X5 Buying options

[X5X3]

ordered a new car in December , coming next month. A bit spur of moment, dealer encouragement etc, no problems there as wanted an X5.

while in dealers discussed finance options, no real decision but thought about BMW Select, got a deal, signed for car and filled a BMW Select application form in,

Subsequently changed order slightly after 1 week so actual finance figure never signed for, as it has changed.

Having looked at finances I can save £4000 over 4 years with a bank loan as a compared with BMW Select and own car from day 1. This and the fact that I would be putting a maximum deposit down with BMW select makes me anxious if good forbid, circumstances change, and I wanted out of the deal at 1 or 2 years, when I understand you could lose the lot. Interesting the alternative BMW HP deal when calculated worked out at 10.6 percent APR, despite dealer stating it was around 6%, and Barclays offering 4.9% on an unsecured loan (even greater saving)

Am I tied into the BMW Select deal?, will dealer be pissed at losing commission on loan - yes,

cross posted in general forum

best wishes

[Eaglesrest]

I did exactly the same. The headline 5.9% APR on PCP is misleading when compared with straight HP, as you are effectively paying Interest Only on a large portion of the loan. Like you I decided to self finance to save between £4k and £5k.

The finance isn't finalised until you buy the car, and even then I think you have 2 weeks cooling off period, so there shouldn't be an issue with changing your mind on the payment option.

[Don Coffey]

The dealers feeling are not your concern.  Give them a call to see if they are prepared to match bank loan, letting the dealer know that you will be going with the bank loan if they can't match.

Don

[X5Sport]

As long as you are within the cooling off period you are OK, after that will be at BMW Financial Services as the dealer stops being involved once you have taken delivery at least.

When I looked at changing my X6 two years back I changed my mind within 24 hours - and after receiving very sound advice on here - as the cost if I had gone to the max limits were outrageous.  The car had not been built but was scheduled to go onto the line the following day.  I even got my deposit back.

We were also told a 'story' by the folks in the Mini side of the same Dealership where we were led to believe we should bring the car back inside two years (halfway though the deal calendar wise) and look at an updated version, only to find the truth was different as what we should have been told was it was halfway through the payment plan.  Of course this was all on hand written notes which we never got to keep and the two people involved have since been 'let go'.  It was in the BMW paperwork but the way we were sold the car was potentially dishonest - though we cannot prove it.

The car will be going back in May at the halfway point and that's that.  The Dealer has been left in no doubt about how we feel and we will not use them again.  My wife's next car will be something cheaper and better.

Make sure you read everything at least three times and if it doesn't read right then walk away.  And ask difficult questions.  I learned the hard way and would be extremely wary about buying a car through dealer financing again.  In my experience they speak with forked tongues and can be 'economical' with the truth.

Richard

[X5X3]

cheers, have e-mailed them to thank them but say a bank loan makes more sense.

It must be depressing for them as the longer you wait for a car the more you realise you can get finance and GAP insurance much cheaper elsewhere.

best wishes