Increase mileage, early termination

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Matty
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Increase mileage, early termination

Post by Matty » Tue Jun 25, 2019 2:21 pm

Just spoke to Blackhorse and they said that I can’t increase the mileage. Complete opposite to what I was told when I picked up the car.

Also, BH said that I wouldn’t be able to voluntarily terminate my agreement after 50% of the interest was paid due to the ballon payment being so high!

Note sure if that’s applicable to everyone on the Stratstone deal, but I’ll be calling back to speak to someone else to see if the information is correct.
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MikeJL
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Re: Increase mileage, early termination

Post by MikeJL » Tue Jun 25, 2019 2:37 pm

There's a good article here that explains the process, you can cancel but have to pay 50% of the Total Amount Payable.
https://www.thecarexpert.co.uk/car-fina ... on-pcp-hp/
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kriswilson
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Re: Increase mileage, early termination

Post by kriswilson » Tue Jun 25, 2019 3:37 pm

What are they saying the car is worth? I’ve got a 240 S R-dynamic with 20k miles and have been told the price for trading mine in is at MOST £35k.


saqibm
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Re: Increase mileage, early termination

Post by saqibm » Tue Jun 25, 2019 4:40 pm

Based on the linked article you have to pay of 50% of the total amount borrowed before you can voluntarily terminate. The total amount borrowed would be the full outstanding finance balance including interest and final payment.

On my Stratstone deal I'm paying £439/month for 48 months, meaning I would have paid £21k by the end of the term, which is still not half the total borrowed amount (around £60k I think). Which means that in no point in my 4 years would I have paid off half the amount borrowed or be able to voluntarily terminate. So what BH have told you may actually be correct.....

(assuming I've understood the article correctly!)


Craigc
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Re: Increase mileage, early termination

Post by Craigc » Tue Jun 25, 2019 6:13 pm

I have done this on a Citreon we use to have on P.C.P. Changed job and mileage was increasing way more than may contract, went to local Dealer to change but was working out to expensive, salesman said why don’t you hand it back. Never heard about it? He said we do it all the time, as long as you have paid half the term no problem, I was worried it would affect me getting another car with them?. When I mentioned this he said no problem, So that what I did, I was nervous but went ahead, they checked car over at pick at Dealers for any damage and had to pay some excess mileage, Even had a lease car through Citreon waiting for me at Dealer when car went back.


LewiJ
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Location: UK

Re: Increase mileage, early termination

Post by LewiJ » Tue Jun 25, 2019 8:18 pm

Above article is correct - 50% of total contract value. The Stratstone deal won’t reach that level due to the high balloon payment, so no early termination. Surprised you can’t change the mileage though.
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