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mileage on hire purchase agrrement
dear all
i hope some one can help me out with this one.i have a credit agreement with RBS for a ford fiesta.i have had the car 2 years and have only done 7k in miles .now it clearly states that the mileage when i give the car up should not be in excess of 21500 otherwise i will incurr a penalty of .6p per mile over that figure.BUT what if the mileage is under do i get a nice cheque or do i just lose out.As this seems to be a very one way method.if the finance company are going to take moeny from the concumer for excessive mileage then they should give you money for being under the mileage..can anyone answer this.
i hope some one can help me out with this one.i have a credit agreement with RBS for a ford fiesta.i have had the car 2 years and have only done 7k in miles .now it clearly states that the mileage when i give the car up should not be in excess of 21500 otherwise i will incurr a penalty of .6p per mile over that figure.BUT what if the mileage is under do i get a nice cheque or do i just lose out.As this seems to be a very one way method.if the finance company are going to take moeny from the concumer for excessive mileage then they should give you money for being under the mileage..can anyone answer this.
0
Comments
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No, you don't get anything, and if you don't like it you shouldn't have signed the contract.0
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Sounds like PCP rather than Hire Purchase. Anyway, you get nothing. Also sounds like you will be liable for any damage, and will have to have kept up the main dealer service history.
Low mileage has little effect on the used value, but high will have a negative effect hence the penalty.
Lastly your penalty will by 6p per mile, not 0.6p0
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