Handing the car back before your agreement runs out?

[ChivsBang]

I search this forum and cannot see any threads about this. I wanted to ask if anyone has been in the situation where they are handing their car back in prior to their lease as they have ordered a new car and if they have had any come backs from:

Over mileage as per their agreement.

I have no body damage but have gone over my specified 10,000 per annum, and am worried I'm going to get hit with a big bill.. I know I'm buying a new S3 from Audi, and the sales guys say they have not had anything come back from previous customers for a long time, but just wanted to see if anyone has. I know its only 7.8pence a mile but I've gone over quite considerably, and it can rack up.

I know this can be different if you are not taking a new vehicle from them...as we have had past experience with Peugeot...(wife had cars with them for over 10 years and as soon as we handed one back and didn't take a new one we got a big bill for tiny body damage)

Thank in advance....

 

[allanmb]

So, as I understand it, if you are trading the old car in for a new car, the deal is all done Dealer-side. Basically they are going to pay the finance off and give you a lump sum for your trade-in. The mileage is not taken into account for the old finance deal, it merely counts towards how much value your old car has.

 

[Mullaccc]

Are you leasing the car or is this a pcp?

 

[allanmb]

Are you leasing the car or is this a pcp?

Good point, my response was assuming a PCP

 

[ChivsBang]

Thanks for the reply, and hopefully thats who it roll....

 

[ChivsBang]

Are you leasing the car or is this a pcp?

It's Hire Purchase


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[Gordo77]

It's Hire Purchase


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Eh? Hire Purchase is different to PCP and lease and wouldn't have a yearly mileage limit...? #confused

 

[azibux1]

Yup as above, HP doesn't have a limit usually (unless there's something very odd going on, but then it wouldn't really be HP)

 

[ChivsBang]

Eh? Hire Purchase is different to PCP and lease and wouldn't have a yearly mileage limit...? #confused

Always gone with PCP as its been cheaper and easier to hand back early and grab a new one before the big maintenance bills start coming in..

Only this time my mileage has increased due to personal circumstances and now find myself 7,000 miles over.. Works out about £600 which would be nice not to pay


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[pburv]

From my uderstanding of things the mileage surcharge does not come into affect until the very end of the contract..
So if you are handing it in before contract is up then all they will do is value the car as is with current mileage..

 

[S32B]

If you are on PCP and switching in early for another Audi I doubt they'd even bother about you going over the miles you originally said you would do. They will just alter the trade in price, or you could sell it yourself privately or to another dealership. The only time they will hit you for the 7p per mile is if you hand the car back and walk away at the end of the PCP.

Try this site, I'm getting better quotes here than I am from Audi http://www.mikebrewerbuysyourcar.com/

 

[ChivsBang]

Thanks guys appreciate the respones


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[pburv]

Thanks guys appreciate the respones


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How long have you had your current S3? Also what spec is the new one?...

 

[ChivsBang]

How long have you had your current S3? Also what spec is the new one?...

My current car is an A3 Sportback with S-Tronic 150

New car hopefully will have in a few weeks is the FL S3 in Glacier white. Black leather, advanced Tech pack, virtual cockpit, folding mirrors, rest pretty much standard


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[pburv]

My current car is an A3 Sportback with S-Tronic 150

New car hopefully will have in a few weeks is the FL S3 in Glacier white. Black leather, advanced Tech pack, virtual cockpit, folding mirrors, rest pretty much standard


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I see you been jumping the gun with your description at the bottom of your info tag...lol
And why not...

 

[ChivsBang]

I see you been jumping the gun with your description at the bottom of your info tag...lol
And why not...

I know I couldn't resist


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[pburv]

I know I couldn't resist


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Lol...Eager beaver

 

[Falmouthboy]

So just to be clear, your'e 'trading your new car in', not 'handing it back', so your dealer has valued your car and given you the cost to change. They will settle the outstanding finance and buy the car of the finance company? It's worth what it's worth to them irrespective of mileage. And you have a PCP, not HP.


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[ChivsBang]

So just to be clear, your'e 'trading your new car in', not 'handing it back', so your dealer has valued your car and given you the cost to change. They will settle the outstanding finance and buy the car of the finance company? It's worth what it's worth to them irrespective of mileage. And you have a PCP, not HP.


