Voluntary termination question

[bodtwo]

For voluntary termination I need to have paid 50% of the total financed cost with interest included.

So if I have 47 payments of £585 and a final payment of £19000 it would be ...

((47*585)+19000)/2

So about £23245, which if I divide by my payment of £585 means I’m at 50% at 40 months.

Is that correct?

[GWC]

Your agreement will tell you the half the total amount payable figure - you then calculate the amount of monthly payments you have made plus initial deposit and you will see where you stand - you can also pay forward to the halfway point if required.

[bodtwo]

So, on paperwork it says total cost payable is £53k.

There was £7.5k 'contribution' deposit so does that mean the following.

53000/2= 26,500

26,500-7,500=19,000
19000/584=33

So at 33 payments or more, i can apply the 50/50 rule and voluntary terminate?

[anonymous-user]

easiest solution is to ring the finance company. They will be able to tell you exactly when, and how much you would have to pay if you wished to do it now