[Tengocity]

Our PCP will end in a years time and current plan is to keep the car for a little while beyond that, so considering what to do at month 48 when the final payment of £12k is due.

I was wondering if BMW FS give you the option to carry on the finance to pay off the remainder, or whether you need to arrange that yourself if required?

If so, then is that at whatever your original deal was at, in terms of monthly payment amount and interest rate, or is it like moving to one of their used car finance rates?

[NISFAN]

I would imagine another lender would offer better finance rates than BMW. Worth asking though.

[teaston]

As NISFAN says, 3% loans are available now apparently.

[Tengocity]

Yeah I fully expect they will, just mapping out the household finances for the next 12 months and trying to best plan out the house improvements, the weekend car, the holidays, the Palmersport days, the pension contributions... all whilst trying not to cash in the shares.

All first world problems of the middle class!

An M550i touring may tempt me instead of keeping the 335d though...

[CazuaLLUK]

My dealer said at the end I could just go in and talk about financing the rest if I wanted to, but as we all know going direct with a lender to pay off the bubble will be much more economical with a lower APR.

[Tengocity]

Originally Posted by CazuaLLUK

My dealer said at the end I could just go in and talk about financing the rest if I wanted to, but as we all know going direct with a lender to pay off the bubble will be much more economical with a lower APR.

Indeed, but if it was actually as simple as you can just carry on paying the same payment at same interest then that would be handy.

[CazuaLLUK]

Originally Posted by Tengocity

Indeed, but if it was actually as simple as you can just carry on paying the same payment at same interest then that would be handy.

Agreed, would be handy but unfortunately in any case there would have to be some recalculation somewhere I'd imagine.

Would be interesting so see who else replies to this thread who has been in this scenario. Don't forget too, not everyone can get these low rates form the bank depending on their credit history/earnings/circumstances etc.

[duvetdo]

Also, would you still keep the car if it wasn't worth the GFV?

[Tengocity]

Originally Posted by duvetdo

Also, would you still keep the car if it wasn't worth the GFV?

Good question, but I can't see my car being worth less than the 12k final payment in 12 months time. Might not be worth much more, and I suppose it will have done around 100k miles at that point.

But even if it's marginal, my car is significantly modified so it will be worth a lot more to me than what the "book" value is.

[Xplosiv166]

i have spoken with BMW FS regarding this and you will need to get your deal re-quoted based on miles per year, and they will recalculate the value as well.

If you are keeping it on the PCP scheme the best APR they offer is 4.9% that was on my F30 (changes each month and is car dependant so this could be much higher) you cannot simple carry on with your current deal / APR rate. The minimum term they offer is 2 years. Just given them a call and don't bother going through your dealer.

[Tengocity]

Originally Posted by Xplosiv166

i have spoken with BMW FS regarding this and you will need to get your deal re-quoted based on miles per year, and they will recalculate the value as well.

If you are keeping it on the PCP scheme the best APR they offer is 4.9% that was on my F30 (changes each month and is car dependant so this could be much higher) you cannot simple carry on with your current deal / APR rate. The minimum term they offer is 2 years. Just given them a call and don't bother going through your dealer.

Thanks, that's interesting. So they give you the option of a straight HP or PCP type deal then? I'm on 3.9 or 4.9 now and so if we got that it would be ideal.

[Xplosiv166]

Not sure about HP i did not ask but i think it is an option - note make sure you press them for the best APR - spin them some BS about swapping the car for an Audi or something as i started at 5.9% and got them down to 4.9% (NOTE the numbers i am quoting are from memory so may be wrong)

Basically when i called my current 330d was costing me £250 per month on 10K miles per year. When they re-calculated based on 8K miles per year and the higher APR the pm cost moved to £270-280 or something of that order - cannot remember the numbers -

in the end i went for a 440i as i am finding the 330d boring and would have preferred the coupe either way but at the time no deal could be had on the 4 so i ended up with the Saloon (which i have grown to hate over time - practical family car but i love the larger doors and feel of the coupes over the saloon - miss my E92 330d even though it had the crap 6 speed auto).

