BMW Select Agreement - Voluntary Termination

cmjham40 · 17 January 2009 at 9:41PM

In November 2006 I bought my vehicle from what I thought was a repeputable BMW Dealer in the South side of Glasgow. I bought the car for 67K and put down 10K deposit. The deal I asked for and was told verbally that I had, was for 4 years and the choice of buying or handing back at that time. I was told that I would owe 27K and that I could hand it back or trade it in for a new one. I was even told that there would most probably be enough additional value to use as a deposit for my next car. Today just over 2 years into the deal, I visited the showroom with a view to buying a new car earlier than antisipated. I was offerred 18K as a trade in? I asked how this was possible when I would get 27K if I keep it for another 2 years. At this point I was informed that My deal did not have a garunteed future value at all. I still owe just over 40K for my car which they say is only worth 18K today. I have checked my agreement and I have a Balanced Payment Hire purchase Agreement, unregulated and Uncancellable. Clearly I have signed this without reading the small print and there appears to be no way to end it.

jplatton · 12 February 2009 at 9:27PM

Hi,

I have the same problem with an unregulated Lease Purchase Agreement. The problem is that I approached a salesman from Vehicle Consulting, Stockport to lease a car only. I was told it was 48 month leasing contract with an option to buy and pay a balloon payment or give the car back after 48 months with no penalties or balloon payment. I also had the option to give the car back without penalties after 15 months. Unfortunately, the salesman was lying and I now find that this is not the case. I have an email off the salesman stating that we can give the car back after 15 months without penalty, but Vehicle Consulting say we have signed an agreement and it is binding. The salesman no longer works for Vehicle Consulting, I suspect he was sacked, although they deny it. Lombard also no longer deal with Vehicle Consulting, which again is a bit suspect, so I think this problem might be more widespread then I thought.

At least 5 other people that I know of have been caught in this scam, where we all thought we were leasing cars. It only came to light when one of them was sent details to renew the car tax.

I emailed a local solicitor with the details and he replied he couldn't do anything because of a conflict of interests. This makes me think that he may be representing Vehicle Consulting re another case of the same nature.

I have sent a letter to Lombard finance, but haven't received a reply as yet.

Any idea's as to where to go from here? and does anyone think we have a chance of getting out of this contract?

One thing it's taught me is to read a contract no matter what the salesman tells you!!

jplatton · 12 February 2009 at 9:28PM

Hi,

I have the same problem with an unregulated Lease Purchase Agreement. The problem is that I approached a salesman from Vehicle Consulting, Stockport to lease a car only. I was told it was 48 month leasing contract with an option to buy and pay a balloon payment or give the car back after 48 months with no penalties or balloon payment. I also had the option to give the car back without penalties after 15 months. Unfortunately, the salesman was lying and I now find that this is not the case. I have an email off the salesman stating that we can give the car back after 15 months without penalty, but Vehicle Consulting say we have signed an agreement and it is binding. The salesman no longer works for Vehicle Consulting, I suspect he was sacked, although they deny it. Lombard also no longer deal with Vehicle Consulting, which again is a bit suspect, so I think this problem might be more widespread then I thought.

At least 5 other people that I know of have been caught in this scam, where we all thought we were leasing cars. It only came to light when one of them was sent details to renew the car tax.

I emailed a local solicitor with the details and he replied he couldn't do anything because of a conflict of interests. This makes me think that he may be representing Vehicle Consulting re another case of the same nature.

I have sent a letter to Lombard finance, but haven't received a reply as yet.

Any idea's as to where to go from here? and does anyone think we have a chance of getting out of this contract?

One thing it's taught me is to read a contract no matter what the salesman tells you!!

DebtBeeta · 22 February 2009 at 4:15PM

Hi all,
I'm hoping that one of you knowledgeable folks can advise me?

I signed a "Hire Agreement Regulated by the Consumer Credit Act 1974" for 3+35 lease with "Bank of Scotland Vehicle Finance". I'm pretty sure it was termed as a "Personal Contract Hire" over 3 years.

I'm currently 21 months into the agreement and want to hand the car back 15 months early. BoSVF said that I can VT but I might be charged any shortfall in resale value. Another option is to pay them £5,500 and let them collect the car - No thanks!

Can I get out of this agreement without additional expense? I'm seriously considering cancelling the Direct Debit and just telling them to collect...

