Another 'BMW Financial Services' Query

[harvmate]

Good afternoon all,

I have spent a good few hours reading this forum and the many, many posts regarding BMW Financial Services. I would like to ask a question as my situation may be a little unique (but fairly straight forward).

The Question:
I have submitted my Voluntary Termination paperwork to BMW Financial Services to which I have arranged a collection date through British Car Auctions. At the time of termination I was slightly under the 50% paid of the total amount payable by £1200. I knew this at the time of termination and had already worked out the sums before the VT agreement landed on my door step.

I have since signed the paperwork and returned to BMW FS, my account is now on hold with no more payments to be taken. The car is being collected by BCA in 4 days time. There should be no issues as the car is in very good condition and under the contract mileage. Now the question is whether I am required to pay the £1200 to take me up to the 50% of the total amount payable now the VT has been acknowledged and processed? Will BMW FS chase me for this if I do not pay before the car is collected?

Thanks in advance.

[Amethyst]

You will need to pay the remainder to take you over the 50%... remember it includes any deposit you paid to start with and is 50% of the total due under the agreement.

I don't know how BMW deal with it but you're probably best continuing your monthly payments until you pass the VT point so you don't end up with anything adverse on your file.

Just going to move your post to the Motor finance forum so someone who knows far better than I can help