My daughter has her MCC on a PCP with MINI Finance and they just wrote to her as it ends in October asking her if she would like to discuss a replacement. Otherwise the options are to return the car ( and there is a list of penalties for various types of minor damage) or pay about £9000 which they say they will debit to her current account on the final day of the agreement. Put like that there is a lot of pressure to take a new car which is what MINI hope will happen.
But she will only have done 18000 miles by the end of the agreement and I said she is better off financially to keep it. So she told them that is what she will do. As soon as she had done so, the Finance Manager at the dealer rings up offering to finance the bullet repayment at an APR of around 8%.
So there is actually a lot more flexibility than is advertised when the end of the PCP arrives. |