Final Option to buy payment a little high

[pattyg]

I see from my finance doc that the Final Payment due in Jan '14 is approx £4.5k.

Trade in value is currently £4-£5k. Looks like I'll be handing it back at the end of the term.

Anyone know if I will get the option to coninue payments at same rate? I'd like to keep the car but no way will it be worth £4.5k in 2 years time.

[Blue Oval84]

The only option you would have would be to take out a new loan for £4.5K and take it over a period of time that keeps the payments the same.

There are two schools of thought here that I can see, firstly, if it's not worth £4.5K then it's cheaper to hand back and buy another secondhand. However, better the devil you know, and if your car is in good condition, probably better to take out a loan and buy it yourself

[breadvan]

If you have an appitite for a bit of gambling....

Let it go back. Wait for approx 6 weeks and it'll re-appear at a BCA aution. Trot along and buy it for nothing. It worked when my old car went back to BMW for the same reason back in 2008.

Alternatively, try negotiating with BMW at the time, you never know they might let you keep it for less?? (they said no to me though ).