Voluntary Termination of PCP - BMW Mini Finance

The_Real_Cheddar_Bob

Dear Money Saving Experters,

this topic appears to be have been covered many times, although through searching I still don't believe I have found the answer I am looking for.

I have a car on PCP with Mini. The details are as follows:
Contract term: 48 months
Contract start date: 8th August 2015
48 payments of £162.37
Final payment of £7007.91
Total amount payable including £1400 deposit; £16,039.30
Car purchase price: £12,995
Mileage: 8000 per year
Total mileage to date 5000 miles

I am unable to find the cars GFV, so I can assume this would be the final payment amount of £7007.91.

My question is as follows:

I am aware I can end my agreement early under voluntary termination rights. The point in which I reach 50% is what I would like to clarify. August this year is 50% through the agreement, so in effect 50% of what is payable over the 48 months, however this will not be 50% of the overall amount payable which is £16,039.30.

The 50% of this value comes closer to the 48 month of the PCP agreement, so in effect when I've paid off £8,019.65. I have currently paid off £4,647.40 including my deposit.

If this is correct then I would assume voluntary termination would not be possible with my PCP agreement until the initial contract term is over, unless I pay the next 20 months premiums which would be until January 2019, so £3,372.25.

This would leave 8 months left on the car PCP agreement, so in effect almost at the goal line for giving the car back without upsetting Mini Financial Services.

The other way of viewing this and the one I am most hopeful to be the answer is that I am able to voluntary terminate the agreement when I reach the half way point of 24 months.
The maths is, 24 x £162.37, so £3,896.88, plus my deposit of £1400, £5,296.88.

There is nothing in my paperwork from Mini Financial Services that clarifies the voluntary termination situation. I have just spent an hour reading all of the terms and conditions and I do not have sufficient information to answer the question myself.

I look forward to your replies and thank you.

Nearlyold

You have to pay 50% of the Total Amount Payable in order to do a Voluntary Termination ie 50% of £16039.30 - your deposit paid counts towards the 50% so you can VT after you have made £6619.65 of monthly payments which will take you to month 41 (more or less). The VT point is usually explicitly stated in the agreement.

On the first page of your finance agreement, at the top of the page, what type of agreement does it say you have? Does it say Hire Purchase? I ask because occasionally PCPs are not set up as Hire Purchase/Conditional Sale agreements but rather as Fixed Sum/Term agreements (personal loans effectively) which don't have VT rights.

The_Real_Cheddar_Bob

Thank you. It does say hire purchase agreement. I have re-read the document and found the 50% mark is just over £8000.

They don't mention VT in the credit agreement, they word it much differently.