Good morning, Jen. Contact the financial company and you should be able to get your mileage allowance based on your trip. Remember that this will increase your monthly payments to cover the increase in depreciation and the GMFV reduction based on higher mileage. You probably won`t be sympathetic to your suggestion that the trader didn`t draw your attention to mileage, as it`s your responsibility to read and understand all the details of the contract before signing it. Below is a selection of the most frequently asked questions that can help you with questions about your financial agreement. If you can`t find the answer to your request or would like more information, please contact BMW Financial Services customer service. The valuation of the car at the end of the agreement is simply what the buyer is willing to pay – whether it is a dealer who exchanges it, a private buyer or an auction value. Dealers will be guided by market values according to industry leaders such as CAP and Glass`s Guide, but you are welcome to negotiate as much as possible for the car. If the valuation/sale price is higher than the GMFV/Settlement/Balloon, you will receive the equity (balance after deducting the count). If it is smaller than the GMFV, simply return the car to the financial company and pay the billing value (provided you have met the mileage/service/conditional requirements). Hey, Charlie.
Yes, you`re absolutely right. The term « deposit » is a wrong word; Rather, it is a down payment. You can reduce your deposit and pay a higher monthly amount (more than 3 years, reduce your deposit by 1000 euros, increase your monthly deposit by about 30 euros), but look at any money you pay the trader/financial company to be gone. If you`re lucky, you may have a small amount of equity at the end of the agreement, but it`s unlikely to be as much as $2,000 (i.e. – you probably won`t get $13,000 for that at the end of three years). My understanding was that if your car was worth more than the gfv, on return, the equity/difference would be returned, or could you use it for another deal? Good morning, Aram. In a PCP agreement, the GMFV is still equal to the amount of billing at the end of the agreement. In some other types of auto financing, you can choose your own billing/balloon number, but the financial company does not offer to buy back the car for that number. Buying a personal contract may be the most popular form of automotive financing in the UK, but it is a fairly complex financial product and most car buyers find it confusing.