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  • FIRST POST
    • Not so Richy Rich
    • By Not so Richy Rich 7th Sep 17, 6:11 PM
    • 41Posts
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    Not so Richy Rich
    VT on PCP Advice
    • #1
    • 7th Sep 17, 6:11 PM
    VT on PCP Advice 7th Sep 17 at 6:11 PM
    I'm really hoping someone could assist..?
    I've recently VT'd my car which was on a PCP. I've read all the issues surround paying excess mileage charges. I'm still not too sure where I stand in that respect but my issue is slightly different.
    I've VT'd six months before the half way point.
    As a result I've just paid a lump sum (remaining 6 months of payments)
    So I've VT'd early (30 months) but paid for 36 months.
    My TOTAL mileage is under the agreed limit but the pro rata mileage is over the mileage (if worked out over 30 months).
    If the mileage was calculated over the 36 months that I've paid in total for the car, I'd be about right on the pro rata mileage.
    Needless to say the finance company say I owe them.
    Should it be calculated on length of ownership OR length of time I paid to own the car??
    Had I left it on the driveway, not driven it and let the remaining x6 months to naturally lapse all would be fine.
    Any thoughts??
Page 1
    • wgl2014
    • By wgl2014 7th Sep 17, 6:53 PM
    • 362 Posts
    • 206 Thanks
    wgl2014
    • #2
    • 7th Sep 17, 6:53 PM
    • #2
    • 7th Sep 17, 6:53 PM
    AIUI if you VT then mileage by itself is irrelevant but the car must be in reasonable condition.
    The other thing I've seen reference to is not to sign any paperwork the company may ask you to that could make you liable.
    • Not so Richy Rich
    • By Not so Richy Rich 7th Sep 17, 8:16 PM
    • 41 Posts
    • 0 Thanks
    Not so Richy Rich
    • #3
    • 7th Sep 17, 8:16 PM
    • #3
    • 7th Sep 17, 8:16 PM
    They've already accepted the car is in very good condition and confirmed no charges re damage.
    The original papers did state excess mileage charges etc.
    IF I do have to pay for mileage what's the thoughts as per original post??
    • wgl2014
    • By wgl2014 8th Sep 17, 9:09 AM
    • 362 Posts
    • 206 Thanks
    wgl2014
    • #4
    • 8th Sep 17, 9:09 AM
    • #4
    • 8th Sep 17, 9:09 AM
    http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/
    • Not so Richy Rich
    • By Not so Richy Rich 8th Sep 17, 10:32 AM
    • 41 Posts
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    Not so Richy Rich
    • #5
    • 8th Sep 17, 10:32 AM
    • #5
    • 8th Sep 17, 10:32 AM
    I'm still a bit unsure. My contract did state I'd have to pay pro rata mileage. I'm not too sure I want a long battle/marker on credit file.
    The issue being that it's under the agreed mileage but over the pro rata mileage. Surely if I've paid 36 months worth of payments (in advance or over 36 months) the pro rata should be calculated over 36 months???
    • DoaM
    • By DoaM 8th Sep 17, 10:35 AM
    • 3,495 Posts
    • 3,553 Thanks
    DoaM
    • #6
    • 8th Sep 17, 10:35 AM
    • #6
    • 8th Sep 17, 10:35 AM
    Quite simply ... whilst excess mileage may be mentioned in the contract, that term cannot be enforced without you signing any VT documentation to agree to it - provided you've reached the other milestones that allow VT; e.g. 50% payment mark. (I believe this has been ruled by the FOS or similar). That's why post #2 gives you that warning.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • wgl2014
    • By wgl2014 8th Sep 17, 10:36 AM
    • 362 Posts
    • 206 Thanks
    wgl2014
    • #7
    • 8th Sep 17, 10:36 AM
    • #7
    • 8th Sep 17, 10:36 AM
    Problem being that if the finance company won't back down it may well be a drawn out process regardless of your arguements as to why no additional charge is payable.

    How much do they actually want?
    • Not so Richy Rich
    • By Not so Richy Rich 8th Sep 17, 12:13 PM
    • 41 Posts
    • 0 Thanks
    Not so Richy Rich
    • #8
    • 8th Sep 17, 12:13 PM
    • #8
    • 8th Sep 17, 12:13 PM
    That's the thing. It's only a few hundred pounds but.. when the pro rata mileage is calculated over the full term it brings it down by nearly half again. Does sound odd but my calculations and the finance companies calculations confirm that.
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