Any suggestions or advice would be great.
Thanks

oliveoyl0123 · 2 April 2009 at 9:47PM

hi i'm hoping someone out there can help. we went to a ford dealer for a lease purchase on a van, we are now 12 months in on a 36 month lease and as our business is about to come to a close we were hoping to make a deal onpurchasing the van early only to find that what we were sold was a lease hire agreement!!! and to confuse things a little more we also have two different agreement numbers. i believe something very underhand is or was going on at ford as the sales person is no longer there and when my van was supposed to arrive in jan and it didn't i called to ask why and they said they had no paperwork regarding theorder of a van and they sent me another copy to sign. I called the finance company (RBS) and they said the agreement no that is on all the documents that ford hold which is also the agreement that the deposit was paid to doesnt even exist, however the one that were paying on ford have no record of at all? where do i start sorting out this mess????

savingtips2 · 17 April 2010 at 10:27PM

Hello can someone advise me please
I am about to hand my BMW back within the next week via VT. They have emailed me the form which states that the car has to be in good condition and if not they will invioce me for the damage, the thing is there are some scratches on the bumper. My sister has also handed her BMW back last year and her car was scratched but she wasn't charged. Are they allowed to do this? It would be just my luck I'd be sent a big bill.

PNPSUKNET · 18 April 2010 at 9:14AM

they have every right as they own it

North_Star_2 · 15 June 2010 at 6:25PM

Hi , I know this is a little after the conversation but I found this thread by typing "Voluntary Terminations of a Car" into google and stumbled upon your troubles , my agreement states I can give the car back once I have reached a certain figure in payments but you all seem to state that after 50% of the payments you can give it back yet mine shows that it will be at least 34/60 payments before I hit the total sum required before a VT can be done , is this right ? Also my friend did a VT a few months ago and his agreement stated the car "must be in reasonable condition" which to me or you would indicate "decent or good" would it not ? surely not showroom class...well he took his for a wash n valet before handing it back and he got billed for a scrape on the front bumper , paint only no deeper , now I think these companies need to clarify what REASONABLE means because if i bought a pair of trainers off eBay stated as reasonable I would expect them to have been used and a little worn , not almost brand new ! Car salesmen need to be released in a field and hunted down by a pack of rampant bunny rabbits for the lies and stress they cause people , sorry to hear about all your problems all of you this country stinks at times.

foolishboy · 18 June 2010 at 2:42PM

North_Star wrote: »

Hi , I know this is a little after the conversation but I found this thread by typing "Voluntary Terminations of a Car" into google and stumbled upon your troubles , my agreement states I can give the car back once I have reached a certain figure in payments but you all seem to state that after 50% of the payments you can give it back yet mine shows that it will be at least 34/60 payments before I hit the total sum required before a VT can be done , is this right ? Also my friend did a VT a few months ago and his agreement stated the car "must be in reasonable condition" which to me or you would indicate "decent or good" would it not ? surely not showroom class...well he took his for a wash n valet before handing it back and he got billed for a scrape on the front bumper , paint only no deeper , now I think these companies need to clarify what REASONABLE means because if i bought a pair of trainers off eBay stated as reasonable I would expect them to have been used and a little worn , not almost brand new ! Car salesmen need to be released in a field and hunted down by a pack of rampant bunny rabbits for the lies and stress they cause people , sorry to hear about all your problems all of you this country stinks at times.

I recently VTd a Bank of Scotland car .. it was easy, and fair.

You have to have repaid 50% of the original loan. So if you borrowed £20k, you have to have repaid £10k. You can get the total outstanding amount from them easily enough by asking for a settlement figure.

My contract said that I was liable for anything beyond normal wear and tear. A few stone chips and a little wear on the seat is exactly this. A parking ding/scratch is not wear and tear - an incident of some kind caused this and you'd have to rectify that before return or get charged. I had a mobile repair guy come over and take care of any such damage before the collected mine to minimise any comeback the lease company had.

With used car values being as they are (my optional balloon payment to purchase was way more than it's true value) all the companies are taking a hit when people VT so they'll (understandably) be pretty strict when they take the car back.

HTH
FB

jonjamie1970 · 18 June 2010 at 3:19PM

original message deleted for privacy

BMW Select Agreement - Voluntary Termination

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