First Time PCP - BMW Finance - Any Good and Gotcha's?
Discussion
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.
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.
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
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
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
(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
Sumarising this thread so far.
I should basically back out due to the following:
Even though with the extra options, it is not great deal considering the age of car is 1.5 years
warranty expires sept 2017 on a 3 year pcp
The car could have been thrashed due to the press option and mileage but like other poster said these are made to last even with high revs.
I'll contact the dealer today and seek clarification on the press option, previous owner and enquire about getting the deposit back as I'm not happy.
Unfortunately, I haven't managed to find a better deal anywhere else and cars with this spec don't come up often which is why I went for it. 😔
I should basically back out due to the following:
Even though with the extra options, it is not great deal considering the age of car is 1.5 years
warranty expires sept 2017 on a 3 year pcp
The car could have been thrashed due to the press option and mileage but like other poster said these are made to last even with high revs.
I'll contact the dealer today and seek clarification on the press option, previous owner and enquire about getting the deposit back as I'm not happy.
Unfortunately, I haven't managed to find a better deal anywhere else and cars with this spec don't come up often which is why I went for it. 😔
BMW wouldn’t budge on the rate or throw in any extra warranty to compensate my concerns.
Deposit being refunded – Gutted!
Reply from From BMW:
Personally - i would be very pleased to have BMW UK Ltd as the previous owner - there is no better previous owner name to have from my point of view on a BMW.
and
It looks like the car has been photgraphed for BMW photoshoot - these are BMW owned and are the best cared for examples.
https://www.press.bmwgroup.com/united-kingdom/phot...
Clarkson and the stig have been nowhere near it !!
Deposit being refunded – Gutted!
Reply from From BMW:
Personally - i would be very pleased to have BMW UK Ltd as the previous owner - there is no better previous owner name to have from my point of view on a BMW.
and
It looks like the car has been photgraphed for BMW photoshoot - these are BMW owned and are the best cared for examples.
https://www.press.bmwgroup.com/united-kingdom/phot...
Clarkson and the stig have been nowhere near it !!
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