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I'm handing it back in.. Not trading it in against the new one..and yes PCP


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[Falmouthboy]

In which case the return is to the finance company via the dealer. In that case, they could insist on the mileage charge as the GFV is based on the agreed mileage.


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[ChivsBang]

In which case the return is to the finance company via the dealer. In that case, they could insist on the mileage charge as the GFV is based on the agreed mileage.


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Thanks for the info. It was as I thought, but wanted to see if anyone had been in a similar position and if they actually got hit with charges..


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[Gordo77]

Thanks for the info. It was as I thought, but wanted to see if anyone had been in a similar position and if they actually got hit with charges..


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Yes if it's going back to Audi directly and not the dealer you are likely to be charged with any excess mileage and damage repairs. Are your wheels ok, and no scrapes or dents?

 

[ChivsBang]

Yes if it's going back to Audi directly and not the dealer you are likely to be charged with any excess mileage and damage repairs. Are your wheels ok, and no scrapes or dents?

Car is mint apart from the mileage.. Sales guy told me that they've had nothing come back from the finance for ages. In fact they had one customers car had £2500 damage to it and they never charged him!


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[KenL]

If you have paid over half the total cost can you not just hand it back at any time and terminate the finance contract?

Have you read over the contract you would have been given when you bought it?

I know my mate got some heat from Mercedes when he tried to hand them a car back. They wanted a fortune to fix things that most would consider normal for the age of the vehicle.

 

[vacant]

Are you handing it back to finance company at the end? Or "voluntarily terminating" because you've paid over half. They will usually look at it more closely if it's a VT than and end of contract return.

In either case the car is usually appraised by the agent collecting it, or the dealer if it's agreed they'll handle the handback on behalf of the finance company (this is often the case if the dealer was the supplying dealer too)
In the case of an agent collecting, you'll usually get away with nothing - it's their job to check it. If it's the dealer, then they probably arent super bothered about apprasing it that closely, if they say it's in good condition the cars willl often go straight from the dealer to a closed auction, and you might get away with something.

I'm afraid though, mileage tends to be reported in either case so think it's unlikely to pass them by. You're probably only talking a few hundred quid though arent you? If you had put the right mileage down at the beginning you would have been paying more a month anyway

 

[A3Adam]

Is it worth less than the remaining finance?
I sold an A1 to an Audi dealer that still had 5 months PCP on it. If any dealer or car trader will offer you more than your remaining finance then you need to sell the car to them and they will pay your finance off and hand you the difference. Mileage and damage will be irrelevant.
I also sold a Toyota Prius to a Toyota dealer 6 months into a 2 year PCP they paid the finance and put the rest into my bank.
Even if you can't get equity you can at least try to get somebody to pay you the exact settlement figure and that will be the end of it.

 

[Gordo77]

If you have paid over half the total cost can you not just hand it back at any time and terminate the finance contract?

Have you read over the contract you would have been given when you bought it?

I know my mate got some heat from Mercedes when he tried to hand them a car back. They wanted a fortune to fix things that most would consider normal for the age of the vehicle.

A few years ago I had an SLK on a 2 year pcp. Didn't actutally like the car and was glad to see the back of it after 2 years. The guy that came to inspect and collect was **very** thorough and actually spotted a repair that was done to it (paint thickness was greater on the bonnet and wing), after a roof tile caused serious damage during a bad storm. The car was repaired using an approved Mercedes repair company, but he wanted to know all the details and proof of where it was repaired. Everything else was fine and there was no cost to me. The day of collection it was raining, and I had washed it the day before anyway, but he actually started drying the panels off to inspect them!

 

[ChivsBang]

A few years ago I had an SLK on a 2 year pcp. Didn't actutally like the car and was glad to see the back of it after 2 years. The guy that came to inspect and collect was **very** thorough and actually spotted a repair that was done to it (paint thickness was greater on the bonnet and wing), after a roof tile caused serious damage during a bad storm. The car was repaired using an approved Mercedes repair company, but he wanted to know all the details and proof of where it was repaired. Everything else was fine and there was no cost to me. The day of collection it was raining, and I had washed it the day before anyway, but he actually started drying the panels off to inspect them!

I assumed that Audi would sell it as part of their used vehicles department.. Nothing I can do about the miles so just have to wait and see I suppose and cross fingers.. Selling it on is a good thought and I'll read through the contract again and look into it.. Finance is through VW




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