Does anyone have any direct experience, good or bad, of exercising their right to end a regulated credit agreement early, particularly with BMW FS?

Next month I will have paid back half the amount of my HP loan, which I believe gives me the right to cancel and return the asset without penalty. Specifically I'm keen to hear from anyone who has returned a car to BMW Financial Services, and how stringent they were in terms of the vehicle condition etc.

The law appears to allow for 'fair wear and tear', and also requires the terms of the credit agreement to have been met (serviced in accordance with Mfr instructions etc). My car is just over five years old, has done 122,000 miles and was main dealer serviced up to around 80,000, after which its been to a BMW independent specialist. Naturally there is the odd stone chip and wheel scuff, and I don't want to return the car only to be presented with a bill for ?1000's when I could get the wheels and paint touched up for less privately.

Any replies welcome - PM me if preferred.

Thanks in advance.

 

i have done this twice with other car finance, they are legaly bound by the agreement same as you are but and its a big but, while it wont affect your credit rating they can refuse you credit in the future, they actualy don`t want the car back as they have to go through the hassle of sending it to auction and maybe not getting the value of the remaining money owing on the account but they can`t refuse to do it if thats what you want to do. hope this helps.

 

Thanks BLooD.

I've done some homework on the CCA and really the bit I'm not sure on is how the finance companies interpret taking 'reasonable care' of the goods. I wouldn't expect a five year old car with 120K on the clock to be in showroom condition, and I'm sure neither would a court, but what about stonechips or minor scuffs on alloys etc?

Anyone had any probems/experiences with BMW FS in this way?

 

well if bmw finance is like any other finance company they won`t check the car when you return it, you just agree a location for it to be picked up.