My 9 month old M140 might have to go.

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Mark8912
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My 9 month old M140 might have to go.

Post by Mark8912 » Mon Jan 15, 2018 8:56 pm

Chaps,
Due to my relationship falling on its arse I may have to sell my beloved motor. I've had it 9 months on a 4 year PCP....
Any ideas on the best way forward 😣

topuphere666
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Re: My 9 month old M140 might have to go.

Post by topuphere666 » Mon Jan 15, 2018 8:58 pm

Sorry to hear that dude. I’d look at getting a settlement figure from BMW FS is with them, then trying to get a private sale for as high as you can!


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Mark8912
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Re: My 9 month old M140 might have to go.

Post by Mark8912 » Mon Jan 15, 2018 9:01 pm

Cheers topuphere......
I really don't want to sell her but needs may must !!!
I don't think BMW will show me much sympathy lol

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Re: My 9 month old M140 might have to go.

Post by Tricky401 » Mon Jan 15, 2018 9:06 pm

Can you not re finance with a loan that’s more affordable over a longer term, rather than take a massive hit now
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Re: My 9 month old M140 might have to go.

Post by Mark8912 » Mon Jan 15, 2018 9:25 pm

That's something I may have to look into . Thanks for your input 👍

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Re: My 9 month old M140 might have to go.

Post by Tricky401 » Mon Jan 15, 2018 10:05 pm

It’s possibly not sound financial advise but I’d look into every option as I’m guessing you will be in neg Ed and need to fork out to get rid
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Re: My 9 month old M140 might have to go.

Post by JacksonGee » Mon Jan 15, 2018 10:10 pm

Voluntary termination is what you need to look in to. At 9 months I've no idea what negative equity you'd be in but it may be cheaper to go down that route and possibly finance the difference with a long term loan that you're able to pay off early when you get your finances back in check.

Do as much research as possible around VT anyway, there's loads of info out there.

I think what Tricky401 is suggesting is to finance say 5k over a longer term and use that lump to pay off the PCP, but with reduced monthlies on the bank loan? That would be worth pursuing as you'd get to keep the car instead of just paying to get rid of it. That might have been clear to you but it took me a second read to get it
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Mark8912
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Re: My 9 month old M140 might have to go.

Post by Mark8912 » Mon Jan 15, 2018 10:38 pm

Cheers for your input it's much appreciated mate ta

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Re: My 9 month old M140 might have to go.

Post by Kerr » Mon Jan 15, 2018 11:17 pm

You can only VT a car when you've made half of the total amount payable.

Unless you put a big deposit down there won't be a cheap way out.

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Re: My 9 month old M140 might have to go.

Post by Compactpete » Tue Jan 16, 2018 4:09 am

JacksonGee wrote:
Mon Jan 15, 2018 10:10 pm
Voluntary termination is what you need to look in to. At 9 months I've no idea what negative equity you'd be in but it may be cheaper to go down that route and possibly finance the difference with a long term loan that you're able to pay off early when you get your finances back in check.

Do as much research as possible around VT anyway, there's loads of info out there.

I think what Tricky401 is suggesting is to finance say 5k over a longer term and use that lump to pay off the PCP, but with reduced monthlies on the bank loan? That would be worth pursuing as you'd get to keep the car instead of just paying to get rid of it. That might have been clear to you but it took me a second read to get it
You can VT a car at anytime by paying the difference between what you have paid so far and 50% of the total amount payable.

A rough calculation at 9 months would mean the OP would need to pay around £12k to VT which is clearly ridiculous and completely the wrong avenue to explore.

Unfortunately this is one of the downsides of 4 year PCP’s, depending on deposit you’ll be in negative equity until at least month 42.

I would imagine the cheapest option would be to keep the car.
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Re: My 9 month old M140 might have to go.

Post by KR15 » Tue Jan 16, 2018 6:36 am

Compactpete wrote:
JacksonGee wrote:
Mon Jan 15, 2018 10:10 pm
Voluntary termination is what you need to look in to. At 9 months I've no idea what negative equity you'd be in but it may be cheaper to go down that route and possibly finance the difference with a long term loan that you're able to pay off early when you get your finances back in check.

