Mercedes Finance asking me to sign to voluntary terminate Agreement

MobileSaver

johnrogerson wrote: »

I've just been told by BMW that if I don't sign the VT pack they won't collect the car - end of. ... that means more insurance, a possible MOT and parking permit charges. Surely this can't be right???

It isn't right and BMW know it. As I posted earlier in the thread your only obligations are:

1. to give them notice the agreement is to be terminated on a specific date
2. to pay at least 50% of the original total amount payable
3. to have taken reasonable care of the car (make sure you take loads of timestamped photos in case they play silly games)

If you have fulfilled all three of the above then your finance agreement and all liabilities will end on the specific date, regardless of whether they have collected the car.

I would write/email them again reminding them you have invoked your statutory right to terminate the agreement and that on such and such a day you will be cancelling the insurance on the vehicle and informing DVLA that you are no longer the registered keeper.

As long as you have given them reasonable notice (say a week, 10 days or even better a fortnight) then they won't have a leg to stand on and I suspect they'll suddenly agree to collect the car whether you've signed the VT pack or not.

schwarich

I phoned Mercedes finance to termination my pcp.  ( agility ) I am over the 50% marker. They said I can’t because of my agreement? I can only terminate at 95%

I think they are lying to me or scaring me into not terminating.
any help with this would be appreciated 
thanks 

AdrianC

schwarich said:

I phoned Mercedes finance to termination my pcp.  ( agility ) I am over the 50% marker. They said I can’t because of my agreement? I can only terminate at 95%

Is your 50% including the balloon?

schwarich

Yes yes the balloon had been calculated in

schwarich

It’s  a 48 month plan 
I’m at 37 months

schwarich

I was actually told when looking at a new deal with Mercedes that I’m over the 50% mark 

DrEskimo

Firstly have you checked what the car is worth relative to the settlement figure? Get a range of quotes from dealers and local independent garages to buy the car from you. It would be far easier to simple sell it to them and settle the finance that way. It might also be worth more...

If not, just send them the letter notifying them you are wanting to VT. It should be clearly stated in your contract that you can VT at 50% (also explained on their own finance website).

https://www.mercedes-benz.co.uk/passengercars/being-an-owner/existing-finance-customers/frequently-asked-questions/know-your-rights/personal-information.module.html

macman

schwarich said:

It’s  a 48 month plan 
I’m at 37 months

So give us the figures. Original amount financed, payments still due, balloon. With a PCP, you usually only reach 50% during the last few months.