H.P. Finance Voluntary Termination Question

[SXGuy]

Re: H.P. Finance Voluntary Termination Question

Thanks guys.

I will be walking in to BMW, I wont be telephoning BMW finance, so ill make it clear (if need be) its a VT not a VS

And I wont sign anything without reading it first don t worry.

[Fortman]

Re: H.P. Finance Voluntary Termination Question

I wont sign anything without reading it first don t worry.

You don't need to sign anything - full stop!

Take note of my comment re the condition report. This is where they nearly always try to make some money back on VT's.

[SXGuy]

Re: H.P. Finance Voluntary Termination Question

Ok cool ill bare that in mind.

So if they say for example, well the wheels need a refurb so that's an extra £100 per wheel, is this acceptable?

[jen_br]

Re: H.P. Finance Voluntary Termination Question

ps bmw is mt largest client i know a lotta ppl

[Fortman]

Re: H.P. Finance Voluntary Termination Question

'Reasonable wear and tear' is, I think, along the lines of the condition it can be in - anything in line with it being 7 years old. A scuffed wheel might well be expected I'd have thought.

[SXGuy]

Re: H.P. Finance Voluntary Termination Question

Gotta be hasnt it? dont think anyone expects to own a car for 7 years and not scuff the wheels. Ive had em refurbed 3 times over the years (curbs are like magnets) and wont be doing it again!

Jen has confirmed my car should be worth over 5k as it stands now, so it will clear the baloon. Gonna go down there in the next week or so.

[SaltnVinegar]

Re: H.P. Finance Voluntary Termination Question

Yes just make sure you take photos of the condition of the car especially if its being picked up by car transporter. They typically are sent straight to auction, and these guys pick up several vehicles sometimes involving them parking up overnight.

You don't want to be stung for any damage that may be sustained once its left your ownership..........

[SXGuy]

Re: H.P. Finance Voluntary Termination Question

Will do thanks for the advice.

[SXGuy]

Re: H.P. Finance Voluntary Termination Question

Ok so just to update and end this thread, i went down to BMW today.

Basically, the H.P had £5600 left to pay, BMW gave me exactly £5600 to clear the car, so i was more than happy.

Put 5k down on a 57 plate 520d, got 5k finance, which im going to pay off next April anyway.

Payments are £161 per month including Interest at £20 per month, 6% APR, over 3 years so all in all, got quite a good deal.

Plus with the finance instead of paying the whole 10k, ive got a nice bit of cash left over to either keep, or pay down the HP till next april.