[daz216]

Hi all,
Every time I go to trade my car in its always 3k in neg, Im thinking of vting but I'm only 30 months into a 48 month deal.
Total borrowed £44.435
Final £16800
Monthly £487.89
Put in £1500 any ideas when I can do this ..don't really want to ask the finance company
£24k ish left to pay
Cheers
Amended figures..

[335dMSport+]

Or just advertise it for £4K more than they're offering you and walk away with some extra cash.

I sold my 335d for £20k which was £3k more than the dealer offered me to the first guy that viewed it, advertised it on Auto Trader.

It's not hard mate.

[AyrshireColin]

Borrowed £44,000 - VT = £22,000 paid back.

You've paid back £15,930 (30 months x £481 = £14,430 + £1,500 = £15,930).

Still a little while to go.

[teaston]

Looks about month 42/43 for VT point.

[Wills2]

Originally Posted by daz216

Hi all,
Every time I go to trade my car in its always 3k in neg, Im thinking of vting but I'm only 30 months into a 48 month deal.
Total borrowed 44k
Final £16800
Monthly £481
Put in £1500 any ideas when I can do this ..don't really want to ask the finance company
Cheers

Not sure those figures work out if you borrowed 44k then that's more than the monthly x 48 + GFV + deposit.

[daz216]

Originally Posted by 335dMSport+

Or just advertise it for £4K more than they're offering you and walk away with some extra cash.

I sold my 335d for £20k which was £3k more than the dealer offered me to the first guy that viewed it, advertised it on Auto Trader.

It's not hard mate.

Can you do that on a pcp

[Wills2]

Originally Posted by daz216

Can you do that on a pcp

Yes as you have the V5 but of course you have to settle the finance, if you sold the car to me for 20k and the BMWFS settlement was 17k I'd give 17k to BMWFS and 3k to you.

[DB118D]

Originally Posted by AyrshireColin

Borrowed £44,000 - VT = £22,000 paid back.

You've paid back £15,930 (30 months x £481 = £14,430 + £1,500 = £15,930).

Still a little while to go.

Borrowed amount is irrelevant

You need to know the total amount payable, in this case (48 x £481) + £16800 + £1500 = £41,388

So if you borrowed £44k, there is something missing from that calculation. Without actual figures then it's a guess.

Just phone the finance company, they're usually helpful and it has no bearing on anything by enquiring

[AyrshireColin]

Originally Posted by DB118D

Borrowed amount is irrelevant

You need to know the total amount payable, in this case (48 x £481) + £16800 + £1500 = £41,388

So if you borrowed £44k, there is something missing from that calculation. Without actual figures then it's a guess.

Just phone the finance company, they're usually helpful and it has no bearing on anything by enquiring

Yeah but it's not really. The borrowed amount is the amount payable with interest factored - the good people of BMWFS aint giving away free cash. As you said the numbers are wrong.

I do 100% agree though - just call them.

[335dX]

Originally Posted by Wills2

Yes as you have the V5 but of course you have to settle the finance, if you sold the car to me for 20k and the BMWFS settlement was 17k I'd give 17k to BMWFS and 3k to you.

Incorrect. The car IS NOT yours on PCP. BMWFS is the owner irrespective of you having the V5, read your finance T’s and C’s.

Anyone who is switched on buying a car privately should HPI it and see there is finance outstanding and walk away as they’re trusting you to settle the finance with their money....

[335dMSport+]

Originally Posted by Mr BMW

Incorrect. The car IS NOT yours on PCP. BMWFS is the owner irrespective of you having the V5, read your finance T's and C's.

Anyone who I switched on buying a car privately should HPI it and see there is finance outstanding and walk away as they're trusting you to settle the finance with their money....

You'd walk away? Explain that one to me please.

If I wanted to buy the car at an agreed price, I'd agree to phone BMWFS and make a settlement payment then transfer the balance to the seller.

It's not rocket science

[Wills2]

Originally Posted by Mr BMW

Incorrect. The car IS NOT yours on PCP. BMWFS is the owner irrespective of you having the V5, read your finance T’s and C’s.

Anyone who I switched on buying a car privately should HPI it and see there is finance outstanding and walk away as they’re trusting you to settle the finance with their money....

