Excess Mileage Fee
At the start of the contract, an agreement is reached as to what the annual mileage allowance for the vehicle is. As your annual mileage is reflected in the monthly cost, it is important that you choose a mileage allowance that reflects your driving habits. For customers who exceed the agreed annual mileage, an excess mileage charge is applied. The excess mileage fee is based on a pre-agreed excess mileage rate per mile which is set by the finance provider. For example, if the excess stated in your agreement is 5p per mile, and you exceeded your mileage allowance by 1,000 miles, you would be charged £50.
You can find out more on excess mileage in our guide.
Contract Mileage Amendment Fee
If during the course of your contract, you find that you are doing more miles than in your agreed limit, you may be able to amend your contract mileage amount subject to approval by the finance provider. Contract mileage amendments will be charged at a fee of £100 excl. VAT and are payable by debit or credit card or by BACs payment upon receipt of your signed finance documentation detailing the amendment. Please note, this option is not available with all funders.
Contract Extension Fee
At the end of your contract agreement, you may also be able to extend your contract term subject to approval by the finance provider. Nationwide Vehicle Contracts charge a contract extension fee of of £100 excl. VAT for a six-month extension and £125 excl. VAT for a 12-month extension. The contract extension fee is payable by debit or credit card or by BACs payment and will be taken on receipt of your signed finance documentation detailing the amendment. Please note, this option is not available with all funders.