PCP Voluntary Termination

motorguy

neilmcl wrote: »

A point yet to be tested in higher court, so as they say, the jury's out on this one.

However, as you've previously pointed out, they simply take it to county court and can win it there....

Post #26 for anyone else reading it

http://legalbeagles.info/forums/forum/money-debt/consumer-credit-act/99722-bmw-financial-services-voluntary-termination-excess-mileage/page2

boliston

motorguy wrote: »

I was wholly with you on that however there was a debate on this on another thread and it turns out that finance companies are taking individuals to court on excess mileage and winning.

I wouldnt be assuming any more that a finance company wont pursue it through to a local county court

Surely statute ALWAYS trumps contract - it's about the first thing that is taught in law

motorguy

boliston wrote: »

Surely statute ALWAYS trumps contract - it's about the first thing that is taught in law

Well, as was pointed out to me on the other thread - and as can be seen in that link - county courts seem to be a law onto themselves and the big finance companies are turning up, arguing their point and winning.

Read that post #26 of that link

Rob_LB

motorguy wrote: »

Well, as was pointed out to me on the other thread - and as can be seen in that link - county courts seem to be a law onto themselves and the big finance companies are turning up, arguing their point and winning.

Read that post #26 of that link

Evening,

Just thought I would let you know there has been a win today on excess mileage, though the mileage exceeded is much less than the one you refer to in your post. The OP has yet to post a full account of what happened but hopefully will do in due course (post #39).

http://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues/97275-won-vt-excess-mileage-mbfs-county-court-claim-mortimer-clarke-pls-help

motorguy

Rob_LB wrote: »

Evening,

Just thought I would let you know there has been a win today on excess mileage, though the mileage exceeded is much less than the one you refer to in your post. The OP has yet to post a full account of what happened but hopefully will do in due course (post #39).

http://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues/97275-won-vt-excess-mileage-mbfs-county-court-claim-mortimer-clarke-pls-help

Yes, it seems you're up against what mood the county judge is in on the day / how well presented their case is, etc.

Up to the individual i guess, if they want to risk the finance company pursuing it.

DoaM

motorguy wrote: »

Yes, it seems you're up against what mood the county judge is in on the day / how well presented their case is, etc.

This is always the case with small claims ... the judge decides on the balance of probabilities whose evidence he/she believes. Thus there is always a human factor to any decision, including any opinions and bias the judge may have.

neilmcl

DoaM wrote: »

This is always the case with small claims ... the judge decides on the balance of probabilities whose evidence he/she believes. Thus there is always a human factor to any decision, including any opinions and bias the judge may have.

And without any legal precedent to follow the judge can only follow their own interpretation of a given statue.

macman

After two years of paying out monthly, how can you suddenly 'be a bit annoyed with the APR'? The rate was the same then as you'd been paying from day one. and the same as the rate that was on the contract when you signed it.

AdrianC

willLeeds wrote: »

I was very clearly told at the time when buying 'If at any point you want to give the car back, that's fine. You can give it back, the ONLY fee you will pay 6p per mile you are over your millage"

The minor detail that's missing there is that you CAN hand that car back and cancel that contract... by taking out another, different one with the same finance company.

That apart, there are only three ways you're getting out of it.
One is to VT - and you're not going to be anywhere near the 50% paid yet, since that includes the balloon.
Two is to effectively buy yourself out of the contract, by paying the settlement figure which includes compensating them for the loss of profit from the remainder of the contract. If you write the car off, this is the route that'll be being taken, with the insurer (probably with your gap policy) paying the settlement on your behalf.
Three is to wait until the term is up.

If you're just having a bit of buyer's remorse about things that were covered clearly in the contract documentation, that's not "mis-selling".

motorguy

AdrianC wrote: »

The minor detail that's missing there is that you CAN hand that car back and cancel that contract... by taking out another, different one with the same finance company.

That apart, there are only three ways you're getting out of it.
One is to VT - and you're not going to be anywhere near the 50% paid yet, since that includes the balloon.
Two is to effectively buy yourself out of the contract, by paying the settlement figure which includes compensating them for the loss of profit from the remainder of the contract. If you write the car off, this is the route that'll be being taken, with the insurer (probably with your gap policy) paying the settlement on your behalf.
Three is to wait until the term is up.

If you're just having a bit of buyer's remorse about things that were covered clearly in the contract documentation, that's not "mis-selling".

Four - VT it and pay the remainder up to the 50% marker.