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To VT or not VT - Mercedes Benz finance with large excess mileage figure
Hi there, first time posting so please be gentle with me!
After some advice on the following please;
Currently 45 months in to a 48 month PCP (Agility) agreement with MB finance. I have exact figures, but for ease will round;
Current finance o/s = £17K
Final / balloon payment = £14K
Car (mileage 165,000) currently worth £13-14K (we buy any car / motorway etc)
Excess mileage charge 120K miles x £0.20/mile = £24K (yes, I know, please no nasty / negative comments !!!)
So, I'm thinking I can either;
1) Start the VT process and see if I can argue my way out of the excess mileage (with the assistance of this website and the excellent advice contained therein),
Or;
2) Try to sell the car for the best price possible (maybe £14K?) and settle the £17K finance, taking a £3K hit.
I could probably live with the £3K hit on option 2 if I really had to, but I do obviously like the thought of paying nothing under option 1.
I guess my question is, can I start the VT process (ie send MBFS and email doing so, using the template on this website), and if it looks like I'm going to have too much of a battle on my hands about the mileage (or I bottle it when they start to get heavy!), can I still go back to option 2, ie sell the car / settle finance?
If so, presumably I'd just need to sell the car & settle finance before the agreement ends on 4th Jun 2025?
While I'm trying to make my mind up I'm guessing I would need to leave the direct debit running / making payments in the meantime, although my next payment (c. £600) isn't due until the end of this month, and I'd have hoped to have sorted which way I'm going by then.
I guess my nightmare scenario is starting the VT process, then not successfully defending the mileage charge, and being on the hook for £24K mileage for a car that's only worth £13K, when I could have just taken the £3K hit. Would this happen or could I still sell the car?
Not sure if I've maybe just answered my own question here, but I guess it would be interesting to know have many people (or even anyone) on here successfully defended a large excess mileage charge from MBFS? That will probably tell me a lot!
Any good advice gratefully received.
Thanks
James
After some advice on the following please;
Currently 45 months in to a 48 month PCP (Agility) agreement with MB finance. I have exact figures, but for ease will round;
Current finance o/s = £17K
Final / balloon payment = £14K
Car (mileage 165,000) currently worth £13-14K (we buy any car / motorway etc)
Excess mileage charge 120K miles x £0.20/mile = £24K (yes, I know, please no nasty / negative comments !!!)
So, I'm thinking I can either;
1) Start the VT process and see if I can argue my way out of the excess mileage (with the assistance of this website and the excellent advice contained therein),
Or;
2) Try to sell the car for the best price possible (maybe £14K?) and settle the £17K finance, taking a £3K hit.
I could probably live with the £3K hit on option 2 if I really had to, but I do obviously like the thought of paying nothing under option 1.
I guess my question is, can I start the VT process (ie send MBFS and email doing so, using the template on this website), and if it looks like I'm going to have too much of a battle on my hands about the mileage (or I bottle it when they start to get heavy!), can I still go back to option 2, ie sell the car / settle finance?
If so, presumably I'd just need to sell the car & settle finance before the agreement ends on 4th Jun 2025?
While I'm trying to make my mind up I'm guessing I would need to leave the direct debit running / making payments in the meantime, although my next payment (c. £600) isn't due until the end of this month, and I'd have hoped to have sorted which way I'm going by then.
I guess my nightmare scenario is starting the VT process, then not successfully defending the mileage charge, and being on the hook for £24K mileage for a car that's only worth £13K, when I could have just taken the £3K hit. Would this happen or could I still sell the car?
Not sure if I've maybe just answered my own question here, but I guess it would be interesting to know have many people (or even anyone) on here successfully defended a large excess mileage charge from MBFS? That will probably tell me a lot!
Any good advice gratefully received.
Thanks
James
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