Mk2 fabia finance hand back question re Voluntary termination

[Ant FR]

Ok no finance sections to ask this in. So i phone up VW to sort the hand back of my VRS, ask the process and as agreement ends 2nd september 2016 the guy said are you over your miles, i said yes by about 4000 miles.  So he says well you can voluntary terminate and we will not charge you the excess milage charge.  Looked it up and says no issue for credit file and not sure why he suggested it as it looks like it diddles vw finance out of money........  

 

I have to say within next 5 days if thats what i want to do, so anyone shed any light on this.  I am in finance as a mortgage adviser but car finance seems to be a black art compared to mortgages.....lol

[Polluxtroy69]

Firstly you need to 100% make sure that a voluntary termination will not go down as a black spot on your credit history. That's number 1. 2. & 3 on the list. It would be on my list as them anyway. And it might be written in you contract in the smallest print - citizens advice are good to go to.

What's the charge per mile in pence? Are you definitely over it? Is it worth paying it so you can use the car towards your next car.

The sales man and the finance people are 100% not your friend.

[Furbytom]

VT will definitely not affect your credit rating in any way. It is a contractual right :-)

[Furbytom]

The mileage thing is odd though. I'd would have thought you'd have been charged for any excess mileage on a pro rata basis up until the handback. If they aren't going to do that that's ideal!

[Wardy]

If you get confirmation stating a payment isn't required due to excess mileage, then happy days!

That's their call at the end of the day, if they're not going to ask you for more money...

[Didescharlie]

I rang up Skoda finance back in February prior to taking delivery of my new car on March 1st. I had I think 3 payments to go at that point, and I was ringing up quite happy to make the payments and square off the finance. Skoda basically suggested that was a silly thing to do as I may as well voluntary terminate and save myself the money. Happy days I thought. I did query this as I thought they'd want the money owing to them, but they couldn't be less bothered, and the VT was the easier option for them as well as me.