First Time PCP - BMW Finance - Any Good and Gotcha's?

[bbasra]

Hi,

I hope you are all well and wondering if you can help or provide any guidance. I have just paid a Deposit on a BMW 435d X Drive Convertible which is 1.4 years old and purchasing it on PCP.

The deal i was offered is below:
____________________________________________________

BMW Financial Services

BMW F33 435d xDrive M Sport Convertible N57 SP AUTO

Details BMW FS Select 24-49 Months Regulated Quotation

(a) Cash price (inc. VAT) £37,980.00
(b) Less Initial Rentals / deposit £3,800.00
(c) Balance of cash price/amount of credit £34,180.00
(d) Add Interest Charges £6,039.26
(e) Option to Purchase Fee (£1.00) payable with Final Rental (inc. VAT, if applicable) £1.00
(f) Total Charge for Credit (d) + (e) £6,040.26
(g) Balance Payable (c) + (f) £40,220.26
(h) Total Amount Payable (b) + (g) £44,020.26

Financial Details 7.5 % APR

Term of Hire

The balance shown at (g) above is payable by 36 Monthly Rentals £574.06 / m

Followed by the Optional Final Rental of £19,553.10 and the Option to Purchase Fee of £1.00 Total £19,554.10

Mileage
Maximum Annual Mileage: 10000 miles for each period of 12 months commencing from the date of this Agreement.
Maximum Total Mileage for Period of Hire: 33678 miles (which shall be pro-rated for earlier termination).

Mileage on delivery: 2845 miles
If the Annual Mileage or Total Mileage figures shown above are exceeded, an Excess Mileage charge of 14.56 pence per mile will be incurred.

____________________________________________________


1. Just wondering if i'm getting a good deal?
2. If i should be vary of anything other than being able to keep up the repayments, ie any gotachs, hidden charges?
3. What sort of questions should i also be asking regarding the finance deal?

Many thanks in advance.

[funkyrobot]

Nearly 600 quid a month on a 3 series coupe! Then you have a whopping final payment.

It's up to you, but that seems a lot of money to me. Have you considered leasing?

Each to their own, of course.

[Ved]

Depends if you think 7.5% is a good rate vs what you could get from your bank and also if you got any money off the price of the car. I know Broadspeed will do new ones for 40k but that's without options so maybe you had a good deal, I don't know.

Personally I'd probably look at a lease with less deposit and less per month over the same term and mileage.

This looks good https://www.contracthireandleasing.com/car-leasing...

Up to you but if you can afford the car and you like it then you did get a good deal. Forget what others think and enjoy it.

[ashleyman]

I just had spec'd a £41k BMW 340i and even that was only £2500 deposit from me + dealer contribution on top and that worked out at £500 p/m for 10,000 miles over 48 months.

Yours looks kinda expensive.

[Welshbeef]

So £680 Pcm when you spread the deposit over the term.

Given you can lease a brand new one for £352pcm all in - no it is not a good deal.

http://www.contracthireandleasing.com/personal/car...

[hornetrider]

Horrific deal. Walk.

[bbasra]

I should have mentioned that i couldn't find a spec like this anywhere unless i ordered it new which was nearly £57k.

Colour 475 Black Sapphire Metallic 0.00
Upholstery LCL5 Coral Red Dakota leather upholstery w 0.00
Option XE7 Piano Black - BMW Ind. 312.50
Option 2VF Adaptive M Sport suspension 429.17
Option 321 Exterior parts in body colour 0.00
Option 322 Comfort Access 412.50
Option 4DM Interior trim finishers - Pearl Chrom 0.00
Option 430 Ext. mirrors - folding. auto dimming 250.00
Option 5AC High-beam Assistant 0.00
Model Z4CX F33 435d xDrive M Sport Convertible N 39,950.00
Option 524 Adaptive Headlights 300.00
Option 6AR Internet 79.17
Option 6FV Online Entertainment 158.33
Option 6NS Enhanced Bluetooth telephone with USB 291.67
Option 610 Head-up Display 687.50
Option 902 Press Preparation 0.00
Package ZAP Advanced Parking package 454.17
Package ZCV Convertible Comfort package 579.17
Package ZIC Interior comfort package 295.83
Model Z4CX F33 435d xDrive M Sport Convertible N 39,950.00
Package ZMS M Sport Plus package 1,375.00
Package ZNP Media package - Professional 750.00
Pack Alt 2PL 19" M Double-spoke style 442M alloy w 0.00

[Welshbeef]

bbasra said:

I should have mentioned that i couldn't find a spec like this anywhere unless i ordered it new which was nearly £57k.

