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Morning all,
I currently have a Citroen DS3 on a 3 year PCP, which is at the 30 month mark, and about 10k miles over the agreed mileage.
As the car is due to replaced at the end of this year, I've ordered and am due to pick up a new car from Mini on the 1st September.
I haven't traded the DS3 in, as it's currently at about £1k negative equity due to some poor advice around mileage vs value when taking out the PCP agreement.
Having phoned Citroen Financial Services (CFS) to find out what my options were, they straight away said that I would be Voluntary Terminating (VT) the finance agreement, and they would send out some relevant forms to sign and return. They also confirmed that I'd passed the 50% repayment mark, so there was no additional liability.
Fine I thought, was prepared for that. Having received the paperwork, I've got some questions around the wording of some sections.
My understanding of VT on cars is that CFS can't legally try and claim for the excess mileage. However there are various sections that intimate that they will bill me for any excess mileage not deemed 'fair wear and tear'.
Specifically, on the form that they want me to sign and return, it has the following paragraph:
Now I don't want to just blindly sign this form and return it if I'm then going to land myself with a large bill for the excess mileage.
Is it viable for me to cross out the excess mileage comment, sign and return.
Or should I just send a generic VT letter with no reference to excess mileage etc?
Any advice appreciated.
Regards
Gavin
I currently have a Citroen DS3 on a 3 year PCP, which is at the 30 month mark, and about 10k miles over the agreed mileage.
As the car is due to replaced at the end of this year, I've ordered and am due to pick up a new car from Mini on the 1st September.
I haven't traded the DS3 in, as it's currently at about £1k negative equity due to some poor advice around mileage vs value when taking out the PCP agreement.
Having phoned Citroen Financial Services (CFS) to find out what my options were, they straight away said that I would be Voluntary Terminating (VT) the finance agreement, and they would send out some relevant forms to sign and return. They also confirmed that I'd passed the 50% repayment mark, so there was no additional liability.
Fine I thought, was prepared for that. Having received the paperwork, I've got some questions around the wording of some sections.
My understanding of VT on cars is that CFS can't legally try and claim for the excess mileage. However there are various sections that intimate that they will bill me for any excess mileage not deemed 'fair wear and tear'.
Specifically, on the form that they want me to sign and return, it has the following paragraph:
I confirm that I'd like to go ahead and end my agreement and return my vehicle in line with my rights under the Consumer Credit Act 1974. I have read the information in your letter enclosing a liability quotation, and understand I'm liable for the amount specified and any arrears. the enclosed cheque represents the total of my liability plus any arrears. I also understand that I may have to pay an additional sum in respect of any damage to the vehicle or any excess mileage charge. I will contacted separately by your agent, RMS receivables regarding this.
Now I don't want to just blindly sign this form and return it if I'm then going to land myself with a large bill for the excess mileage.
Is it viable for me to cross out the excess mileage comment, sign and return.
Or should I just send a generic VT letter with no reference to excess mileage etc?
Any advice appreciated.
Regards
Gavin
