PCP early settlementki

PCP early settlementki

Author
Discussion

iluvkefalonia

Original Poster:

24 posts

170 months

Friday 24th April 2015
quotequote all
Hi

I'm thinking of a new 3 series and have cash so no need to finance, but the dealer says I if I take out a PCP deal, BMW will give me a £1000 deposit contribution, I can settle the finance after a couple of months without penalty and will only incur a small amount of interest, sounds fine but is it correct?

iluvkefalonia

Original Poster:

24 posts

170 months

Friday 24th April 2015
quotequote all
Sorry my heading sounds like I'm Russian!!

Granfondo

12,241 posts

205 months

Friday 24th April 2015
quotequote all
I don't think there is anything stoping you paying the balance off early.

smashy

3,030 posts

157 months

Friday 24th April 2015
quotequote all
There is only one way to find out exactly

Ring BMW financial services 01256 747000

obviously you can pay it up but the penalty is the thing


cptsideways

13,535 posts

251 months

Friday 24th April 2015
quotequote all
This quite normal, its often the only way to get a deal from a dealer. (without much haggling)

I'd still check against drive the deal or carwow etc to make sure though wink

Sheepshanks

32,531 posts

118 months

Friday 24th April 2015
quotequote all
You can usually withdraw from the finance completely (you've got 14 days to do this) and still keep the incentives. Advantage of this is you don't pay any fees or interest at all.

M888SXY

312 posts

156 months

Saturday 25th April 2015
quotequote all
If it's BMW finance it should be payable off at any time without penalty.

iluvkefalonia

Original Poster:

24 posts

170 months

Saturday 25th April 2015
quotequote all
Sheepshanks said:
You can usually withdraw from the finance completely (you've got 14 days to do this) and still keep the incentives. Advantage of this is you don't pay any fees or interest at all.
Thanks for this, it does seem right but (almost) too good to be true, I'm going to give it a go.

TheHound

1,759 posts

121 months

Saturday 25th April 2015
quotequote all
It is a regulated product (If BMW Finance) so they have to allow early repayments.

Sheepshanks

32,531 posts

118 months

Saturday 25th April 2015
quotequote all
TheHound said:
It is a regulated product (If BMW Finance) so they have to allow early repayments.
All consumer finance is regulated now. There used to be a £25K limit but that was abolished a few years ago.

iluvkefalonia

Original Poster:

24 posts

170 months

Friday 26th June 2015
quotequote all
Just for an update, I've had my new car for a week, I received a £1000.00 deposit contribution from BMW for taking a PCP finance deal and I have just paid the finance off no problems, BMW finance were excellent to deal with, no questions as to why I wanted to withdraw from the deal, it cost me £14.00 in interest payments. I think there are much higher deposit contributions on some models so it might be worth a look if you have cash but can make this work to your advantage as I have.