Excess mileage on purchase of car at end of PCP

[HertsMacan]

I totally get that the more miles a car does throughout a period of lease, the more it will depreciate and therefore the lower the future guaranteed value will be. This is why we state our estimated mileage at the outset and a monthly payment is calculated. My query is that if you are going to buy the car art the end of the lease, as in 99% of cases it will be worth more than the GFV (leasing companies are very cautious and rarely over estimate these), do you have to pay any excess mileage or damage penalties. My SE says no, because all borrowed amounts have been repaid and therefore if your buying it, it doesn't matter what the mileage is or if there is any damage. An internet search is suggesting that excess mileage and damage is a contractual payment under the lease and payable even if you do subsequently buy the car.

Anyone got any experience of this.

Thanks

[Joe390]

As far as my understanding, excess mileage and damage only apply if you trade in or hand the car back. If you pay the final balloon payment (assuming it’s on PCP) you won’t be subject to these as you own the car.

[New User]

Have had two cars on PCP and I did buy both at the end of the period. It was a simple transaction with both BMW and VW Finance respectively and the cars were in my drive at home whilst I did it. No reports/photos etc are necessary. Come to think about it I probably settled at least one of them early. Just call up get the balance over the phone and pay this plus the option to purchase fee (if still the case - was about £125) on your card of choice and job done.

[Jon A]

The balance is the balance regardless of mileage or damage if you are paying it off. This changes if you are handing it back which is the only scenario that excess mileage would come into the equation.
On nearly all occasions with a Porsche there should be some equity in the car so handing it back would not make sense - you would either pay it off or sell it and take the balance of the equity.

[REITSY]

Was considering PCP only cos the money is invested in some stuff that may or may not exceed 6.9% but annoyed that the guaranteed pay off amount is the same number regardless of the fact my car has £12k of options