Z4M Finance Query....

[rikkimagic]

Hiya,

I have had my Z4m for 6 months now and yes after various problems with the car I'm loving it.

My circumstances are unexpectedly about to change though! A 2 seater car is now no longer practical and i will be in need of a "bigger" car. Does anyone know whether it is possible to get out of the 3 yr finance agreement if I was to stay with BMW?..ie, Im thinking of a new M3 or even a 330 CI...is it possible to break the Z4 contract and start a fresh or shift it over onto another BMW?

Hope so!

Cheers

[thorny]

You'll have no problem breaking out of it either to stay with BMW or to go over to another marque - they are really use to it, you may get 'fined' something like a month's interest but it won't be very much... Ring up the finance people for a settlement figure and go from there.

[SNDa]

the 'fine' depends on the type of finance you've gone for. what do you have?

[jezzaaa]

Hi Rikki - yeah, as said, you'll have no probs getting out of it early if it's a standard HP or PCP type agreement. Never had a lease though so if it's one of those, I won't know anything! If it's PCP or HP then you just ring them and ask for a settlement figure. However, don't be surprised if the figure is no different or higher than the whole amount borrowed at the start...it's the fastest way known to man to lose all your deposit up front because the harshest depreciation is always in the first 6 months to a year. Tell me you didn't pay list for it when new??

Might be cheaper to buy another car (I have just such a one for sale at the moment!) rather than lose your lovely car AND your deposit.

J.

[john_p]

I hate to be negative, and you may already know this, but I think you will be losing a lot of cash by changing now.

Staying with BMW finance will make changing the car very easy, but I doubt it will be on favourable terms.

The Z4M (Roadster?) prices have dropped quite considerably recently and if you bought it on PCP (BMW Select?) a lot of the interest payments will be front loaded so you may not have paid off as much of the capital as you have actually paid. It may be better for you to consider an additional car rather than swapping outright. Get the figures from BMW Finance (they'll give you or the dealer a settlement figure over the phone). It is coming up to quarter end though so you may get a good deal on a car if you change this week.

[rikkimagic]

Hi Chaps, Many thanks for your replies, yes I have a Z4M Roadster. In terms of my finance I put down a 10k deposit and paying off 500 odd quid a month with a balloon in 3 yrs, (2 1/2 now.) As mentioned Ive only had the car 6 months so i realise ive only been really paying off the interest. I had 7k knocked off the car when i bought it. Originally I went in there wanting an M3 but was told not to bother as the new one is coming and 05 M3's will drop like a stone in price. Maybe it might be worth hanging on for the new M3 and trying a settlement figure then...have a good few months til it definitely has to go.

Thanks again for your replies.