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2019+ BMW 3 AND 4-SERIES FORUMS (G2x Generation) Local Forums UK Voluntary termination

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      02-10-2020, 03:39 PM   #1
Jezzofdoom
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Voluntary termination

Has anyone voluntarily terminated their contract when you've paid 50% of the value?

Looking at doing it, but way of charges. The car is immaculate exept curbed alloys. The BMW charges matrix says £51 a wheel for refurb but independently quoted £95+VAT for a refurb. Doesn't seem to add up and im trying to work out whether to get them sorted or take hit upon return if potentially cheaper?
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      02-10-2020, 03:56 PM   #2
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I'd first check you're definitely in a position to terminate.

Remember, the 50% is calculated on the principle plus interest over the whole term, so it's usually not until you're 2/3 of the way through you can VT.
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      02-10-2020, 04:25 PM   #3
Jezzofdoom
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I've spoken to BMWFS who have confirmed. I'll be 3y1m into a 4 year deal - close to the 2/3 you mention
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      02-10-2020, 04:36 PM   #4
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Good stuff - VT is often misunderstood. Not sure of BMW's stance on it, some finance companies will blacklist you or load interest rates if you want to take out finance in the future, whilst others don't care.
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      02-10-2020, 04:47 PM   #5
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The fact that the FCA allows for VT'ing in their documents means you should not be blacklisted for doing it. On your credit history, it will show as a loan that has been "satisfied". When my son did it, BMW confirmed he was ok to do it from a "calculations" perspective, then they assigned a company (BCA in my sons scenario) to visit and calculate damage on a menu based system, so, £70 per alloy etc. If you are over on your miles, they calculate this on a pro rata basis. After all that is done, they then present you with a final bill.
Some people have said that you don't need to pay the excess miles if there are any, but, that's not a route I would take.
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      02-10-2020, 04:58 PM   #6
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Hmmm.

Santander finance say it can be recorded for future reference.

https://www.santanderconsumer.co.uk/...on-Leaflet.pdf
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      02-11-2020, 07:45 AM   #7
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Alot of people on here VT with no issues at all.
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      02-11-2020, 08:05 AM   #8
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I have just ended my BMWFS PCP on my X5 F15 and given the car back, although I finalised all payments (only 3 months left) rather than performing a VW. I know that is different to the OP's situation, but I decided it was most feasible as it was a small amount outstanding and personally I was hesitant on the credit file impact of a VW for my own situation.

I had already got some 3rd party estimates for some work that needed sorting for the return. After doing some research I decided to let BCA do the assessment and give me the bill, as it was generally cheaper (by some margin) compared to independents. BMWFS sent a BCA rep yesterday to do the inspection.

I had the 20" diamond cut alloys on the X5, two of which were badly curbed and corroded. I also had a front bumper scuff (sizeable), rear bumper dent with a paint crack, some parking dent creases in the NS doors and a stone chip on the wing that had caused excess lacquer problems.

Overall, the BCA quote for all this was about 60% cheaper than the cheapest 3rd party quote I had for sorting the problems. Generally BMWFS (BCA) are not interested in making money from the repairs so it's really quote as cost effort+vat.

For example, each of the wheels that need sorting would be at least £120 each due to diamond cut, but BCA quoted £51+VAT each as the OP mentioned - no issue here for diamond cut finish. And even the rear bumper dent and paint crack, requiring all the bumper to be repainted, was only £115+VAT.

So to OP's points, I think (from my experience) you will get the most cost effective solution for any work done by letting BMWFS/BCA assess and do the work. Plus you don't run any risk of work that had been done by a 3rd party and not being to specification causing issues, which I have heard of being a problem for some. And it's the easiest path as BCA take the care away as-is and send me the bill (which will be lower than getting it done myself), which is much simpler.

My 2 cents.

N.B I'm a newbie, pickup my new G21 M340i on Valentines Day!
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      02-11-2020, 12:07 PM   #9
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Quote:
Originally Posted by Auslander View Post
Hmmm.

Santander finance say it can be recorded for future reference.

https://www.santanderconsumer.co.uk/...on-Leaflet.pdf
Can I ask please, where does Santander come into this regarding VT'ing please?
The FCA have ensured that there is a VT clause in all of their regulated loans. So, as such because they allow it, that means there should be no blacklisting. Recording it is one thing, but having it affect your credit score is another.
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      02-11-2020, 12:12 PM   #10
nashdm2
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Quote:
Originally Posted by fuzzmondo View Post

N.B I'm a newbie, pickup my new G21 M340i on Valentines Day!
A newbie from Newbury. Welcome..........
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      02-11-2020, 12:57 PM   #11
Jezzofdoom
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Quote:
Originally Posted by fuzzmondo View Post
I have just ended my BMWFS PCP on my X5 F15 and given the car back, although I finalised all payments (only 3 months left) rather than performing a VW. I know that is different to the OP's situation, but I decided it was most feasible as it was a small amount outstanding and personally I was hesitant on the credit file impact of a VW for my own situation.

