In negative equity with our car

tersus_slate

blondeprincess wrote: »

The car is a BMW 1 series on a 55 plate

We will 100% be handing the car back

They gave us 15,000 miles a year i am doing about 11.000 a year

So there is no way i can hand the car back now & be done with it then you dont think

BMW will charge me a fortune for banging the dent out, they cost a arm & leg in servicing hence why i go elsewhere now for it. I shall have to get it done somewhere else

Is your full stop key broken?

flea72

blondeprincess wrote: »

Because i wont have 4k in 16 months to pay off the baloon payment.. Money like that would go towards my wedding.

I dont mind getting another deal with them but i do not want another ballon payment i want to own the car at the end like i always have.. Thing is with BMW there cars are so expensive in there. We were looking at a X5 & they didnt have one for under 19k on the forecourt nor could they get hold of them at under that :eek:

The whole idea is to keep our payments the same or cheaper....

you knew from day one you had a balloon payment, so you must have known that you has to find £4k at the end of the term, or hand the car back and walk away. what were you originally planning on doing at the end of the agreement?

to own the car outright, then you have to accept that your monthly payments would have been roughly double what you are paying on pcp

to keep your payments the same on another car, with HP rather than PCP, means the car you are now looking to buy, will have to be alot cheaper. ie lower spec/branding than what you currently drive

did you not consider how much the car could be worth at the end of the scheme? did you not have a guaranteed p/x value, at term, as part of your pcp?

my advice, stop visiting the bmw garage, and visit ford/fiat, which is where your true budget lies

F

Doozergirl

blondeprincess wrote: »

Because i wont have 4k in 16 months to pay off the baloon payment.. Money like that would go towards my wedding.

I dont mind getting another deal with them but i do not want another ballon payment i want to own the car at the end like i always have.. Thing is with BMW there cars are so expensive in there. We were looking at a X5 & they didnt have one for under 19k on the forecourt nor could they get hold of them at under that :eek:

The whole idea is to keep our payments the same or cheaper....

You have to save to do the house up because you live under a bridge or what?

How much do you expect an X5 to be? Another kid doesn't automatically give you higher car status you know; it sounds like you're struggling with what you have, let alone house renovations and and weddings. Do have any idea how much more an old X5 will cost to run and service over a 1 series?

BMW plan it so that you will have enough left over at the end of therm to provide you with some sort of deposit for your next car. They never plan it that you just hand it back - they'll tell you that you've got £1000 if you part-ex it and you can have a wonderful replacement for the same payment. That's the whole point. The point is not to replace the car part way through unless you can afford the extra.

You need to understand what you sign up to. PCP is great as long as you expect and understand that you will always pay a monthly cost towards having a newer car rather than owning one outright because you are paying interest on the end value of the car as well.

No one really enters into PCP expecting to pay the balloon payment at the end. You get another car and continue making payments. HP, PCP and PCH all serve different purposes. Esch is for a different type of person.

forgotmyname

VOSA are very strict, Had them trying to prise the tread off a remould tyre on the rear of an HGV.

Where the tread had been cast it had left a groove, They thought it was breaking away.
Eventually they gave up, After 3 different guys had tried though.

I had already tried the same knowing its my licence on the line if anything is faulty.

Paul_the_Painter

2005 BMW 1 series 116 (lowest spec) seem to be advertised for about £8000 at the moment.

So you are not even in negative equity. (although it's close probably a few hundred either way)

The very oldest ones are going for £7000+, so chances are that when you get to the end of the contract you will have plenty of cash left in the car.

At the end of the contract you don't actually need the £4000 in cash, you can borrow it, and sell car straight away. Or sell to someone who makes cheque out to BMW. Loads of options.

vaio

forgotmyname wrote: »

VOSA are very strict, Had them trying to prise the tread off a remould tyre on the rear of an HGV.

Where the tread had been cast it had left a groove, They thought it was breaking away.
Eventually they gave up, After 3 different guys had tried though.

I had already tried the same knowing its my licence on the line if anything is faulty.

???...................

harveybobbles

forgotmyname wrote: »

VOSA are very strict, Had them trying to prise the tread off a remould tyre on the rear of an HGV.

Where the tread had been cast it had left a groove, They thought it was breaking away.
Eventually they gave up, After 3 different guys had tried though.

I had already tried the same knowing its my licence on the line if anything is faulty.

!!!!!! has that got to do with this thread...?!

C_Mababejive

Havent read it all.

Mostly, cars are a depreciating asset unless they are very specialised,rare or collectable.

In essence,you will almost always loose money on them.

mbrijun

Doozergirl wrote: »

How much do you expect an X5 to be? Another kid doesn't automatically give you higher car status you know; it sounds like you're struggling with what you have, let alone house renovations and and weddings. Do have any idea how much more an old X5 will cost to run and service over a 1 series?

cannot agree more. Now you are worried about "baloon" payments and negative equity with Series 1. Owning an X5 will take your worries to the whole new level.

How about getting something sensible like a Toyota Corolla Verso?

C_Mababejive

mbrijun wrote: »

cannot agree more. Now you are worried about "baloon" payments and negative equity with Series 1. Owning an X5 will take your worries to the whole new level.

How about getting something sensible like a Toyota Corolla Verso?

X5...? Rotfl..i know someone who had a fairly newish used one and the turbo blew. OMG..you dont want to hear about how much it cost.

My advice..downsize to a Toyota Yaris or even an Aygo...