Dropping finance early ... *really* early

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Dropping finance early ... *really* early

Post by SynapticFire » Thu Dec 29, 2016 4:26 pm

Of course I will be reaching out to BMW Finance direct about this but just wondered if anyone had done this themselves and had some experience to share.

I have 39 payments left on my 48 month [EDIT: PCP], so I haven't had the car long at all. I love it, it is wonderful, etc.
However, it looks like my company might be relocating me out to America on a 'probably permanent unless you hate it' basis. Given that my girlfriend already lives out there, I'm probably not going to be coming back ;)

This leaves me in a bit of a sticky situation, car-wise, as this is likely to happen in the next few months and certainly before the '2 years and you can walk away' period comes up.
The car is in perfect condition with about 7000 miles on the clock so it's still worth a bundle of money ... but I can't imagine they're going to let me walk away. But if I'm leaving the country, I can't exactly take it with me either!
Last edited by SynapticFire on Wed Jan 04, 2017 9:28 pm, edited 1 time in total.
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Re: Dropping finance early ... *really* early

Post by Enthusiast » Thu Dec 29, 2016 4:44 pm

Just transfer the lease to someone willing to take it over.
I believe all they need is to get checked by BMW and there will be some sort of transfer-fee.
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Thu Dec 29, 2016 5:20 pm

:lol: Love the analogy ... that's not so far from the truth.

Hmm, there might be someone. My best mate's brother is considering a 240i ... I wonder if he'd be swayed by the practicalities of the 135i ... ;)
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Re: Dropping finance early ... *really* early

Post by dominickelly » Thu Dec 29, 2016 5:44 pm

SynapticFire wrote:I can't exactly take it with me either!
Have you thought about shipping it to the US? I've no idea what something like that might cost, but it's possibly less than you'd stand to lose selling, clearing the finance and buying again over there? That's if you plan to stay, and can live with the steering wheel being on the wrong side...

Edit: Just seen it's a lease, so probably not an option after all... but maybe worth asking. Yeah sell your lease to someone would be your best bet then probably.
Last edited by dominickelly on Thu Dec 29, 2016 5:46 pm, edited 3 times in total.
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Re: Dropping finance early ... *really* early

Post by marco_polo » Thu Dec 29, 2016 5:45 pm

£ ouch. :(

The '2 year and walk away' (PCP VT) point is usually nearer 38 - 42 months (depending on deposit, GFV, interest, fees, etc), it's not when you've made half the payments (although that's a popular misconception).
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Thu Dec 29, 2016 5:58 pm

dominickelly wrote:
SynapticFire wrote:I can't exactly take it with me either!
Have you thought about shipping it to the US? I've no idea what something like that might cost, but it's possibly less than you'd stand to lose selling, clearing the finance and buying again over there? That's if you plan to stay, and can live with the steering wheel being on the wrong side...

Edit: Just seen it's a lease, so probably not an option after all... but maybe worth asking. Yeah sell your lease to someone would be your best bet then probably.
Yeah I've thought about it, partly because I'll miss it so much!! It'd be fun not having XDrive up in the North East mind ;)
I don't think it would be an option due to lease but I can always ask ...
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Re: Dropping finance early ... *really* early

Post by marco_polo » Thu Dec 29, 2016 6:53 pm

los desaparecidos wrote:
marco_polo wrote:£ ouch. :(

The '2 year and walk away' (PCP VT) point is usually nearer 38 - 42 months (depending on deposit, GFV, interest, fees, etc), it's not when you've made half the payments (although that's a popular misconception).
I thought this chap has a lease Marco???

VT on a lease?

:?
If it's a straight rental, there are no VT rights at all.
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Re: Dropping finance early ... *really* early

Post by Octavius » Thu Dec 29, 2016 8:51 pm

If you're not planning on coming back to the UK just leave it parked up somewhere so the bailiffs can easily find it :)
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Re: Dropping finance early ... *really* early

Post by Thrash » Fri Dec 30, 2016 11:41 pm

When you say lease, do you mean contract hire (PCH)?
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Re: Dropping finance early ... *really* early

Post by DB118D » Sat Dec 31, 2016 4:59 pm

Is it a lease or a PCP. Your rights vary wildly depending on your answer.

If pcp you can sell the car and pay off what you owe at any point. After only 9 months you'll be in a lot of financial pain unless you put in a huge deposit.

If it's a lease then you'll find getting out very difficult and very very expensive
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Re: Dropping finance early ... *really* early

Post by BertieM140i » Tue Jan 03, 2017 4:30 pm

Hi
Been in a similar situation, I think your best bet is to find someone to take over the lease, you could try here. www.takemylease.co.uk
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Wed Jan 04, 2017 9:05 pm

BertieM140i wrote:Hi
Been in a similar situation, I think your best bet is to find someone to take over the lease, you could try here. http://www.takemylease.co.uk
Wow there really is a website for everything!!

I put £4,500 down, GMFV is £14,000+ change. I'll drill into that website right now, thank you!
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Re: Dropping finance early ... *really* early

Post by davidgriffiths » Wed Jan 04, 2017 9:27 pm

SynapticFire wrote:
BertieM140i wrote:Hi
Been in a similar situation, I think your best bet is to find someone to take over the lease, you could try here. http://www.takemylease.co.uk
Wow there really is a website for everything!!

I put £4,500 down, GMFV is £14,000+ change. I'll drill into that website right now, thank you!

You have a PCP then. Not a lease.
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Wed Jan 04, 2017 9:28 pm

davidgriffiths wrote:
SynapticFire wrote:
BertieM140i wrote:Hi
Been in a similar situation, I think your best bet is to find someone to take over the lease, you could try here. http://www.takemylease.co.uk
Wow there really is a website for everything!!

I put £4,500 down, GMFV is £14,000+ change. I'll drill into that website right now, thank you!

You have a PCP then. Not a lease.
Yeah, just realised as I went to the website to plug in the figures.
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Re: Dropping finance early ... *really* early

Post by davidgriffiths » Wed Jan 04, 2017 9:39 pm

As has been said, you can get out of pcp many ways.

The simplest is pay off what is outstanding on the car. Contact BMW for a settlement.

Some dealers will buy the car off you. But that will cost you.

Officially, you can't sell the car privately until you pay BMW off, and it will also have a HPI Marker for finance. Although, you may find someone who is happy to pay BMW direct to settle. And get confirmation on the phone.
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