[Rbrown]

Interesting thread. For the first time ever, I am thinking of keeping my car after 3 years as it just does everything I ask of it.

Wife's 120d up mid 2017 and also thinking of keeping it.

I know both cars and buying new might not be as attractive if a) deals aren't so good and b) road tax costs increase.

Interested to hear if BMW Finance offer anything. But I think it's cheaper to get a loan to keep the car going.

[Kal101]

Debating whether to go the same with mine a couple f years on so would be good to know.

My thoughts are is it better to pay more ff the final payment cash and then keep the daffodils a couple of years or chop it in and use the same money as deposit down and for some of the monthlies.

Dare say there's a similar thought in your head - whether to use the pay off monthlies to finance sonething bigger and better.

[HighlandPete]

Originally Posted by Tengocity

Indeed, but if it was actually as simple as you can just carry on paying the same payment at same interest then that would be handy.

That's what I did back in 2009 with my 330d. The PCP was't with BMW FS but the company simply extended the contract on the same terms. I used it to my advantage, until I decided what I was doing car wise. In fact, a few months later bought the car for the settlement figure.

[Tengocity]

Originally Posted by HighlandPete

That's what I did back in 2009 with my 330d. The PCP was't with BMW FS but the company simply extended the contract on the same terms. I used it to my advantage, until I decided what I was doing car wise. In fact, a few moths later bought the car for the settlement figure.

I am thinking 12 months ahead here, but I'm not sure I will want to replace the 335d quite at that time, but possibly in the following year or so. Would rather keep my investments invested, and the option to get a loan free for something else, so makes sense to keep car finance with BMW for simplicity, if the rate is reasonable. I think it will be cleaner on the credit file and less hassle when it is time to order a new car. By 2018 I think there will be a whole new range of cars to be considering from too, so ordering in next 12 months doesn't make sense to me.

[HighlandPete]

Reading some of the other posts, a bit of clarification. Based on the balloon, the length of extended term was recalculated on the monthly payments I was making. So really financing the balloon over the months needed to own the car. Without looking for the paperwork, I recall it was 33 or 34 months in my case. But as I said, I cleared it once I'd decided what I was doing car wise, in the financial crisis.

[Xplosiv166]

Best thing to do is ring or email BMW FS, i found them to be really helpful and professional plus unlike most they don't charge admin fees for making policy changes.

If i was not changing my car i would have extended the PCP for 2 years using BMW FS (as at the time i could not find anything cheaper other than getting a bank loan to buy the car - but then monthly payments would have more than doubled).

You can always get the figures from BMW FS and shop around for a better rate, just remember that BMW FS don't charge for policy changes and or over payments.

Digging through my emails i think the shortest period was 18 months - but remember they will re-value your car so the balloon may end up lower and thus your monthly payments may increase.

[Geo's comps]

I'm also keen to know other forum members experience on this too as I might keep my car beyond my initial agreement.

I might only be using it to buy time as there only a fair few cars I would only consider swapping it for and its all seem to be a little out of reach for me at the moment

If my desired X6 or M4 is not in reach by then.

[djcowlin]

So BMW FS are prepared to extend the length of an existing PCP? I'm asking because I'm wondering whether I should have gone for a 4-year (as opposed to 3-year) PCP on my 340i.

[Xplosiv166]

prepared to extend

No or least the way i understood the conversion was at the end or near the end of your deal you can create another PCP deal based on the current mileage and a new calculated balloon payment. You cannot keep the APR and extend your current PCP contract.

[Mr Burt]

Originally Posted by djcowlin

So BMW FS are prepared to extend the length of an existing PCP? I'm asking because I'm wondering whether I should have gone for a 4-year (as opposed to 3-year) PCP on my 340i.

Me too. Loving the car and cannot think of what to replace it with unless of course they do a M3 Touring which is unlikely.