Dropping finance early ... *really* early

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SynapticFire
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Wed Jan 04, 2017 9:42 pm

davidgriffiths wrote: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.
There's £25,325.81 left to pay (BMW Finance have a nice online portal now where you can do everything, including checking on the current state of the deal) though I still have to talk to them to 'request' a payment.

I don't have that sort of money so would need to agree beforehand with a buyer. I thought about a dealer but that's really last resort.
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Benis
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Re: Dropping finance early ... *really* early

Post by Benis » Thu Jan 05, 2017 4:43 pm

Some car buying companies like We Want Any Car will first settle finance then pay you any equity via bank transfer. You might not (more likely won't) get as much as it's actually worth, but it's another option to consider?

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Re: Dropping finance early ... *really* early

Post by MEGAginge » Thu Jan 05, 2017 5:38 pm

Benis wrote:Some car buying companies like We Want Any Car will first settle finance then pay you any equity via bank transfer. You might not (more likely won't) get as much as it's actually worth, but it's another option to consider?
Or in this case will settle some of the finance then hand you the phone to debit the rest of the settlement figure to BMW :(
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Re: Dropping finance early ... *really* early

Post by Thrash » Thu Jan 05, 2017 6:00 pm

As its a PCP all you need to do is literally pay the settlement figure.

How you raise the funds is entirely up to you! I suggest getting a valuation from WBAC as a ballpark figure, most dealers won't be generous though, especially if you're not buying a replacement from them.
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Minter
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Re: Dropping finance early ... *really* early

Post by Minter » Thu Jan 05, 2017 10:48 pm

I know of someone who had an M4 last year, realised after a few months it was depreciating faster than a fast thing. He was offered £37k at his BMW Dealer, however, WBAC offered, and ended up giving him £41k..... so got to be worth a shot.

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Re: Dropping finance early ... *really* early

Post by greido » Thu Jan 05, 2017 10:51 pm

Have you approached your employer and requested that they pick up any loss on your car as part of a relocation package? -it might not work but if you don't ask, you probably won't get.

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Re: Dropping finance early ... *really* early

Post by Tubes » Fri Jan 06, 2017 11:44 am

greido wrote:Have you approached your employer and requested that they pick up any loss on your car as part of a relocation package? -it might not work but if you don't ask, you probably won't get.
Exactly this. A friend did the same and they covered the shortfall (amongst other things) on his Civic.

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Re: Dropping finance early ... *really* early

Post by SynapticFire » Fri Jan 06, 2017 4:07 pm

greido wrote:Have you approached your employer and requested that they pick up any loss on your car as part of a relocation package? -it might not work but if you don't ask, you probably won't get.
Not yet; the relocation is still in the early days. I knew it might take some time to organise so wanted to get a step ahead of the game, and additionally any money I can save now (by not having the car) between now and relocation is going to be a bonus.

WBAC offered £20,610
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Re: Dropping finance early ... *really* early

Post by Benis » Mon Jan 09, 2017 8:55 am

SynapticFire wrote:
greido wrote:Have you approached your employer and requested that they pick up any loss on your car as part of a relocation package? -it might not work but if you don't ask, you probably won't get.
Not yet; the relocation is still in the early days. I knew it might take some time to organise so wanted to get a step ahead of the game, and additionally any money I can save now (by not having the car) between now and relocation is going to be a bonus.

WBAC offered £20,610
They will try to knock you down for minor scratches etc, but you can negotiate with them once/if they've amended the price.

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Re: Dropping finance early ... *really* early

Post by greido » Tue Jan 10, 2017 3:09 am

How long have you got to sell the car before you start listening to/considering offers such as WBAC?

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Re: Dropping finance early ... *really* early

Post by ash8433 » Tue Jan 10, 2017 1:55 pm

I suspect the figure you have got from the bmw finance portal is your outstanding balance and not the settlement figure, which will be substantially less once the interest rebate has been applied so your situation may not be as bad as you fear.
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Wed Jan 11, 2017 7:26 pm

greido wrote:How long have you got to sell the car before you start listening to/considering offers such as WBAC?
Not currently in a rush; just had a meeting today at work and the initial stages are in place for relocation but there's still no timeline in place. Sooner is better than later though.
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Re: Dropping finance early ... *really* early

Post by SynapticFire » Wed Jan 11, 2017 7:27 pm

ash8433 wrote:I suspect the figure you have got from the bmw finance portal is your outstanding balance and not the settlement figure, which will be substantially less once the interest rebate has been applied so your situation may not be as bad as you fear.
It is - I hadn't realised that's how it works, time to give them a call and explain exactly the situation and find out for sure!
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Re: Dropping finance early ... *really* early

Post by Mouldie » Thu Jan 12, 2017 10:09 pm

I'm getting rid of my car tomorrow after only 6 months of ownership. I found we want any car offered more than we buy any car. And Evans Halshaw offered more again. They were at £22.2k for a fairly low spec 16 plate with 9k miles. It started around £23k but dropped as I put more miles on.....understandably!

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