Voluntary Termination on PCP contract

forgotmyname

Fancy a new BMW?

10,000 miles a year its £553 per month

20,000 miles a year its £620 per month

Say you do 20,000 a year you tell them you do 10,000 and save £2500 ish.

Probably less but thats the idea anyway.

Everyone will rush out and try to get deals for 100 miles a year now

Cornucopia

Thanks for that, but IIUC, the 50% is 50% of the total contract value, isn't it?.

So, for many shorter/low mileage PCPs, the balance will not get to 50% of the contract value before the contract expires normally.

Or is it a different 50%?

forgotmyname

But is that 50% of the agreed price or 50% after they have added on charges for excess mileage?

Cornucopia

forgotmyname wrote: »

But is that 50% of the agreed price or 50% after they have added on charges for excess mileage?

AIUI, the charges for excess mileage are not enforceable in the case of VT. From the evidence here, it's more a question of whether the vehicle meets broad standards of "reasonable wear & tear". If not, the finance company has the option to reject the VT. There could then be further negotiation, I guess.