Hi,

Im on ford options and my payments are up to date at the moment.

If I wanted to return my ford now, would I have to pay anything or aslong as my payments are up to date I wouldnt have to pay anything?

Thanks

It depends on a number of things, such as:

How long do you have left till the agreement ends

The value of your car

How much you have left outstanding

If your car is worth less than the ammount owing, then that must be paid off with your own money.

The amount you have been paying would not include the Guaranteed Minimum Future Value amount that would have been deducted from the payments you are making. For example, if I wanted to keep my car when the 36 months are up, I will have to pay another £4,200.

You need to take this into account as well.

I believe you need to have paid more than half to hand the keys back and walk away?

Can anyone clarify: I'm paying £11,000 over 3 years and then my GFV is £5000 so to do a VT would I have to pay half of the £11,000 or half of the total £16,000?

Can anyone clarify: I'm paying £11,000 over 3 years and then my GFV is £5000 so to do a VT would I have to pay half of the £11,000 or half of the total £16,000?

You have the right to terminate and end your agreement under Section 99 of the Consumer Credit Act 1974 at any time before your last instalment is due, although you will have lost the right to terminate your agreement if the creditor has already terminated it or if the full balance of the agreement has become payable.

If you decide to terminate your agreement voluntarily and hand back the goods to the creditor, you should only have to pay up to half of the total amount payable under the agreement, minus sums that you have paid and sums that are due. Sums that you have paid include any deposit plus the instalments that you have paid. Sums due are any arrears or missed payments due at the time of termination.

Information The one half or 50% figure is stated on the agreement in the box headed 'Termination: your rights'.

http://www.nationald...e_purchase_debt

when I handed mine back 13th January, it was 2 years 1 1/2 months in to 3 years, and I'm paying the other half of the finance on this car, which basically doubles the price!