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Car finance SHOCK – Driver makes £50,000 error by breaching this contract clause

car finance

Car finance deals are gaining popularity in Britian (Image: GETTY)

The car finance market is booming in the UK with around 80 per cent of cars bought thought to be on a lease deal. Finance offers motorists the chance to drive a brand new car for a monthly repayment and doesn’t require you to fork out the whole amount for a car upfront. They can, however, be confusing and hard to understand and navigate. One motorist found out the hard way that car finance could land you in trouble if you breach any clauses of the contract.  One YouTuber found this out the hard way they decided to make modifications to their new BMW which they had received on finance. 

The internet video creator Riccardo Senior, who hosts LiveLifeFast, managed to pick up a BMW M4 Competition Pack, which usually costs £68,000, on a steal of a deal. 

It cost him £3,000 deposit, zero per cent interest and monthly payments of £610 on a PCP deal. The car in question has 44bhp, 0-62mph time of four seconds and 155mph top speed, making it quite the beast.

However, Senior has made some performance related modifications to the car to squeeze even more power out of the vehicle including a hybrid turbocharger, sports exhaust, and methanol injection. 

All these mods increased the power by 276bhp to 720bp, which is what breached the terms of his finance deal.

“BMW are basically demanding full payment for my car by next week otherwise they are threatening to take it away from me.”

BMW got in touch with the YouTuber stating he had breached his finance agreement on two counts – modification and a belief from the finance team that he could not afford the payments. 

“I think it’s pretty crazy – you can’t even modify your own car,’ Senior said in his video. “This whole time I’ve been breaching the agreement.”

Senior added: “I bought this car with the intention to modify it. Nothing was verbally said to me. 

“One thing I definitely knew was that I was going to lose my warranty if I had an engine or gearbox problem. Whatever issues I had with the car I was prepared to fix these problems with myself.” 

Taking into account the cost of the deposit and monthly payments, Senior could be forced to pay up to £50,000 to cover the bill.