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Hi,
I entered into a finance agreement with Mercedes Benz Financial Services in May 2018. I am now 33 months into the contract and am considering voluntary termination as my circumstances have changed and the car I have no longer suits my needs. I have never been late or missed a payment to date and have kept the car in what I would describe as reasonable condition. They have quoted a shortfall of £2755 from the 50% mark. However I am probably going to be subject to an excess mileage charge and, from what I’ve read, stringent assessment of the scuffs to alloys/paint work which could result in more added charges.
I accept the shortfall on the finance as I entered into that agreement, however am I right in saying I can dispute the excess mileage charge and damage assessment if I don’t feel it meets my expectations?
They also state that they expect charges to be paid via debit card, which I understand from their point of view as they just want their money they expected under the agreement, however I feel it is unfair in the current circumstances to expect people to pay that kind of money outright - is there any history of finance companies setting up payment plans for VT shortfall?
I also assume they can’t demand payment until I have disputed/accepted any charges?
I haven’t yet signed any documentation to VT, if I need to keep the car and continue the monthly payments I will have to accept my stupidity for entering into such a long agreement on such an expensive car!
Thank you for reading this far.
C
I entered into a finance agreement with Mercedes Benz Financial Services in May 2018. I am now 33 months into the contract and am considering voluntary termination as my circumstances have changed and the car I have no longer suits my needs. I have never been late or missed a payment to date and have kept the car in what I would describe as reasonable condition. They have quoted a shortfall of £2755 from the 50% mark. However I am probably going to be subject to an excess mileage charge and, from what I’ve read, stringent assessment of the scuffs to alloys/paint work which could result in more added charges.
I accept the shortfall on the finance as I entered into that agreement, however am I right in saying I can dispute the excess mileage charge and damage assessment if I don’t feel it meets my expectations?
They also state that they expect charges to be paid via debit card, which I understand from their point of view as they just want their money they expected under the agreement, however I feel it is unfair in the current circumstances to expect people to pay that kind of money outright - is there any history of finance companies setting up payment plans for VT shortfall?
I also assume they can’t demand payment until I have disputed/accepted any charges?
I haven’t yet signed any documentation to VT, if I need to keep the car and continue the monthly payments I will have to accept my stupidity for entering into such a long agreement on such an expensive car!
Thank you for reading this far.
C
