BMW Finance - PCP Extending Mileage

DThr33 · 06-15-2016, 03:22 PM

I did mine via email the other day - 9k > 25k, waiting on the paperwork in the post.

Funnily enough I enquired about a range and got this in reply (After they stated they need an exact figure from me):

Quote:

The maximum allowance we can provide per annum on your agreement is 37,500

Didn't wanna take the piss though, and 25k is more than enough for me (was doing 12k PA on the focus and that was shared between me and my mum)

goodbyalfa · 06-15-2016, 04:15 PM

I think the point is by allowing us all to do this increase, it reduces the likelihood that there will be any additional value in the car above the gfv. In reality, the car is likely to be worth less than the gfv, and so as a result no one would want to keep the car beyond term as it is not worth as much as you would have to pay. End result is that we all feel the best option is to go into a new pcp and BMW have us over a barrel for another cycle... Brilliant marketing ploy I would say!!!

MikeMc · 06-15-2016, 04:20 PM

I'm doing considerably more miles than i thought. Currently on a 3 year PCP @12k a year. Could I up it to say 20k FOC? And how? Sounds to good to be true.

goodbyalfa · 06-15-2016, 04:54 PM

Quote:

Originally Posted by mike77t5

I'm doing considerably more miles than i thought. Currently on a 3 year PCP @12k a year. Could I up it to say 20k FOC? And how? Sounds to good to be true.

I moved from 12 to 18 for 4 yrs, no questions.

MarkG_M5Comp · 06-15-2016, 05:25 PM

Quote:

Originally Posted by E60MKF

Don't BMWFS then set your minimum mileage when you change the car to whatever you upped it to (which is why its currently FOC)

I thought someone mentioned this to be the case however I increased my current car from 20k to 24k p/a and have just been approved for a new car at 15k p/a.

Mattyk · 06-15-2016, 05:34 PM

22k to 30k

My view was they could revert back and I guess it would take effect from that point in time.

So, if you get a year then they revert then in my case I would get the e/o 8k for one year, good reason to really overstate, mine is largely bunce, maybe 2k a year risk on actual 22k mileage profile

CazuaLLUK · 06-15-2016, 05:45 PM

So to do this you just ring the finance company or BMW to liaise with the finance company?

JustChris · 06-15-2016, 05:47 PM

Quote:

Originally Posted by CazuaLLUK

So to do this you just ring the finance company or BMW to liaise with the finance company?

BMW finance.

DThr33 · 06-15-2016, 05:56 PM

Quote:

Originally Posted by CazuaLLUK

So to do this you just ring the finance company or BMW to liaise with the finance company?

If you don't have time for a phone call you can email BMWFS too.

I sorted mine out via email while I was at work

CazuaLLUK · 06-15-2016, 05:57 PM

Quote:

Originally Posted by DThr33

If you don't have time for a phone call you can email BMWFS too.

I sorted mine out via email while I was at work

Quote:

Originally Posted by MCarChris

BMW finance.

Thanks guys!

nickb3 · 06-16-2016, 02:20 AM

Am I correct in thinking that the excess mileage only applies to those that choose to hand the car back at the end of the contractual term, and have no equity? Judging by this forum(!) and my own experience I suspect that is a very small number as people either look to change their vehicle early, and presumably BMWFS try so set the GFV so that there is always some equity at the end of the term.

JustChris · 06-16-2016, 02:47 AM

Quote:

Originally Posted by nickb3

Am I correct in thinking that the excess mileage only applies to those that choose to hand the car back at the end of the contractual term, and have no equity? Judging by this forum(!) and my own experience I suspect that is a very small number as people either look to change their vehicle early, and presumably BMWFS try so set the GFV so that there is always some equity at the end of the term.

Correct IMO...

creepy coupe · 06-16-2016, 02:50 AM

Quote:

Originally Posted by teaston

I upped mine from 10k to 25k pa FOC, surely that would make a difference!

I'd imagine it must. I didn't think you could change it by that much.

creepy coupe · 06-16-2016, 02:54 AM

Quote:

Originally Posted by nickb3

Am I correct in thinking that the excess mileage only applies to those that choose to hand the car back at the end of the contractual term, and have no equity? Judging by this forum(!) and my own experience I suspect that is a very small number as people either look to change their vehicle early, and presumably BMWFS try so set the GFV so that there is always some equity at the end of the term.

Yes.If anyone ends early, it's all about what the buying dealer wants to pay. Unless you throw the keys back at BMWFS. Then the mileage will be a factor.

DB118D · 06-16-2016, 03:57 AM

Excess mileage charges are only a worry if you decide to either VT part-way through your agreement, or hand the car back at the end of your term.

The GFV's are set to be realistic, any equity at the end should be treated as a bonus, not a given

ziggys101 · 06-16-2016, 03:06 PM

Quote:

Originally Posted by DThr33

If you don't have time for a phone call you can email BMWFS too.

I sorted mine out via email while I was at work

Which email address did you use? I need to do this!

Cheers

DThr33 · 06-16-2016, 04:45 PM

Quote:

Originally Posted by ziggys101

Which email address did you use? I need to do this!

