It's actually 50% of the total amount payable including any interest etc. 

 

Im surprised how the OP has paid 50% already and is only 30 months into a 42 month agreement. Like others have said the car for part ex etc must have been a fairly  large deposit. 

Edited 9 April, 20179 yr by tigermad

Part of the deposit was, of course, my traded-in Mk. 2 - can't remember what they allowed on it but I added a bit and that was the deposit.

If I had gone the full 42 months I would have had to then pay something over £6K to keep the car, or else start some other deal

22 minutes ago, tigermad said:

It's actually 50% of the total amount payable including any interest etc. 

 

Im surprised how the OP has paid 50% already and is only 30 months into a 42 month agreement. Like others have said the car for part ex etc must have been a fairly  large deposit. 

It is 50% of the total amount payable - so purchase price + interest - it is on the first page of every agreement.

 

On 42 months agreements, even with only about £1.5k deposit it is around the 30-36mth mark when you hit the 50%, it all depends on the mileage you declared and therefore the GFV (balloon payment). On my agreement the balloon payment at 42 months is about 1/3rd of the purchase price, and 50% is at 31 months.

Edited 9 April, 20179 yr by andyvee

20 minutes ago, ednmra said:

Part of the deposit was, of course, my traded-in Mk. 2 - can't remember what they allowed on it but I added a bit and that was the deposit.

If I had gone the full 42 months I would have had to then pay something over £6K to keep the car, or else start some other deal

 

You must have borrowed about £13k I guess. So half way mark would be around 37 months at £179 per month with the gfv around £6000 you said. Still don't get how you got to the half way so quick. 

 

If if you can buy the car now for £8800 you have 12 months at £179 =£2148 plus the gfv at £6652. So how can you be over half way with that still owing? It would mean you would have had to borrow £19-£20k

Edited 9 April, 20179 yr by tigermad

1 hour ago, tigermad said:

 

You must have borrowed about £13k I guess. So half way mark would be around 37 months at £179 per month with the gfv around £6000 you said. Still don't get how you got to the half way so quick. 

 

If if you can buy the car now for £8800 you have 12 months at £179 =£2148 plus the gfv at £6652. So how can you be over half way with that still owing? It would mean you would have had to borrow £19-£20k

Can only tell you what they told me! If I'd wanted to pay up now and keep the car it would have been about £8800. If I kept paying monthly at about £169 till next April, the settlement figure to keep the car would have been about £6600. I didn't "borrow" anything. I traded in my Mk. 2, added some cash at that point, and they worked out the scheme (interest free). The trade in, my cash, all the monthly payments, and the final lump sum, added up to the exact cost price of the car.

20 minutes ago, ednmra said:

Can only tell you what they told me! If I'd wanted to pay up now and keep the car it would have been about £8800. If I kept paying monthly at about £169 till next April, the settlement figure to keep the car would have been about £6600. I didn't "borrow" anything. I traded in my Mk. 2, added some cash at that point, and they worked out the scheme (interest free). The trade in, my cash, all the monthly payments, and the final lump sum, added up to the exact cost price of the car.

Sorry. You can only go by what they have told you but something doesn't add up with the figures you have been given or maybe I'm no carol vorderman. It's easy to work out. Just take a look at the amount that was financed on the finance agreement and halve it. If they say you owe nothing now and can walk away then grab the chance.

Edited 9 April, 20179 yr by tigermad

the other way is to see what a dealer/ wbac would give you for the car you may make a bit back rather than just handing it over.

On 09/04/2017 at 19:13, LewJo said:

 

That's not what Skoda finance told me when I enquired about a VT, I'm guessing the finance company were wrong then?

 

What's the difference between "the finance company" and "Skoda finance"?