BMW Finance rate for buying used car

[Mavster]

yeah, not quite 50% upfront. It is £174 upfront and then £150 come payback time.

Thanks Reggie, that is what I was thinking, but will be a little embarrassing  O:-)

shall I go for 3 or 4 years term? think that 4 years means as little interest as possible on payback. Is that right?

[X5Sport]

HRH bought her Mini Countryman new on the BMW Scheme and set it up for 5 years.  She was advised not to go too far beyond two years or the interest begins to hurt the final payment if you terminate early.  In her case she had to go to at least 16 months or there was a penalty payment, but we're now passed that point.  I think she has to make a decision as to whether to keep it and go on paying, or hand it back soon after November (2 years old at that point) and put any retained value over the minimum 'agreed value' into a deposit on a new one, or walk away.  If she keeps paying then she has to find a 'balloon' figure at the end.

Not sure if this scheme also works on used cars too.

I now when I looked at doing something similar on an X6 in late 2011/early 2012, the costs were horrendous by the time all the finances were put together assuming worst case and longest payment times with BMW providing all the financing.  I can't remember all the fine details now, but read everything and make sure you really understand it.  I nearly made a serious mistake.  For a £65k car the total after 5 or so years including fees, waiver costs and charges (front and back loaded) was around £100k!!  This forum's old wise heads saved me a bl@@dy fortune.  I kept the 2011 X6 that I'd paid cash for instead.

Richard

[reading1800]

Isn't there a 14 day cooling period? In which case I don;t think they can charge a fee only interest in that period

http://www.which.co.uk/consumer-rights/ ... -to-know-/