Voluntary Termination BMW Help!!

[Lsebabe76]

Hello....
I was wondering if anyone had experienced a VT with BMW finance.
I am 28 months into a 36 month PCP agreement with BMW for my X5. (Never missed or been late with any payment) But am soon to get use of a work car so asked BMW for a VT... having read once id paid 50%+ of the amount owed (which at 28 months i clearly have) they then tell me i owe them 2400+ To terminate??? The calculation of this figure has not been made clear... and im absolutely bewildered... are they actually expecting me to pay the next 8 months depreciation on the vehicle?? Car is immaculate and well below agreed miles... so Im baffled as to how they have decided i owe them this??? I have asked them to clarify the calculation of this figure....

has anyone had any experience of this with BMW? Im considering getting some formal legal advice as it may be cheaper than paying this!!!

Any advice would be greatly appreciated!

[R0b]

Sounds like you may have fallen into the same trap as many other consumers. Just to set a couple of things straight as I'm not sure where you've got your information from but you don't need to have paid 50% before you can VT, the right to VT can be done at any time before the final payment becomes due.

Liability under the VT right is limited to 50% of the total price payable, not the number of months paid under the contract. On a PCP agreement for example, you are likely to have reached the VT stage around month 32 or 33. You may want to double check your figures before throwing good money after bad.

Rather than being baffled, check your contract see what it says on how much you need to pay to discharge liability and if you are sure you've met that criteria, why don't you simply ask BMW what the £2,400 is for and how they arrived at that amount - that might actually save you paying for unnecessary legal advice.

[Lsebabe76]

Thanks Rob. I have asked them to explain the amount they are suggesting i owe them as there wasnt any explanation/calculation or reference to any finance agreement.... It was just a stated figure. I wasnt aware that a VT could be instigated before the 50% mark had been reached. I assumed under the CCA this is what is stipulated to provide protection for the finance company as well
as the customer. ill post what they reply with on here!!