Renault Finance...

[Louise]

I got a new Clio 1.2 Dynamique on Ren finance last March... I got it with a 30k mileage limit in 3 yrs... Its now just under 10 mths old, and the mileage is already on 16k, due to a change in my circumstances since I ordered the car... Where do I stand with the mileage situ?? Anyone know whether I hand the car back in soon if theyll accept the miles as long as its under 30k? When can I give the car back and not owe? (is it after 18 months)? I really love this little Clio, but really dnt wanna b stung with mileage excess fees. I coudl buy the car at 3 yrs old, but then it will prob be hard to sell a Clio on such high miles then...

Would it be best for me to change it for another car asap, with a higher mileage contract? Or can I change the current one?? Also... If I could hand the car back, I could get the same car through my work £10 / mth cheaper than from Renault, with 60k mile limit...

What do u suggest?? I know I should contact Renault.. but scared they may go mad at me lol.

 

[norfolkminis]

I had a saxo on an agreement like this. You normally have a settlement figure normally around the halfway value of the car. as long as you pay upto this figure you can hand the car back with nothing to owe. The mileage should only be an issue if you go the full term of the agreement..

They normally charge something like 5p per mile after the agreed mileage.

I know of someone who had their agreement mileage changed up a band due to a change in circumstances.

Give RFS a ring and ask the question.

 

[edde]

Your Renault finance deal is that you pay so much a month and at the end have the choice of buying the car.

So you have two choices

1 Buy the car back at the end of 3yrs for the agreed amount you signed the contract for and they dont care if you will have done 200k as long as there not lumped with a car with over the agreed milage on it and yo not paying for the extra milage.

2 When you return the car (whenever you want) you will have to pay up so much per mile for the extra milage you have done against what you should have done it return it 1/3 way though the agreement ie 12 months and you will be builed for whatever extra milage you have done over 10k ie if you have done 15k you will be billed for 5k miles ar whatever there rates (I think there about 12p per mile).

If you do decide to end the contract early you may find some penalty clauses. The Clio will loose most of its value during the first yr and your repayments for the first yr wont be equal to the loss in value. If you keep the car over 3yrs then the vlaue loss will become less. I hope that makes sence.

However you need to talk to Renault finance they probably wont be happy as your breaking the agreement you set with them but as long as you increase payment or agree to pay the extra so much per mile you do over 30k in the 3yr or agree to buy the car they should be fine.

After 18 months I belive you can hand the car back in and assuming there is no damage and you havnt exceeded 15k (half you allowance) they have to take it of you and end the agrement. This is I belive a new EU law saying 1/2 though the contract you can hand it back and walk away.

EDD