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Ending your agreement

Ending your agreement

In this section you can find the answer to questions you may have about ending your finance agreement.

 

The attached Vehilce Damage Charge Matrix contrains all applicable charges based on the vehicle's condition outside of BVRLA Fair Wear & Tear Standards.

If you can’t find a suitable answer, or would like further information, please contact us.

 

Ending your agreement early

If you decide that you’re ready for a change earlier than you expected, you can pay off your agreement early at any time by paying the settlement figure.

 

Withdrawing from your finance agreement

Depending on your agreement type, you may have the right to withdraw from your finance agreement within 14 days of signing, by paying back the balance financed, plus any interest. You will need to make this payment within 30 days of notifying us. Once the notification has been received it is not possible to reverse the transaction.

 

Voluntary Terminations

Under the Consumer Credit Act 1974 you have the right to end your agreement and hand back the motorcycle at any time before your last instalment is due.  You must pay at least 50% of the total amount payable under the agreement, minus sums that you have paid and sums that are due.

If you choose to Voluntary Terminate your agreement you must also pay for any excess mileage or damage deemed to be outside of fair wear and tear.

 

Your end of agreement options

Your end of agreement options vary depending on which type of finance agreement you have chosen.  Here we have detailed your options, but if you have any questions or would like to discuss your options further please contact us .

 

Alphera Select (Personal Contract Purchase)

Own a new car funded by Alphera

The simplest way to get into a new car is to part exchange your current one**.

Visit your local Alphera Partner and take a look at the latest range and finance offers

Keep your current vehicle

If you want to keep your car, simply pay your final payment (including the option to purchase fee) and you will own your car outright*. If you would like to spread the costs of the final payment, please contact one of our finance specialists at your local Alphera Partner. 

Return your vehicle at the end of your agreement

With your Alphera Select finance agreement you have the option to hand your car back before the optional final payment*** falls due. You will need pay all the regular monthly payments and the final part of your credit arrangement fee, if any.

Terms and Conditions

*The optional final payment (together with an option to purchase fee) are payable at the end of the agreement if you decide to purchase the vehicle. We remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.

**If you part exchange the vehicle for a new one, any surplus in the vehicle’s part exchange value over the optional final payment (and option to purchase fee) can be used as a deposit towards your new vehicle.

*** If the vehicle’s value is less than the optional final payment, you can hand it back to us without paying the optional final payment. However additional charges may be payable for both excess mileage (actual mileage higher than agreed contract mileage) and vehicle condition (using the standards set by the British Vehicle Rental and Leasing Association BVRLA vehicle condition guide). If your agreement is regulated by the Consumer Credit Act, this contractual option will be in addition to your statutory right to end the agreement early. Finance is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised finance is provided by Alphera Financial Services, a trading name of BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.

 

Alphera Contract Hire.

With Alphera Contract Hire, you enjoy hassle-free motoring. At the end of your agreement, we’ll write to you reminding you that your hire period is due to end soon, and we’ll arrange for the collection of your vehicle*. You can then choose to hire another vehicle through your local Alphera Partner. **

Terms and Conditions

Alphera Contract Hire is not available on used cars. We remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.  *If the rate of VAT changes during the hiring period, ALPHERA Financial Services may change the rental charges. The amount of VAT you can reclaim depends on your businesses VAT status. ** Additional charges may be payable for both excess mileage (actual mileage higher than contract mileage) and vehicle condition (British Vehicle Rental and Leasing Association Standards). Hire is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised hire is provided by ALPHERA Financial Services, a trading name of BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.

 

Alphera Hire Purchase.

Alphera Hire Purchase is a simple and straightforward way to purchase your vehicle. We’ll write to you to remind you that your agreement is due to end soon. Simply make the final payment, which includes the Option to Purchase Fee, and providing that all other payments have been made, you will become the owner of your vehicle*.

If you pay by direct debit, this amount will be debited automatically from your account on the agreement end date.

 

Terms and Conditions

*Provided you have made all of the necessary payments due under your agreement, including an option to purchase fee at the end. Please note, we remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.

Finance is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised finance is provided by ALPHERA Financial Services, a trading name of BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.