Wow! Perhaps try reading what is written before you reply?

The car is yours to sell provided (As I pointed out) BMWFS are settled as part of that transaction or any other finance on the car. What part of that don't you understand? What do you think happens when someone trades a car in to a garage with outstanding finance on it?

I sold my M3 under those circumstances in December, you don't get the money and then go settle the car yourself, the buyer settles the finance and IF there is a balance then they pay you the difference, it's that not hard to understand is it. Again this was stated clearly in my previous post, (perhaps it would behove you to try reading what was written)

I wonder are some people a bit thick or just a bit odd....

Oh and welcome newbie your towering intellect will be welcome on these pages...

[Roo12]

😋

[dizzy619]

Originally Posted by Mr BMW

Incorrect. The car IS NOT yours on PCP. BMWFS is the owner irrespective of you having the V5, read your finance T's and C's.

Anyone who is switched on buying a car privately should HPI it and see there is finance outstanding and walk away as they're trusting you to settle the finance with their money....

:

[DB118D]

Originally Posted by AyrshireColin

Yeah but it's not really. The borrowed amount is the amount payable with interest factored - the good people of BMWFS aint giving away free cash. As you said the numbers are wrong.

I do 100% agree though - just call them.

The borrowed amount doesn't factor interest. This is the figure to which interest is added.

For VT purposes, its 50% of total payable, which is made up of borrowed amount + interest + deposit

[1 AKY]

Originally Posted by Wills2

...welcome newbie...

Looking at his profile, looks like he's been lurking in the background for 6years.

[335dX]

Originally Posted by 1 AKY

Looking at his profile, looks like he's been lurking in the background for 6years.

Observant AND witty, my my.

[Goneinsixtyseconds]

OP, it's really easy to work out, but you weren't just missing the interest in your calculation, you were missing the BMW or dealer contribution as well.

First, it's the price paid on the paperwork. Eg. £44k
Plus the total interest for the term. Eg. £3k
Example total: £47k

Divide total by 2 = £23.5k

Minus anything listed as contribution from BMW or the dealer in your paperwork. Eg. £2.5k
Minus your own contribution. £1.5k.

Example equals £23.5k minus £2.5k minus £1.5k equals £19.5k

Then it would be £19.5k divided by your payment £487.89 = 39.96. So you would have reached the VT point at month 40 in the example, which shouldn't be far from yours.

You just need the intesest and BMW contribution from your paperwork to work it out. Simple.

Mine comes at month 31 of a 48 month pcp, even with no deposit at all from me. That's because up the interest was low, the BMW contribution decent, but mainly because I do 25,000 miles a year and pay £600 a month.

[dizzy619]

Just phone them and ask.... They won't bite your head off:

[Goneinsixtyseconds]

Originally Posted by dizzy619

Just phone them and ask.... They won't bite your head off:

Yep, you can do that of course, but although it looks long winded, it takes about a minute to work out.......

[BMWiltshire]

Originally Posted by Mr BMW

Incorrect. The car IS NOT yours on PCP. BMWFS is the owner irrespective of you having the V5, read your finance T's and C's.

Anyone who is switched on buying a car privately should HPI it and see there is finance outstanding and walk away as they're trusting you to settle the finance with their money....

I sold my wife's 1 series with PCP finance outstanding no problem, we just called BMW finance with the lady who bought it and paid the money directly to them, rather than us, so she could get confirmation it was all sorted and paid off. It does require an element of trust, but I don't think it's unreasonable and it certainly didn't stop us getting a good price for the car. BMWFS wanted a payment of £1,500 to cancel as was 7months early, however we sold it for enough to pay off the full finance so saved 1.5k compared to just handing it back.

[Glenn1981]

Didn’t want to start a new thread

Could those of you who have VT’d before please tell me of your experience of doing it, whatvare the issues I may come up against?

I am at month 42 of a 48 month and due to needing a vehicle with more space I am keen to change now for something bigger. I’m in negative equity so dealer not interested in negotiating and X5 will be at ridiculous cost for a while, so probably going to go for an XC90 or Q7. But will have to VT if I want to change now.

Do I just call them and tell them I want to VT, do I have to plead financial hardship? What has been your experiences of the process you went through.

Thanks