BMW Voluntary Termination

ads2017

Does anyone have experience of voluntary termination with BMW Financial Services?

My other half has voluntarily terminated her agreement with BMW with some excessive mileage. As she has paid over 50% of the overall agreement amount, voluntary termination was possible and she should just be able to walk away. Does BMW have a right to pursue for additional excess mileage costs? As far as I've seen in forums, you have the right to just hand back the keys and walk away once this 50% payment has been achieved?

motorguy

ads2017 wrote: »

Does anyone have experience of voluntary termination with BMW Financial Services?

My other half has voluntarily terminated her agreement with BMW with some excessive mileage. As she has paid over 50% of the overall agreement amount, voluntary termination was possible and she should just be able to walk away. Does BMW have a right to pursue for additional excess mileage costs? As far as I've seen in forums, you have the right to just hand back the keys and walk away once this 50% payment has been achieved?

No they dont have the right to pursue for excess miles, though that wont necessarily stop them from trying.

Did she sign any sort of paperwork when she did the VT as that may have included wording relating to them being able to claim excess miles.

ads2017

Nothing signed with excess miles for VT, and the additional charges have been disputed in writing. BMW are adamant they are in the right to pursue this and have stated it would need to go to ombudsman as next step!

motorguy

ads2017 wrote: »

Nothing signed with excess miles for VT, and the additional charges have been disputed in writing. BMW are adamant they are in the right to pursue this and have stated it would need to go to ombudsman as next step!

I think its an empty threat. Going to the ombudsman costs THEM money.

I'd let them.

In fact, i wouldnt abide by the ombudsman decision if it went against you, i'd let them take it to court.

They wont.

ads2017

Thank you! I wasn't aware of that - how does it cost them money if it goes to ombudsman?

Concern is for any damage caused to credit rating for non payment against the agreement.

ryan121

Every complaint taken to the ombudsman costs the company £500. The ombudsman service is funded by the companies that use it.

foxy-stoat

ads2017 wrote: »

Concern is for any damage caused to credit rating for non payment against the agreement.

No concern then as lenders do not see credit rating scores.....unless they registered it as a default, which would be very hard to do as the agreement was terminated.