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      01-05-2019, 02:12 PM   #1
EvilDrPorkChop
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Settling BMW Finance

We've only got 6 months left on our HP from BMW, so that in mind we've decided just to pay the balance off. We've logged in online and got a settlement figure, however on the letter/documentation it doesn't really give much detail about payment options other than Bank Transfer or Cheque.

Do you just transfer the money into the account provided using the reference number they have put and the account will get cleared?

After this will we get a confirmation in the post to state the account has been closed.
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      01-05-2019, 02:22 PM   #2
kwak24
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Originally Posted by EvilDrPorkChop View Post
We've only got 6 months left on our HP from BMW, so that in mind we've decided just to pay the balance off. We've logged in online and got a settlement figure, however on the letter/documentation it doesn't really give much detail about payment options other than Bank Transfer or Cheque.

Do you just transfer the money into the account provided using the reference number they have put and the account will get cleared?

After this will we get a confirmation in the post to state the account has been closed.
I just gave them a ring and then account details or go ahead to take remaining balance from the account the payments came from.

Took all of 3 minutes and letter in post to confirm account cleared. All very painless and saved a bit interest once decision was made to keep the car.
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      01-05-2019, 02:23 PM   #3
ossi1
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I've settled twice with BMW but very early on in the deal. I rang up BMW finance and did it over the phone on both occasions. Very easy, quick and no questions asked, this was PCP so not sure if a different process than HP.
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      01-05-2019, 03:31 PM   #4
Kal101
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As above done it both my 3 series.

One to sell on and the current to keep hold of.

Just give them a call and it’s fairly painless.

As a bonus I got a 600 rebate by settling early , due to overpaid interest I presumed.
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