[scottishpete]

If after 2 years of my 3 year Select BMW Finance i want to end it early what are my options?

I can`t get my head round the paper work but it says something like £18k,so say the RRP of car was £22k could i take to dealers get a price from them and keep the difference?

I know i could juts hand it back and walk away,but if there was money to get back then that would be best way

Just thinking out loud and looking at a mortgage

Any pointers would be great

[M3-FAST]

As I understand it if you hand it back early you are effectively breaking your contract but under the consumer credit act you can hand back under the 'halves and thirds' rule and simply walk away. This wont officially harm your credit rating but my mate who is a BMW business manager always recommends that you get finance on your next vehicle sorted before handing the current one back as they do know it has happened.

This will just effectively get you out of your contract penalty free - I would have thought to get a settlement figure, you would have to be at the end of the term and this would have been the GFV that was agreed when the finance was taken?

[scottishpete]

Originally Posted by M3-FAST

As I understand it if you hand it back early you are effectively breaking your contract but under the consumer credit act you can hand back under the 'halves and thirds' rule and simply walk away. This wont officially harm your credit rating but my mate who is a BMW business manager always recommends that you get finance on your next vehicle sorted before handing the current one back as they do know it has happened.

This will just effectively get you out of your contract penalty free - I would have thought to get a settlement figure, you would have to be at the end of the term and this would have been the GFV that was agreed when the finance was taken?

Yes it has a GFV of 11k,but it says i can end it after 1.5years and the figure is 18k

I dont know what this means tho
Maybe i should just call them up and ask

[MashinBenzin]

Originally Posted by scottishpete

Yes it has a GFV of 11k,but it says i can end it after 1.5years and the figure is 18k

I dont know what this means tho
Maybe i should just call them up and ask

Yep, hopefully they would be able to give you an exact quote. I did end the PCP around 2 years in to the 3 year contract on my previous car (a Toyota). They provided me with an exact settlement figure that I paid off to own the car; the settlement figure reduces with each monthly payment. The settlement figure was less than the car was worth, which will hopefully be the same for you.

As with most financial agreements, there was a 2 month interest penalty to pay on settlement, but that still clearly saved money overall compared with running the deal to the full term.

Although that's an experience with a different firm, I would hope BMW have the same sort of system.