The D Word

[playerone]

Well Im ready to throw myself off something high after getting bids for my 120d M Sport this morning. The gap between what I owe on it to BMW Finance and what the trade will give me for it is about £2k. I got over 10% off list as well.

The guy at the finance company admitted that almost all the settlement figures he was giving out today were giving significant shortfalls to people. Might have something to do with 20% discounts and giving BMW staff 7 cars a year eh....

Looks like I will be going to the trouble of selling it privately

[MK4 Slowride]

20% discounts, 7 new demo's a year as well! What area is this dealer located in as I want to move there?

Your 1 series can't be that old if your in negative equity. Most people want the 120d but a 120i will still sell as some folks can't stand the sound of driving a tank.

[playerone]

No only a year old unfortunately. Trying to get rid of it due to a business venture.

[MK4 Slowride]

playerone said:

No only a year old unfortunately. Trying to get rid of it due to a business venture.

The car hasn't reached it's depreciation flatline yet so your going to get negative equity I'm afraid to say.

[Zeek]

playerone said:

No only a year old unfortunately. Trying to get rid of it due to a business venture.

Keep it, and get a loan for the money you need. It will work out a lot cheaper. Then chop it in later, and pay off the loan. You've already taken the depreciation shafting, so you might as well run it for 'free' for the next year or so.

[Mustard]

playerone said:

Well Im ready to throw myself off something high after getting bids for my 120d M Sport this morning. The gap between what I owe on it to BMW Finance and what the trade will give me for it is about £2k. I got over 10% off list as well.

The guy at the finance company admitted that almost all the settlement figures he was giving out today were giving significant shortfalls to people. Might have something to do with 20% discounts and giving BMW staff 7 cars a year eh....

Looks like I will be going to the trouble of selling it privately

Very early settlement of an agreement is a sure fire way of getting your legs slapped no matter what the brand

Lets be honest, you would want to buy a 12mths old example at least £3k cheaper than a new one, throw in a dealer margain of say £2k before costs so yes I expect your car is at least worth £5k less than you paid, coupled with the fact your last 12mths payments have been basically paying off the interest in the eary stages of the agreement hence the shortfall

.... sell privately for more?, well if you intend to make up your shortfall to the full I think you'll be unsuccessful as you'll be asking retail main dealer money