Mini pcp vt

sporedogma

I am considering a voluntary termination on my mini, bought on a pcp and now half paid, so according to the Halves rule I can now hand the car back.
On speaking to BMW finance (mini) they have told me that I can indeed hand the car back but they will levy a pro rata charge for excess mileage.
In my view they are not allowed to do this, the credit agreement clearly states that 50% of the total financed has to be repaid and that the vehicle has to be in reasonable condition (taxed, mot'd, roadworthy and serviced etc), but there is no mention of mileage.
Obviously as this is a pcp there is a contractual annual mileage and a gfv based upon that mileage but I believe that this is irrelevant under the Halves rule,
Can anyone guide me?

ps I recently did a vt with Black Horse finance on my sons' Fiat Punto , (off to uni and can't take car), also on a pcp but there was no mention of mileage just had to deliver to local BCA auction centre and hand it over.

Hintza

I would say they are quite correct. It shouldn't be that expensive though. But also remember they will hit you for every scratch and you had better have it valeted.

Keith

Hintza wrote: »

I would say they are quite correct. It shouldn't be that expensive though. But also remember they will hit you for every scratch and you had better have it valeted.

How do you mean? I'm getting quite confused by all this, I thought legally after you have paid 50% of the finance you walk away?

They can't start adding penalties if you use your rights under the CCA to return the vehicle, can they?

Hintza

It is NOT a penalty.

The OP will have signed an agreement for a total number of miles over a fixed period of time. That will then be adjusted on a pro rata basis.

I am sure if the OP reads the T&C's it will all be there.

vikingaero

If you do hand it back, remember to take loads of pictures of the interior and exterior in case they attempt to levy charges.

ilovebanksMCMLXXXI

One of the factors taken into consideration when arriving at your monthly repayment is mileage per annum so should you VT the car they will be able to charge you excess mileage - if of course you are over mileage for the years you have had the car

Keith

Hintza wrote: »

It is NOT a penalty.

The OP will have signed an agreement for a total number of miles over a fixed period of time. That will then be adjusted on a pro rata basis.

I am sure if the OP reads the T&C's it will all be there.

Sorry, I wasn't referring to the mileage, I meant this bit

But also remember they will hit you for every scratch and you had better have it valeted.

Can the original figure be adjusted to include damage?