Fiat 500 Voluntary Termination

[Dom1Brown]

Please Help !!

Before I met my girlfriend she naively took a fiat 500 out on PCP which she thought she had a good deal as they offered her low monthly payments but this only included 5,000 miles per annum. Three years down the line she has covered over 30,000 miles and now has a huge amount to pay to cover the excess mileage .
I have read about the possibility of using the Voluntary Termination option within the contract although I know this isn't ideal it may be her only option !! The car is in reasonable condition so there shouldn't be any charges. Where do we stand with the excess mileage charge if we decide to hand the car back on VT?


Thanks Dom

[Amethyst]

Re: Fiat 500 Voluntary Termination

[MENTION=71570]R0b[/MENTION] [MENTION=39710]des8[/MENTION] should be able to give you a hand. Do you have a copy of her PCP contract ?

How does it work out carrying on paying off the Fiat, and the balloon payment, so it belongs to her vs the mileage charges ? Or is there a reason she wants to hand the car back ?

5000 miles allowance seems pretty low. Mileage charge about £1500 ?

[Dom1Brown]

Re: Fiat 500 Voluntary Termination

Somehow she has done 32,000 in 32 months, so she is already 17,000 miles over for her 3rd year. The mileage charge is 6p per mile so its already a minimum charge of £1020 which is only going to increase. She would like to return the car and get a lease with realistic mileage or possibly another PCP.

[Amethyst]

Re: Fiat 500 Voluntary Termination

Thats only 30 miles a day, so if work is 10/15 miles away plus other trips it's soon going to add up. 5000 is far too low - allows about 13 miles a day - I'd guess I do that easily each day JUST ferrying the kids to school/jobs/friends houses. But you know that already.

Have you had a read through [MENTION=71570]R0b[/MENTION] 's thread on VT http://legalbeagles.info/forums/show...ry+termination ?

[des8]

Re: Fiat 500 Voluntary Termination

[MENTION=71570]R0b[/MENTION] is the one for this!
How long is the contract? If it was only for three years the difference between current value and the guaranteed minimum future value should be minimal.

It might be useful for R0b if you could post up a suitably redacted copy of the agreement.