The Car Salesman's Thread
Discussion
Zwolf said:
You need to know how much you borrowed. i.e. The price of the car minus PX and deposit (usually a combined maximum of 35%...). If the GMFV is in excess of half of that amount, you will not be able to VT.
£20,000 OTR, less £4,000 (20%) deposit/PX = £16,000 balance to finance. Of which, half of it is the GMFV at 40% of OTR price = £8,000.
Therefore no right to VT until all the monthly payments have been paid.
Find your finance agreement and substitute your own figures - also check the T's & C's of your particular contract. Depending when you took it out and the amount funded, it may or may not be a Consumer Credit Act regulated agreement, in which case again there will be no right to VT.
Many thanks, I'll give this a bash!£20,000 OTR, less £4,000 (20%) deposit/PX = £16,000 balance to finance. Of which, half of it is the GMFV at 40% of OTR price = £8,000.
Therefore no right to VT until all the monthly payments have been paid.
Find your finance agreement and substitute your own figures - also check the T's & C's of your particular contract. Depending when you took it out and the amount funded, it may or may not be a Consumer Credit Act regulated agreement, in which case again there will be no right to VT.
MikeGTi said:
Zwolf said:
You need to know how much you borrowed. i.e. The price of the car minus PX and deposit (usually a combined maximum of 35%...). If the GMFV is in excess of half of that amount, you will not be able to VT.
£20,000 OTR, less £4,000 (20%) deposit/PX = £16,000 balance to finance. Of which, half of it is the GMFV at 40% of OTR price = £8,000.
Therefore no right to VT until all the monthly payments have been paid.
Find your finance agreement and substitute your own figures - also check the T's & C's of your particular contract. Depending when you took it out and the amount funded, it may or may not be a Consumer Credit Act regulated agreement, in which case again there will be no right to VT.
Many thanks, I'll give this a bash!£20,000 OTR, less £4,000 (20%) deposit/PX = £16,000 balance to finance. Of which, half of it is the GMFV at 40% of OTR price = £8,000.
Therefore no right to VT until all the monthly payments have been paid.
Find your finance agreement and substitute your own figures - also check the T's & C's of your particular contract. Depending when you took it out and the amount funded, it may or may not be a Consumer Credit Act regulated agreement, in which case again there will be no right to VT.
MikeGTi said:
5678 said:
Just phone the finance co and ask. They will be able to work it all out for you.
Already on that, firing them a letter though. I prefer things I can wave at people.spud989 said:
Which one? And a happy coincidence or was it someone (presumably wealthy!) who'd rocked up to the event and bought it on impulse there and then?
I took a call whilst I was at the Yorkshire Big Breakfast about a little Mini Cooper S, the customer turned up just as we were closing and left a deposit there and then.Any of you fellas on here do Citroens??
Curious as to if or when deals on new DS5 hybrid are likely to become available? Had a brief look at one over the weekend - albeit not a hybrid as they apparently aren't being delivered yet - and was mighty impressed with it. Would be bought outright from a dealer as we dont lease vehicles, and preferably local, but suspect a little reluctance from the powers that be to pay full list for a Citroen! We are quite flexible with car purchases but in Sport spec it sits at the very top end of the budget allowed and i am not sure i would get it passed if we had to pay list on account of residuals, which although expected to be much better than they used to be, aren't likely to be as good as some other choices available at that price.
Quickly looking on Autotrader and they are advertising any stock that is available over list price, which is surely a first for a modern Citroen... Although I have given the local dealer my details I dont want to waste too much of his time if it cant be brought within budget.
Curious as to if or when deals on new DS5 hybrid are likely to become available? Had a brief look at one over the weekend - albeit not a hybrid as they apparently aren't being delivered yet - and was mighty impressed with it. Would be bought outright from a dealer as we dont lease vehicles, and preferably local, but suspect a little reluctance from the powers that be to pay full list for a Citroen! We are quite flexible with car purchases but in Sport spec it sits at the very top end of the budget allowed and i am not sure i would get it passed if we had to pay list on account of residuals, which although expected to be much better than they used to be, aren't likely to be as good as some other choices available at that price.
Quickly looking on Autotrader and they are advertising any stock that is available over list price, which is surely a first for a modern Citroen... Although I have given the local dealer my details I dont want to waste too much of his time if it cant be brought within budget.
Voluntary Termination rights;
Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will f
k you if you get the rules wrong. If you need any help with it, feel free to PM me.
Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will f
k you if you get the rules wrong. If you need any help with it, feel free to PM me.MikeGTi said:
Roo said:
Don't be surprised if they only give you a settlement figure. This is not the same as how much you've paid/still owe as far as VT rights are concerned.
I'm guessing I'll have to pay their figure anyhow, so it shouldn't be in vain.TVR1 said:
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts.
