so, with the VT of a pcp should everyone just set one up for a low(est) number of miles and VT it ? .. maybe you would never be ale to get another PCP though ?
edit : same already commented
Excess mileage charges apply if you give the car back at the end, not if you voluntarily terminate before the end.
As above, it needs to be in a good condition, though. When I VTd my 530 the finance company were really transparent in stating that they won’t charge excess mileage, however far over I am (I recorded the call, just in case)
This seems pretty flawed, so effectively if I was to take say a 320d at a mileage of say 32k over 4 years - which I think is the minumum with BMW ,pay as little as possible in deposit,maintain my payments and ensure I pay enough to be over the 50% (or whatever) threshold I can - if I choose - pile on 50k p/a without a care and just voluntarily terminate one month before my deal is up and walk away laughing given the PCP was based upon a far lower mileage and therefore considerably cheaper?
A 3 series with no deposit is going to be very expensive per month and by VTing you walk away with nothing.
Well why would you want to walk away with something that is in negative equity. You've destroyed the residual value.
My point is that it isn't the secret amazing cheap car idea people seem to be thinking it is. It's an expensive way out of an even more expensive situation.
My point is that it isn't the secret amazing cheap car idea people seem to be thinking it is. It's an expensive way out of an even more expensive situation.
Ok fair comment, what about with something else then, does the same principle apply?A 3 series with no deposit is going to be very expensive per month and by VTing you walk away with nothing.
There is one thing however, he said it would take 5 working days for the finance settlement to go through. It never crossed my mind at the time but I have a deposit on another car which I now can't finance for at least 5 days. So as it stands, Webuyanycar have the car and the money for the next week. This is ridiculous.
that must be the easiest situation for them/owner to consult service records and see if annual mileage has been abused.I read lots of horror stories about excess mileage and VT particularly with BMW finance.
why ? - don't get it , or , it was possible credit rating impact .I was not allowed to pay the amount owed to finish the term and give the car back early.
If you’re in negative equity/gone massively over the mileage limit ...I don't really understand why VT would be preferable in any situation really - unless you really just want rid of the car.
If it becomes a significant problem then they will have to find a way to defeat it.
Like for example only shorter terms, larger deposits etc. Which will affect the market, but may mean the 50% thing becomes very difficult for people to achieve.
I don't think they can easily defeat the 14 day thing, if they're offering discounts then they're offering discounts... the 14 day cooling off period for credit is standard and not specific to motor vehicles.
I guess the 50% payment thing on the other hand can be pushed back against as you've highlighted. Useful to know though, certainly likely to burn some bridges with the dealership and finance company.