Thread: Car Finance
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Old 20 Feb 2002, 00:05 (Ref:219223)   #4
TimD
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Join Date: Nov 1999
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TimD should be qualifying in the top 3 on the gridTimD should be qualifying in the top 3 on the gridTimD should be qualifying in the top 3 on the grid
I've had to endure some major rows over the phone with customers who've been caught by this.

(I work in vehicle leasing, you understand.)

Sadly, these three-year plans are almost universally saddled with mileage restrictions, although most can be tailored to a driver's individual needs at the point of sale. But there will be higher monthly instalments to pay instead.

The sneaky thing is what happens if you need to get out of a finance agreement early. They will look at how much of the agreed mileage you have done. If you want out after - say - 60% of the agreed term, then you'd better not have done more than 60% of the agreed mileage, or they will STILL sting you for the excess mileage charge.

These are not new clauses. I've seen agreement documents dating back to 1995 that have these sorts of terms tucked away in the deepest recesses of the small print.
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