I have a Peugeot 208 which I purchased on a 37 month pcp. I have 9 months left and enquirer about VTing the vehicle as I want to upgrade to something bigger.
However, having just received the figures, it would actually be cheaper for me to park the car at the side of the road and pay the rest of the payments rather than VT? How can they charge more than I agreed to over the term?
The figures I have are:
Amount financed: 16124
Deposit: 1500
Credit facility fee: 145
Total interest: 2373.36
Admin fee: 0
Total amout to pay: 20142.36
50% of total to pay: 10071.18
Less
Deposit paid: 1500
Admin fee paid: 145
Total of scheduled payments: 5953.77
Amount due to date: 7598.77
Provisional amount to pay: 2472.41
Amount of arrears due: 0
My monthly payments are around £220 per month.
I even asked if I can give them the car early and just pay them the rest of my agreed payments and they said no.
If this is right, it just seems to make a complete mockery of the whole voluntary termination.
The finance is with PSA.