Voluntary termination help please

[beter74]

I've read lots of posts so apologies if my questions have been covered but I'm really looking for some help. We have notified BMW Finance of our intention to VT our car - I'm currently on mat leave, so we can manage without it for now and will get something else later. Have tried private sale but no joy and we want to give it back by month end to save on the monthly payments. We have spent £600 getting all the minor dints sorted, alloys refurbished etc and it cost £300 to get the rear wiper working again after it seized (it's a Touring and apparently this is a common fault..) - so the car is looking good and servicing etc is all up to date.

I would like some help re;-

- we are over on the mileage agreement (by about 20,000 miles - would cost about £1k)- there seems to be a lot of conflicting info online about whether this applies when doing a VT - but our agreement from 2009 mentions both handing the car back with nothing more to pay but in a separate section the fact that additional mileage charges would be pro-rata'd if agreement is ended early. BMW state on the VT paperwork that this mileage charge applies to Select agreements. I can see nothing on our paperwork saying it's Select - where would this be? It all refers to a Hire Purchase - but we DO have a balloon payment and - obviously - a mileage agreement. The Salesperson told us if we handed back early then mileage didn't come into it.. but I can't see a future value detailed anywhere either. Does anyone have any info/experience on this?

We're not worried about our credit files as they can't get much worse (that's another story) - but what are they likely to do if we refuse to pay?

- I've seen advice saying sign nothing - but BMW want the VT form signed although we have already sent a recorded letter advising we want to VT (using template found online. Can they refuse the VT if we don't sign to agree to their T's & C's?

Thanks in advance.

[labman]

Re: Voluntary termination help please

Have a read of this excellent thread. It should answer your questions. Any outstanding, just come back and ask:

http://www.legalbeagles.info/forums/...ry+termination

[beter74]

Re: Voluntary termination help please

Great, thank you. That helps a lot, still a bit unsure about the mileage issue but will just have to see what transpires. Would they really take us to court for £1k I wonder. Still not sure it's a Select agreement, will try a BMW forum to see if anyone can help.

Sending them the VT confirmation back today (unsigned) and the V5. I presume they will then call us to moan about it being unsigned at which point we can say wee have already sent a signed letter confirming we want to VT..