Colour 475 Black Sapphire Metallic 0.00
Upholstery LCL5 Coral Red Dakota leather upholstery w 0.00
Option XE7 Piano Black - BMW Ind. 312.50
Option 2VF Adaptive M Sport suspension 429.17
Option 321 Exterior parts in body colour 0.00
Option 322 Comfort Access 412.50
Option 4DM Interior trim finishers - Pearl Chrom 0.00
Option 430 Ext. mirrors - folding. auto dimming 250.00
Option 5AC High-beam Assistant 0.00
Model Z4CX F33 435d xDrive M Sport Convertible N 39,950.00
Option 524 Adaptive Headlights 300.00
Option 6AR Internet 79.17
Option 6FV Online Entertainment 158.33
Option 6NS Enhanced Bluetooth telephone with USB 291.67
Option 610 Head-up Display 687.50
Option 902 Press Preparation 0.00
Package ZAP Advanced Parking package 454.17
Package ZCV Convertible Comfort package 579.17
Package ZIC Interior comfort package 295.83
Model Z4CX F33 435d xDrive M Sport Convertible N 39,950.00
Package ZMS M Sport Plus package 1,375.00
Package ZNP Media package - Professional 750.00
Pack Alt 2PL 19" M Double-spoke style 442M alloy w 0.00

Put that spec into broad speed to see what it quotes you. I'm fairly confident a brand new one will actually be cheaper + 7.5% Apr ouch.

[msport123]

Top lurking! 2 posts in 71 months!

PM's are down, if you click my username you can see my email. Email me, I think I can help you out.

[Welshbeef]

https://broadspeed.com/CarView/BMW/4-Series/39038/...


Looks like Broadspeed are offering £8-9k off list price for the model excl the discount on the options. Play around with the above link to get the exact spec of the car your looking at and compare against this old used car. Also the new car comes with service pack MOT free for more time & the Apr on a new car will be less than 7.5%.

[037]

msport123 said:

Top lurking! 2 posts in 71 months!

PM's are down, if you click my username you can see my email. Email me, I think I can help you out.

Surprised there are not more salesmen like you on Pistonheads! Great work

[bbasra]

I make Broadspeed £50,136.

GRAND TOTAL PRICE INCLUDING VAT, ALL-IN*
This is what we'd expect you to pay (All-In, Inc Chosen Options, Inc Fees, Inc VAT) £50,136

[bbasra]

I don't and I can't afford it at that price either even though its brand new :-(

[msport123]

037 said:

Surprised there are not more salesmen like you on Pistonheads! Great work

Not a salesman but do know a few. As long as op gets a better deal (and he should really) then I've helped another PHer out. That's what being a community is all about

[ashleyman]

bbasra said:

I don't and I can't afford it at that price either even though its brand new :-(

Please take a moment and skip this vehicle.

902 Press Preparation is used when a car is to be released for press use. It could be a static display at a show, used in photoshoots or given to press to test.

With 2845 miles on it I wouldn't want to touch it.

300 or less = static event or shoot car (minimal use).
2000+ = battered journalist test car.

It's probably been treated like most press cars and ragged doing 0-60-0, 0-100, up and down the country, speeding round A & B roads and you can guarantee it's all been done before the run in period and has probably done a few hundred donuts in a car park or even worse off camera. I've driven press cars and been on shoots with press cars and they're not treated too good.

Edited by ashleyman on Tuesday 9th February 22:45

[bbasra]

Thanks - not feeling so great atm something i was looking forward to, paid £500 deposit and supposed to be collecting it next weekend.

[Welshbeef]

bbasra said:

I don't and I can't afford it at that price either even though its brand new :-(

Have you had the PCP quote on that price for the brand new car?


Also you say you cannot afford that- don't want to sound rude but should you be looking st buying high £30k value cars then? What about £20k instead affordable clearly more so and much less depreciation to boot.



Sometimes even though I can afford new cars I fancy a £1.5k Clio Spirt 172 or Honda CTR breadvan or W211 E55 K which would all probably hold value/be much cheaper all in than the current car

[bbasra]

This was brand new with no so many extras.

(a) Cash price (inc. VAT) £52,482.61
(b) Less Initial Rentals / deposit £13,838.53
(c) Balance of cash price/amount of credit £38,644.08
(d) Add Interest Charges £5,744.92
(e) First instalment of the Credit Arrangement Fee payable with first Monthly Rental £0.00
(f) Second instalment (£0.00) of the Credit Arrangement Fee and £1.00
Purchase Fee (£1.00) payable with Final Rental (inc. VAT, if applicable)
(g) Total Charge for Credit (d) + (e) + (f) £5,745.92
(h) Balance Payable (c) + (g) £44,390.00
(i) Total Amount Payable (b) + (h) £58,228.53

Financial Details

4.9 % APR

The balance shown at (h) above is payable by: 47 Monthly Rentals £500.00
Followed by the second instalment of the Credit Arrangement Fee £0.00
and the Optional Final Rental of £20,889.00 and the Purchase Fee of £1.00

Total £20,890.00

[msport123]

If you had to have that car, could you not pay deposit to take the balance down to 30k. Then just take a loan out? Sainsburys loan on 30k over 60 months is £588 per month. Total payable approx £35,300.

At least this any you own the car, don't have to be concerned with mileage restrictions etc.

If I'm reading your figures right, you could effectively lease something costing £680 per month and your outlay over the period would be the same.

Edited by msport123 on Tuesday 9th February 22:58

[bbasra]

As i haven't seen the car yet, under the distance selling regulations, am i eligible for a refund?