Deva Link said:
I know they'll try it, but they're on dodgy ground doing that - VT is a legal right and there should be nothing more to pay as long as the car is in "reasonable" condition. "Reasonable" is probably a lot less stringent than the finance company's requirements.
Not at all. They are within their legal rights. I will expand in a fee hours but have to go out!Deva Link said:
I know they'll try it, but they're on dodgy ground doing that - VT is a legal right and there should be nothing more to pay as long as the car is in "reasonable" condition. "Reasonable" is probably a lot less stringent than the finance company's requirements.
Not at all. They are within their legal rights. I will expand in a fee hours but have to go out!TVR1 said:
Voluntary Termination rights;
Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will fk you if you get the rules wrong. If you need any help with it, feel free to PM me.
If you're at VT stage, but 20,000 miles over the agreed, can you still VT and just pay £0.07 x 20,000?Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will f
k you if you get the rules wrong. If you need any help with it, feel free to PM me.Does excess mileage at any point become "unreasonably" too much?
TVR1 said:
Voluntary Termination rights;
Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will fk you if you get the rules wrong. If you need any help with it, feel free to PM me.
Thanks, I'll give them a call tomorrow if I get time. Minus my agreement references since that's all at home Assuming that you borrowed no more than £24001.00 (things changed last year but as you are 2 years in, it doesn't effect you) you will fall under the consumer credit act 1971. You are entitled to return the vehicle once you have paid back 50% of the Total cost of the vehicle. Have a look at your agreement, it should tell you the amount that will get you to VT stage. Simply take that figure, deduct any deposit paid and divide that figure by your monthly payment and you will have how many months from the start of the agreement to go. 24 months in, you probably will have reached VT stage unless your MGFV is a huge % of purchase price. Or of course, call VAG finance and ask am I at VT point yet?
If you do VT though, be carefull, they will back charge you if they have to service the car, repair any non wear and tear damage etc for huge amounts. Finance companies don't like it but that's your right but play the game. Think Easy Jet/ Ryanair with hold baggage/ oversized hand luggage. They will f
k you if you get the rules wrong. If you need any help with it, feel free to PM me.It was serviced 2 months ago, and isn't due again for another 15k or so.. so hopefully they can't pick me up for too much, it's in perfect condition imho.
One thing ... VT doesn't apply on half the amount financed but half the total credit price.
So assuming that the deal goes something like this (completely made up figures)
Deposit £2k
36 Monthly payments of £400
MGFV £7k
Total credit price £23400 then the VT point is at £11700 paid, or £9,700 of finance payments ... or 24.25 months.
On those numbers you would still owe very slightly under £11k so if the car is actually worth £11k or more you'd be mad to VT... you can still sell a car, especially to the trade, as long as the finance is paid off at or before the final payment is due (e.g., by bank loan). So VT only ever makes sense if in negative equity.
So assuming that the deal goes something like this (completely made up figures)
Deposit £2k
36 Monthly payments of £400
MGFV £7k
Total credit price £23400 then the VT point is at £11700 paid, or £9,700 of finance payments ... or 24.25 months.
On those numbers you would still owe very slightly under £11k so if the car is actually worth £11k or more you'd be mad to VT... you can still sell a car, especially to the trade, as long as the finance is paid off at or before the final payment is due (e.g., by bank loan). So VT only ever makes sense if in negative equity.
Had a customer call me yesterday about a commercial vehicle we have in stock.
Our commercial bloke is on holiday at the moment so I said I would try and help him out.
He was out of area and wanted to know how much his PX was worth. I said that we don't give values without seeing the car, but as he was a long way, if he sent me the photos and details I would try my best.
I left it at that.
No email.
Then at 4pm today, we get a phone call from an irate chap wanting to speak to my manager to make a formal complaint as he had sent the pictures and got no response.
I never got the pics.
I don't see why people feel the need to kick off like that, proper annoyed me. If he'd rung me and said 'Hi, I sent the pics but didn't get an email back' I'd have helped him out, instead I'm refusing to deal with him and have passed him to someone else.
I'm over it. Honest
Our commercial bloke is on holiday at the moment so I said I would try and help him out.
He was out of area and wanted to know how much his PX was worth. I said that we don't give values without seeing the car, but as he was a long way, if he sent me the photos and details I would try my best.
I left it at that.
No email.
Then at 4pm today, we get a phone call from an irate chap wanting to speak to my manager to make a formal complaint as he had sent the pictures and got no response.
I never got the pics.
I don't see why people feel the need to kick off like that, proper annoyed me. If he'd rung me and said 'Hi, I sent the pics but didn't get an email back' I'd have helped him out, instead I'm refusing to deal with him and have passed him to someone else.
I'm over it. Honest
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