Do as much research as possible around VT anyway, there's loads of info out there.

I think what Tricky401 is suggesting is to finance say 5k over a longer term and use that lump to pay off the PCP, but with reduced monthlies on the bank loan? That would be worth pursuing as you'd get to keep the car instead of just paying to get rid of it. That might have been clear to you but it took me a second read to get it
You can VT a car at anytime by paying the difference between what you have paid so far and 50% of the total amount payable.

A rough calculation at 9 months would mean the OP would need to pay around £12k to VT which is clearly ridiculous and completely the wrong avenue to explore.

Unfortunately this is one of the downsides of 4 year PCP’s, depending on deposit you’ll be in negative equity until at least month 42.

I would imagine the cheapest option would be to keep the car.
Why would you pay out a lump sum up to half the value of a 9 month old car to then give it back?

He might as well use that money to continue the monthly payments and at least get use out of it while the NE flattens out a bit.

OP your best option is to sell private (try the for sale section on here).

You could try a 7 year loan with first direct (they offer up to 30k @ 3% APR) to help you out a bit until your situation improves but it probably won't bring your monthly payment down much.


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Re: My 9 month old M140 might have to go.

Post by wenklaw » Tue Jan 16, 2018 7:57 am

The only way to see if its worth it, which it wont be is

1) What you paid
2) What the settlement figure is
3) How much BMW will give you for it
4) The difference between 2 and 3

If your monthlies are eg £400 and you are £5k plus in negative equity it just doesn't make any sense to hand it back.

Is this likely to be a long term change in financial circumstances, if its short term 12-18 months or so until you get back to where you were before the split I would keep the M140i as you will lose more in 9 months worth of depreciation and end up coughing up a fair few grand to BMW FS an amount probably similar to what your monthlies would be anyway over a 12 maybe even 18 month period, dependant on what they offer you for it (no idea what a 9 month old m140i is worth part x, £25k - £27k?)

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Re: My 9 month old M140 might have to go.

Post by Compactpete » Tue Jan 16, 2018 8:33 am

KR15 wrote:
Tue Jan 16, 2018 6:36 am
Why would you pay out a lump sum up to half the value of a 9 month old car to then give it back?

He might as well use that money to continue the monthly payments and at least get use out of it while the NE flattens out a bit.

OP your best option is to sell private (try the for sale section on here).

You could try a 7 year loan with first direct (they offer up to 30k @ 3% APR) to help you out a bit until your situation improves but it probably won't bring your monthly payment down much.


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It was someone else’s suggestion to VT not mine, I was pointing it it was not a good solution, just like taking out a seven year loan to refinance is not a good solution either as it will most likely increase the monthly payment.
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Re: My 9 month old M140 might have to go.

Post by rm1 » Tue Jan 16, 2018 8:39 am

Looks like you are about to learn an expensive lesson. All of the above problems are why I wouldn't go anywhere near PCP without being absolutely certain that I could make the payments throughout the term of the contract. A lot of people must be very keen to get into a new car or hugely optimistic about their future financial position.

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Re: My 9 month old M140 might have to go.

Post by Compactpete » Tue Jan 16, 2018 8:46 am

rm1 wrote:
Tue Jan 16, 2018 8:39 am
Looks like you are about to learn an expensive lesson. All of the above problems are why I wouldn't go anywhere near PCP without being absolutely certain that I could make the payments throughout the term of the contract. A lot of people must be very keen to get into a new car or hugely optimistic about their future financial position.
100% agree, I do wish the pitfalls of PCP's were explained better as I don't think they are fully understood by a lot of people.

Let's be honest the only real advantage of a PCP is getting you behind the wheel of a car you couldn't otherwise afford.

The phrase 'Guaranteed Future Value' is very misleading on it's own.

I suspect PCP will become the new PPI in a few years.
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