V12 Procedure Guide - Flipbook - Page 25
Product + Procedure Guide
1.8.2 Returning the car to V12VF at the
end of agreement (PCP)
The customer will be asked three months
before the end of the PCP agreement (and
again at one month) whether they wish to
return the car or part exchange at a dealer,
instead of making the 昀椀nal payment. If the
customer chooses to hand back the car, they
must inform V12VF of their intention to avoid
a Direct Debit call for the full 昀椀nal payment.
The customer is then not required to pay the
昀椀nal payment (which is the GFV and OTP).
The customer is responsible for ensuring all
payments have been made in full (with the
exception of the 昀椀nal payment).
Damage and Excess Mileage costs may
be charged.
1.8.3 Damage charges on Voluntary
Termination and PCP returns
For Voluntary Terminations (HP and PCP) and
Vehicle Returns at the end of the agreement
(PCP), an inspection of the car in line with
BVRLA Fair Wear & Tear Guidelines will take
place at the point of collection.
The customer will be charged for vehicle
damage or missing items.
1.8.4 Excess mileage charge on PCP
returns (end of agreement or Voluntary
Termination)
The customer chooses an annual mileage
when they enter into their PCP agreement.
This calculated mileage over the term plus
the mileage of the car at the start of the
agreement (mileage on delivery) is shown on
the customer’s agreement as the Maximum
mileage allowed (at the end of the agreement).
If the customer exceeds the maximum mileage
allowed on the agreement, a pence per mile
charge (which is presented on the agreement
at the outset) calculates the excess mileage
charge for each mile over the maximum
mileage allowed. The pence per mile has been
calculated for the speci昀椀c vehicle variant
and age so that the excess mileage charge
represents the reduced value of the car at its
mileage versus the mileage at which the GFV
was calculated on (the maximum
mileage allowed).
If a customer returns a vehicle before the end
of the agreement (so Voluntary Termination),
the maximum mileage allowed will be reduced
proportionately, and the pence per mile will
be calculated and charged as above,
if appropriate.
1.8.5 Full Early Settlements – Customer
A customer can settle their V12VF HP or
PCP agreement at any time by paying their
outstanding balance. They can request a Full
Early Settlement 昀椀gure, which may include a
rebate of interest on the outstanding balance.
Section 94 of the Consumer Credit Act 1974
and the Consumer Credit (Early Settlement)
Regulations 2004 lay out a formula to calculate
any interest due.
The customer has 28 days from requesting the
Full Early Settlement to make the settlement
payment. On making the settlement payment
in full (including any payments due in the 28
days), the customer will own the car.
There are no charges for a Full Early
Settlement.
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