[thehulk]

[size=3][color=Black][font=Arial] hi, im graham and am in a bit of a fix! ive got a black cooper and im afraid due to unforseen circumstances ive put a lot of miles on the car! got the car in march 2003 and only have 900 miles left on it til march 2004. impossible. im only alould to do 12000 miles year and the finance is over 3 years.
What im wondering is , will bmw check my millage in march or is my millage calculated out at end of 3 years? If it is>? i can go over this year by a few thousand and take it easy next year with millage when circumstances stange. Please help if you can. Thank You.

I had the same problem with my last car, but to be honest you needent worry about the finance, but make sure your insurance know you're doing extra millage..

What usually happens is when you come to trade up (after the finance) they work out how much less the car is worth with the extra millage and give you a price for it...

[thehulk]

thanks for that, so ill be ok with millage and jus have to sort insurance out. Even though finance says only 12000 a year!

[scooperman_uk]

i discussed with with my dealer as i considered the select finance. essentially its a form of leasing where u pay up at the end or trade in for a new car. however u do have mileage limits imposed to protect the value of the car. for example u decided to return the car at the end of the 3 years and its got really high mileage. BMW wont be able to resell it. so hence the penalty payments. this can be seen in 2 ways... not 100% sure how BMW do it. but u either get a premium per mile cost i,e 30p totalled up for all the miles you have done over the limit, which u pay them. or its deducted from the final value if u trade in. its a kind of revenue protection scheme for the dealer. finance figures usually reflect the kind of mileage u expect to do. higher the expected mileage the high the monthly payment... i was quoted for a milleage of 30K per year and my monthy payments were more expensive than outright HP finance! suggest u talk to your BWM finance controller at the dealership to confirm.....

I'm sure it won't be a problem however you can always check with the finance company if you still have doubts!

My last car I said I would do 12,000/year at the end of the 3 years I ended up doing 15,000 it dropped the manufactures guaranteed resell value down by £500 but it was still above what I had ended up paying for the car so it all worked out!

Just to throw a spanner in the works! You might want to check your finance documentation about the millage as sometimes they write into the contract about charging per extra miles (I know on lease contracts it can be as high as 10p per mile!) still I'm sure it'll all be in your finance contract

Hope i've helped some!

[thehulk]

yep ! u have both helped my lots! thanks. it is mini select and if i go over my 12k it is 6p a mile. but they wont bother me til the end of the 3 years will they?

[KenL]

Quote: Originally Posted by thehulk

but they wont bother me til the end of the 3 years will they?

I wouldn't think so. They would only bother if say you wanted to change the car after 2 years and you'd done more than 24k miles.

[scooperman_uk]

speak to the dealer and confirm your concerns.. thats the best way.. i dont think u can adjust the mile allowance now... select is essential finance leasing anyway....

[thehulk]

ok, i feel much better about the whole situation now. Thanks so much for your help everybody! Youve been great!

[SugarBelly]

Still tryin' to figure out how it goes "over there," but I'd say regardless, you'll be best off selling it privately, - now or later.

MINI/BMWusa, would come after you at the end of your 3 year agreement. They will win big in any situation where they get the MINI back, returned OR traded-in.

Thus, selling it nets you a return of your initial deposit, plus no (mileage/wear) penalties. Again, I hope these truths hold true for you folks, I just can't get the specifics to check it out. If I'm right, perhaps you want to sell your beauty now & get into another new Cooper. The MINI market i ssuch here that it's be easier than most cars to sell and since MINI still isn't offering deals under MSRP out there, you have a used Cooper in the price range many folks may well afford, compared to a new Coop.

Sorry if I'm blabing where I don't know enough. Tryin' to help, though!
Best of luck!

[thehulk]

its that time now where ive clocked the miles up! so i rang the insurance and they put my millage up from 12000 a year to 14000 a year with no charge !! (bmw mini insurance) i was well impressed !. so just in case i got an extra 1000 and put it up to 15000 at a one off payment of 38quid! No problems with dealer. hope this helps any one who has problems with non stop driving?!