General VT on HP and over 50% payed

[Chopster]

I'm considering the VT of my Punto Evo MyLife (Late 2011 model) within the next month, due to being offered a company car, all expenses payed.

My current HP is with FGA Capital and I've not not missed any payments or had any errors on my account. I have also payed more than the amount stated in my contract.


However, my questions regarding VT relates to 2 aspects:

1) My agreement is for 10,000 miles. I have done approximately 6000 miles over each year of ownership (so + 12,000 miles) . Under termination it states "If you have already paid at least this amount plus and have taken reasonable care of the goods you will not have to pay any more". Am I safe in presuming that handing the vehicle back and stating the, "nothing more to pay" clause will save me a heap of charges for the mileage? I've read multiple entries relating to this, all with mixed results. Some that state it's only applicable when you are taking out a new vehicle, some have had success in both handing back, and new contracts.

2) Is it worth having the vehicle checked by the RAC or AA for wear and tear. I'll be touching up any scratches, chips etc. However I am concerned that a heavy bill will be dropped on me by FGA to try and recover any costs. Are FGA (Fiat Finance) strict in this area?

With this all in mind, I'd love to hear from people who have gone through this process, or gone through a similar situation. Be that excess mileage, or wear and tear.

Many thanks!

 

[Ransoman]

Don't worry about wear and tear. Obvious damage like kerb marks or scrapes would need to be rectified though.

I am about to do the same, What i am wondering though is, my front brakes are worn well beyond the minimum and need to be changed. Do I have to replace these? If i don't, will FGA replace them and charge me for the privalige?

 

[scoop987]

Mine is either going in for P/X or getting handed back to finance company in 2 months as thats 50% payed, but as far as I know, you need to do a good overall check on the car PRIOR to phoning them as they recon it can take as long as 12 weeks before the car gets picked up. From what I can see about it, all you need to make sure is that there aren't copious amounts of stone chips, if there are any dents then they can't be over 10mm in diameter, and scratches that are noticeable with your fingernail can't be longer than 1" (25mm). If you know someone who is a mechanic or works in a bodyshop then let them go around the car with you. Also, take pictures of your car ONCE its on the transporter as I heard about someone that got charged for a broken windscreen which was broken in transport.

is your agreement for 10,000 miles over the full term or 10,000 Per Annum, I know mine is set to 14,000 P/A.

If you meet everything above then phone them and say goodbye to the car

*NB: The above is from what I've read online and may not be applicable*

 

[tom555tom]

Make sure you know the immediate implications of a vt. Whilst it only lasts around 3/5 years it does have a negative impact on any credit rating.

 

[Ransoman]

No it doesn't. It is an EU regulation and it is illeagle to give you bad credit rating for this. You are acting within the terms and conditions, you are just settling early.

 

[tom555tom]

No it doesn't. It is an EU regulation and it is illeagle to give you bad credit rating for this. You are acting within the terms and conditions, you are just settling early.

yes, whilst your are correct, it doesn't change your score. it does flag as a VT on it. Thats why dealers always get you to sign the new agreement before VT on the current one, as lenders may see it as a risk to give it you. It does happen. But it will only hinder vehicle purchases, nothing else.