General Getting out of my BMW finance agreement and into a 500!!!

[Jamesmini]

Hi all,

I bought my current car (BMW One Series Coupe) back in October 2012 after purchasing a faulty One Series Convertible in June of the same year. I've since decided that after all that hassle (and dealer arse licking me) that I really don't like the car! There's nothing wrong with it and it is a beautiful car but I've realised I hate rear wheel drive (this being my first RWD car) and I know it sounds stupid but the car just feels too expensive! I always have a nagging feeling that if a tyre goes or an alloy is kerbed or I somehow scratch the paintwork it's going to cost me a bomb to put right :-(

So... I've set my heart on a 500c (still open to colour suggestions) with the inchcape stereo and blue and me as must have options.

Trouble is I can't get out of my BMW without paying over 3000k to do so!!! I'm loathed to stay in it for another 12 months but think I am we'll and truly stuck...

Any thoughts would be gratefully received...

 

[The Twins]

Hi all,

I bought my current car (BMW One Series Coupe) back in October 2012 after purchasing a faulty One Series Convertible in June of the same year. I've since decided that after all that hassle (and dealer arse licking me) that I really don't like the car! There's nothing wrong with it and it is a beautiful car but I've realised I hate rear wheel drive (this being my first RWD car) and I know it sounds stupid but the car just feels too expensive! I always have a nagging feeling that if a tyre goes or an alloy is kerbed or I somehow scratch the paintwork it's going to cost me a bomb to put right :-(

So... I've set my heart on a 500c (still open to colour suggestions) with the inchcape stereo and blue and me as must have options.

Trouble is I can't get out of my BMW without paying over 3000k to do so!!! I'm loathed to stay in it for another 12 months but think I am we'll and truly stuck...

Any thoughts would be gratefully received...

If its a regulated agreement and you have paid at least 50% of the agreement you can do a Voluntary Termination and simply give the car back with nothing more to pay.

 

[RobinPJ]

Hi all,

I bought my current car (BMW One Series Coupe) back in October 2012 after purchasing a faulty One Series Convertible in June of the same year. I've since decided that after all that hassle (and dealer arse licking me) that I really don't like the car! There's nothing wrong with it and it is a beautiful car but I've realised I hate rear wheel drive (this being my first RWD car) and I know it sounds stupid but the car just feels too expensive! I always have a nagging feeling that if a tyre goes or an alloy is kerbed or I somehow scratch the paintwork it's going to cost me a bomb to put right :-(

So... I've set my heart on a 500c (still open to colour suggestions) with the inchcape stereo and blue and me as must have options.

Trouble is I can't get out of my BMW without paying over 3000k to do so!!! I'm loathed to stay in it for another 12 months but think I am we'll and truly stuck...

Any thoughts would be gratefully received...

Wow. Three million quid. No wonder it feels expensive.

 

[Jamesmini]

Woops! I meant 3k obviously lol

 

[Jamesmini]

If its a regulated agreement and you have paid at least 50% of the agreement you can do a Voluntary Termination and simply give the car back with nothing more to pay.

Does that include the ballon payment at the end?

 

[The Twins]

Does that include the ballon payment at the end?

Not sure need to check. I forgot the exact details. .
For me it worked out at almost 3yrs into a 4yrs agreement.
Hope this helps.

 

[The Twins]

Here are the rules about VT. http://www.legalbeagles.info/forums...rchase-or-conditional-loan-under-the-CCA-1974
Hope this helps you.

 

[UFI]

I always have a nagging feeling that if a tyre goes or an alloy is kerbed or I somehow scratch the paintwork it's going to cost me a bomb to put right :-(

Panel and paint costs the same no matter what you drive (within reason).

Maybe someone on here would trade you If the 500 was rear wheel drive, it would be perfect

 

[arorat]

Does that include the ballon payment at the end?

for early settlement, the balloon payment and remaining monthly payments become a single "settlement payment". For my TA I was told I would get around £120 back after handing the car back.

I am thinking this... If I want to change car after 2 years, I would have to walk away from the TA and start a new deal fresh by putting down a deposit, then 36 monthly payments of £x and a final balloon payment, taking this argument further, by adding goodies like Xenons the deposit and or monthly payments will be higher, this does not seem like a good deal as my car has the goodies, but if 12 months down the line I have paid another 12 payments and the balloon payment and the car is worth the balloon payment only then its worth trading up now - why wait ? Other thing to take into account is Gap insurance, but that seems to have come down.

can anyone see any flaws in this ?

Some people like to change cars every few years, like Tony who went from TA > Abarth > Turismo, this is fine as long as you can budget the monthly payment.

btw: from a BMW I would go to a 500c Abarth

 

[UFI]

can anyone see any flaws in this ?

Yes, your car's market value really doesn't matter, it's value to you matters. If you take care of your cars, it's value to you should be much higher than market, which is how I end up with so many cars always.

Trading in every 2-3 years is a really expensive way to go, even if you can justify it by the 'repayments are the same' logic.

 

[Jamesmini]

for early settlement, the balloon payment and remaining monthly payments become a single "settlement payment". For my TA I was told I would get around £120 back after handing the car back.

I am thinking this... If I want to change car after 2 years, I would have to walk away from the TA and start a new deal fresh by putting down a deposit, then 36 monthly payments of £x and a final balloon payment, taking this argument further, by adding goodies like Xenons the deposit and or monthly payments will be higher, this does not seem like a good deal as my car has the goodies, but if 12 months down the line I have paid another 12 payments and the balloon payment and the car is worth the balloon payment only then its worth trading up now - why wait ? Other thing to take into account is Gap insurance, but that seems to have come down.

can anyone see any flaws in this ?

