excess mileage charge

[smr3185]

Hi,
We started a PCP 2 year contract with Ford. This is due to complete in September. We have gone 8000 miles over our mileage. We currently pay £170 a month for our Ford KA. Ideally we'd like to leave Ford in September, but will we have to pay the full amount of what we owe for extra mileage accrured? If that is the case, then we'd look to stay with Ford, but would obviously like to go up to the next model of a Fiesta, but Ford have said that the cheapest monthly payment we could pay for the basic Fiesta model is £240 a month.£70 a month more than we are paying now and way over our budget of £200 a month. They said the monthly payments are higher becuase we now have negative equity against us for going over our mileage.
This is the 1st pcp agreement we have done so just trying to understand it all.
Thanks

[ostell]

Re: excess mileage charge

If you look at the Voluntary Termination threads in the forum you will find that many people have gone over the limit and have refused to pay. The companies have eventually given up. Some justification for not paying is given by quoting the regulations themselves.