I had already got some 3rd party estimates for some work that needed sorting for the return. After doing some research I decided to let BCA do the assessment and give me the bill, as it was generally cheaper (by some margin) compared to independents. BMWFS sent a BCA rep yesterday to do the inspection.

I had the 20" diamond cut alloys on the X5, two of which were badly curbed and corroded. I also had a front bumper scuff (sizeable), rear bumper dent with a paint crack, some parking dent creases in the NS doors and a stone chip on the wing that had caused excess lacquer problems.

Overall, the BCA quote for all this was about 60% cheaper than the cheapest 3rd party quote I had for sorting the problems. Generally BMWFS (BCA) are not interested in making money from the repairs so it's really quote as cost effort+vat.

For example, each of the wheels that need sorting would be at least £120 each due to diamond cut, but BCA quoted £51+VAT each as the OP mentioned - no issue here for diamond cut finish. And even the rear bumper dent and paint crack, requiring all the bumper to be repainted, was only £115+VAT.

So to OP's points, I think (from my experience) you will get the most cost effective solution for any work done by letting BMWFS/BCA assess and do the work. Plus you don't run any risk of work that had been done by a 3rd party and not being to specification causing issues, which I have heard of being a problem for some. And it's the easiest path as BCA take the care away as-is and send me the bill (which will be lower than getting it done myself), which is much simpler.

My 2 cents.

N.B I'm a newbie, pickup my new G21 M340i on Valentines Day!
Really useful! Thank you. Think I'll take the risk knowing they stick to the charges
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      02-11-2020, 01:26 PM   #12
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Quote:
Originally Posted by Auslander View Post
Hmmm.

Santander finance say it can be recorded for future reference.

https://www.santanderconsumer.co.uk/...on-Leaflet.pdf
Can I ask please, where does Santander come into this regarding VT'ing please?
The FCA have ensured that there is a VT clause in all of their regulated loans. So, as such because they allow it, that means there should be no blacklisting. Recording it is one thing, but having it affect your credit score is another.
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      02-11-2020, 01:40 PM   #13
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Santander are one of many companies who provide Hire Purchase, PCP etc. For dealers. They acknowledge you have a right to VT, but also note that they will record this on your credit record. Therefore a lender could, and indeed have in the past, taken this into account even though your credit rating for other kinds of finance is unaffected.

If I were running a finance house, I’d also want to know if a customer had a record of VT before assessing if I wanted them as a customer.
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      02-11-2020, 02:03 PM   #14
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I did VT on my X4 in March, I was just on 3 years into my 4 year PCP.

On the damage side I will never get anything done now on cars, just hand them back.. the prices are based on a standard, and it's cheap.. I had a dent on the roof and a cracked outer case on my wing mirror. BMW cost was £40 for dent and £90 for mirror.. I get a quote before I went with VT and it was £250 for dent and £495 for mirror... So beware, don't just fix everything before handing back, let them do the work.
Turned out they picked my car up from dealership and never charged me a penny..

As for the credit side of VT, I have no blacklisting, no mark on my credit reports. All it says is settled. Exactly like it did when I finished my last PCP on my 4 series, nothing different...

I will be doing VT on this car as well when it reaches the 3 year, 50% paid terms.. Totally best option. Even my dealership has said they are now advising it for people who don't want to carry on to 4 years and want a new model...
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      02-11-2020, 02:04 PM   #15
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ok thanks, interesting. When you say dealers, do you mean BMW dealers or other brands?

I thought that all new car finance was done through BMWFS?

I know that other lenders are used for AUC finance on occasions.
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      02-14-2020, 10:19 AM   #16
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Just VTd my 340. Itís pretty painless, car collected within a week. The BCA Guy spent 20 minutes filming it and photographing it. He put stickers with measurements on them wherever there was a scratch and photographed so they could see the size. All documented on his iPad.

I had a few fine scratches here and there that would machine polish, three kerbed wheels (under 8cm for each one, one actually had a gouge - hadnít got round to having them refurbed as they were diamond cut 19Ēs so was waiting for them to be worse), a nasty stone chip on the bonnet and some surface scratches on the windscreen.

I was going to fix all this but when he was done he told me it was all in tolerance and no charges at all. He said it is different for every make - but BMW are quite good. So Iíd say BMW are very fair on this.

Second car we have VTd and BMW finance donít care, itís your right to do it and not exactly your fault - the new discounts are so huge their GFVs havenít a hope in hell...trade in and lose money or give it back - no brainer.
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      02-14-2020, 10:20 AM   #17
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https://www.bmw.co.uk/content/dam/bm...2591204250.pdf

Here is their full disclosure of charges
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      02-14-2020, 02:19 PM   #18
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Thanks, that's an interesting link. It does seem they are more lenient that we would all expect, also, the menu based damage list is handy to have.
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