Some people like to change cars every few years, like Tony who went from TA > Abarth > Turismo, this is fine as long as you can budget the monthly payment.

btw: from a BMW I would go to a 500c Abarth

Sorry this has confused me :-/

 

[Jamesmini]

for early settlement, the balloon payment and remaining monthly payments become a single "settlement payment". For my TA I was told I would get around £120 back after handing the car back.

I am thinking this... If I want to change car after 2 years, I would have to walk away from the TA and start a new deal fresh by putting down a deposit, then 36 monthly payments of £x and a final balloon payment, taking this argument further, by adding goodies like Xenons the deposit and or monthly payments will be higher, this does not seem like a good deal as my car has the goodies, but if 12 months down the line I have paid another 12 payments and the balloon payment and the car is worth the balloon payment only then its worth trading up now - why wait ? Other thing to take into account is Gap insurance, but that seems to have come down.

can anyone see any flaws in this ?

Some people like to change cars every few years, like Tony who went from TA > Abarth > Turismo, this is fine as long as you can budget the monthly payment.

btw: from a BMW I would go to a 500c Abarth

Oh and I had a Mini Cooper s prior to the BMW and want to slow myself down... I can be a bit of a speed demon :-/

 

[jrkitching]

Some people like to change cars every few years, like Tony who went from TA > Abarth > Turismo, this is fine as long as you can budget the monthly payment.

The economics are different if you buy your cars using cash. At today's interest rates, 'free' finance offers are almost worthless; negotiating a decent discount off the purchase price is the key.

 

[arorat]

Yes, your car's market value really doesn't matter, it's value to you matters. If you take care of your cars, it's value to you should be much higher than market, which is how I end up with so many cars always.

Trading in every 2-3 years is a really expensive way to go, even if you can justify it by the 'repayments are the same' logic.

I understand your reasoning but i am confused as to how you end up with so many cars by taking care of your cars, i.e. how and when are you swapping cars ?

Sorry this has confused me :-/

If i can bullet it;
- you will prob pay a single payment to get out of your contract (balloon included)
- you may loose out as value of car may be more to you after 3 years

The economics are different if you buy your cars using cash. At today's interest rates, 'free' finance offers are almost worthless; negotiating a decent discount off the purchase price is the key.

So true if you have cash to hand, i came across drivethedeal last week, great prices, but no Fiat.

 

[jrkitching]

So true if you have cash to hand, i came across drivethedeal last week, great prices, but no Fiat.

With the exception of the scrappage scheme, the 500 has been poor value for cash buyers, as FIAT have put all their discounting into the finance deals. This isn't true of the Panda; there are brilliant deals out there for buyers with the readies.

 

[306maxi]

Panel and paint costs the same no matter what you drive (within reason).

Maybe someone on here would trade you If the 500 was rear wheel drive, it would be perfect

I can only echo this comment. Why you are getting rid of a car because of perceived expense I do not understand. I know it's not nice, but getting rid of a car for the reasons you've outlined is really stupid, there's no other way to put it.

 

[Jamesmini]

I can only echo this comment. Why you are getting rid of a car because of perceived expense I do not understand. I know it's not nice, but getting rid of a car for the reasons you've outlined is really stupid, there's no other way to put it.

Good job it's my money I'm spending then and not yours...

 

[306maxi]

Good job it's my money I'm spending then and not yours...

It is a good job, I normally try and pull punches, but this thread just grates. Why have anything nice and expensive if you're going to think that it's going to cost lots of money to put right if by chance something goes wrong.

People confuse me sometimes, we have people paying far far far too much to have their cars fixed and then blaming the car and now we've got someone who is getting rid of a car because of the small possibility of having to do repairs which they (incorrectly) perceive to be expensive.

I'll wager that the money you lose (needlessly) changing cars far outweighs the cost of the repairs you fear that you may need over the lifetime of your 1 series.

 

[Jamesmini]

It is a good job, I normally try and pull punches, but this thread just grates. Why have anything nice and expensive if you're going to think that it's going to cost lots of money to put right if by chance something goes wrong.

People confuse me sometimes, we have people paying far far far too much to have their cars fixed and then blaming the car and now we've got someone who is getting rid of a car because of the small possibility of having to do repairs which they (incorrectly) perceive to be expensive.

I'll wager that the money you lose (needlessly) changing cars far outweighs the cost of the repairs you fear that you may need over the lifetime of your 1 series.

Perhaps you didn't read all of my original post... I don't like my BMW. Not just for the reason you have latched onto and deemed me "stupid" for. To reiterate, it is my first ever rear wheel drive and after driving it 10,000 miles in 6 months (in all weather conditions) I've come to the decision I no longer want it. The reasons for this are largely irrelevant. I was mainly looking for helpful conversation and ideas from owners of fiat 500's which is the car I have an interest in owning next.

 

[306maxi]

Perhaps you didn't read all of my original post... I don't like my BMW. Not just for the reason you have latched onto and deemed me "stupid" for. To reiterate, it is my first ever rear wheel drive and after driving it 10,000 miles in 6 months (in all weather conditions) I've come to the decision I no longer want it. The reasons for this are largely irrelevant. I was mainly looking for helpful conversation and ideas from owners of fiat 500's which is the car I have an interest in owning next.

If you don't feel that RWD is confidence inspiring in wet/cool weather or in snow, then a few hundred pounds spent on winter tyres would change your mind.

I never said you were stupid, just that your reasons for changing cars appeared to be.

Tbh, going from a BMW you will find that the 500 is very cheaply assembled and some of the parts are about as cheap and shoddy as Fiat could find.