Voluntary termination - do i sign the inspection report?

[doubleRR]

Hi, I am in the process of voluntary terminating my car with Mini Finance, and the inspection and collection is booked for tomorrow. There is some slight damage to the car - a small chip in the windscreen which got through the MOT and Autoglass advised me did not need fixing due to the size, a stone chip on the bonnet, some lights scratches on the bumper ledge (getting stuff in and out of the boot) , some scratches and holes where my dog guard was fitted to the tailgate, and a missing 12v plug cap. Other than that I would consider it in reasonable condition for a 3.5 year old car.

As i am expecting the inspection to pick up on these things, is it recommended that I sign the inspection report?

Also, I have paid 55% of the total, meaning £1279.00 over what I needed to to VT - can this be used as my contribution towards damage repairs? And how about excess mileage? I have done about £1000 worth of excess mileage, which I will pay as I have done the miles, but if some of my overpayment can be used towards that it would obviously be a big help.

I'm just wary of paying anything more than I have to! Any advice gratefully received

[Kati]

tagging R0b xx

[R0b]

Hello,

You are not legally obliged to sign the report, though do ask for a copy of it in case that report should change following another inspection. There is an argument to say that having paid over the 50% amount, that should be offset against any excess mileage on the basis that the lender's total loss itself is limited to the contractual value and in being paid 55% of the contractual value means they are getting more money plus the car is also being returned so their losses ought to have been recovered already. You could also do some research into cars of similar age and mileage and point out if there is any, that what they are claiming in excess mileage does not reflect much on the price of the car. Free car valuation websites may also point towards the fact that the excess mileage doesn't affect the value too much.

[doubleRR]

Thanks Rob, I won't sign the report then and will just ask for a copy. I will expect an invoice for any damage charges and the excess mileage, so assuming the damage charges are reasonable I will write back and say the excess will cover, and i can pay the shortfall if any (as I was expecting to pay the mileage anyway before realising how much more I had paid over the 50%)

[ostell]

And a lot of people refuse to pay the mileage as it's not due under the VT.

[doubleRR]

Hi Ostell, yes ive seen that i am not obliged to pay the mileage, but i have done about 28500 over the contract amount, so i feel its only fair that i pay as the excess mileage does affect the price of the car as a quick check on valuation sites has shown. However, i dont want to pay another £1000+ for mileage when I have already paid £1200 more than the 50% i was legally obliged too, so I will respond and say this can be offset. Looking at the settlement fee, and what they can sell the car for, there isnt much shortfall (about what i have overpaid in fact

I will see what happens, wish me luck! Thank you all for the advice, I would have been lost without this site!

[Laticsforlife]

Except they will sell at auction, not on a forecourt, hence what they get will not be 'market value'. Makes the whole calculation thing that much more difficult.