rest! (approx. £6750!)

How can this be fair if the car has only seen 1 years use, is in mint condition, MOT'd, serviced, 4 brand new expensive tyres, was only worth £5k a year ago, is now worth about £4k, and has had £3240 paid off on it as it is!! Any ideas or advice?

Thanks in advance!

C28