Cheers

customer.services@bmwfs.co.uk

ziggys101 · 06-17-2016, 01:49 AM

Quote:

Originally Posted by DThr33

customer.services@bmwfs.co.uk

Thanks

ziggys101 · 06-26-2016, 06:00 AM

Those that have done it did you get calls from the dealership thinking you were up for changing your car as it looks like the process triggered a settlement figure request! Just had 2 emails and calls from salesmen throwing themselves at me

BTW got accepted to go from 10k>30k

DazC · 06-26-2016, 09:41 AM

Hope this is still an option come September when my new car arrives.

JustChris · 06-26-2016, 09:41 AM

Quote:

Originally Posted by DazC

Hope this is still an option come September when my new car arrives.

Same October!.....

notused · 06-30-2016, 01:26 PM

I was about to do this and noticed this statement on BMW website:

Your mileage allowance will only apply if you choose to hand your car back to BMW Financial Services. If you do wish to increase your mileage, it will be subject to a £125 fee and will increase your rentals.

06-15-2016, 04:15 PM	#24
goodbyalfa King of the North (living in the east...) 1056 Rep 2,154 Posts Drives: M340i mineral white Join Date: Apr 2015 Location: Suffolk iTrader: (0)	I think the point is by allowing us all to do this increase, it reduces the likelihood that there will be any additional value in the car above the gfv. In reality, the car is likely to be worth less than the gfv, and so as a result no one would want to keep the car beyond term as it is not worth as much as you would have to pay. End result is that we all feel the best option is to go into a new pcp and BMW have us over a barrel for another cycle... Brilliant marketing ploy I would say!!! __________________ 2021 M340i in mineral white, options galore Previously 2018 440i GC in MG 2015 330D F30 MSport EBII 2012 Alfa Guilietta 2.0d Veloce 2009 Fiat bravo sport 2000 ST Mondeo
	Appreciate 1 Quote

06-15-2016, 04:20 PM	#25
MikeMc Private First Class 68 Rep 113 Posts Drives: 335d Shadow Join Date: Sep 2015 Location: Chester iTrader: (0)	I'm doing considerably more miles than i thought. Currently on a 3 year PCP @12k a year. Could I up it to say 20k FOC? And how? Sounds to good to be true.
	Appreciate 0 Quote

06-15-2016, 05:34 PM	#28
Mattyk Lieutenant Colonel 591 Rep 1,797 Posts Drives: G20 M340i Join Date: Oct 2014 Location: Lancashire iTrader: (0)	22k to 30k My view was they could revert back and I guess it would take effect from that point in time. So, if you get a year then they revert then in my case I would get the e/o 8k for one year, good reason to really overstate, mine is largely bunce, maybe 2k a year risk on actual 22k mileage profile __________________ G20 M340i Gone F36 435d F30 335d
	Appreciate 0 Quote

06-15-2016, 05:45 PM	#29
CazuaLLUK Banned 2221 Rep 5,897 Posts Drives: 2014 335i Black F30 M Sport Join Date: May 2016 Location: Portsmouth, UK iTrader: (1) Garage List 2014 BMW 320d F30 [10.00]	So to do this you just ring the finance company or BMW to liaise with the finance company?
	Appreciate 0 Quote

06-16-2016, 02:20 AM	#33
nickb3 Private First Class 36 Rep 175 Posts Drives: X3 M40i Join Date: Apr 2013 Location: S Wales iTrader: (0)	Am I correct in thinking that the excess mileage only applies to those that choose to hand the car back at the end of the contractual term, and have no equity? Judging by this forum(!) and my own experience I suspect that is a very small number as people either look to change their vehicle early, and presumably BMWFS try so set the GFV so that there is always some equity at the end of the term.
	Appreciate 0 Quote

06-16-2016, 03:57 AM	#37
DB118D Lieutenant Colonel 1026 Rep 1,670 Posts Drives: 118d Sport Join Date: Oct 2014 Location: Glasgow iTrader: (0)	Excess mileage charges are only a worry if you decide to either VT part-way through your agreement, or hand the car back at the end of your term. The GFV's are set to be realistic, any equity at the end should be treated as a bonus, not a given
	Appreciate 0 Quote

06-26-2016, 06:00 AM	#41
ziggys101 Private First Class 70 Rep 140 Posts Drives: G01 X3M40i Join Date: Dec 2011 Location: Staffordshire iTrader: (0)	Those that have done it did you get calls from the dealership thinking you were up for changing your car as it looks like the process triggered a settlement figure request! Just had 2 emails and calls from salesmen throwing themselves at me BTW got accepted to go from 10k>30k
	Appreciate 1 Quote

06-26-2016, 09:41 AM	#42
DazC Colonel 905 Rep 2,651 Posts Drives: M4 Comp Pack Join Date: Nov 2013 Location: Scotland iTrader: (0) Garage List 2016 M4 Comp Pack [0.00]	Hope this is still an option come September when my new car arrives.
	Appreciate 0 Quote

06-30-2016, 01:26 PM	#44
notused Captain 306 Rep 633 Posts Drives: none Join Date: Apr 2016 Location: none iTrader: (0)	I was about to do this and noticed this statement on BMW website: Your mileage allowance will only apply if you choose to hand your car back to BMW Financial Services. If you do wish to increase your mileage, it will be subject to a £125 fee and will increase your rentals.
	Appreciate 0 Quote