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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > UK > Financing the E92, any PCP provider suggestions?



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      05-28-2007, 08:56 AM   #1
peterg1965
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Financing the E92, any PCP provider suggestions?

I am about to order an E92 335i. It will be financed via a PCP. The BMW dealer seems to be a bit tight with the finance quote from BMW finance and is relcutant to get much below 10% APR, which, in my view, is uncompetitive. I know they can lower the APR but they probably dont receive as much in commission from BMW finance. I am very keen to seek alternate finance houses for my PCP, I want to get the APR well below 9%. I realise that in a PCP the guaranteed future value can also effect the monthly payment, so that needs to be taken into consideration to.

I have looked at Freewaycars (HBOS) but there must be loads more who would be willing to finance the E92. Anyone got ay suggestions? I want to get a better finance quote in order to make my local dealer reduce his! Has anyone approached BMW finance directly to miss out the 'middleman' ie. the dealer, or would this be a step too far?
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      05-28-2007, 11:51 AM   #2
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Give these a try:
http://www.prestigecarfinance.com/
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      05-28-2007, 12:46 PM   #3
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Quote:
Originally Posted by peterg1965 View Post
The BMW dealer seems to be a bit tight with the finance quote from BMW finance and is relcutant to get much below 10% APR, which, in my view, is uncompetitive.
They will go lower on PCP (8.4% from personal experience), get an indicative quote from another source (motorlogix?) and try again
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      05-28-2007, 12:46 PM   #4
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And these ...

http://www.lexfreechoice.co.uk/
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      05-28-2007, 12:54 PM   #5
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BMW will go to 7.7apr FACT.

you need to say either give me what i want or lose the deal.

good luck.
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      05-28-2007, 03:04 PM   #6
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The problem i believe with BMW finance is that its all front loaded, somebody on here ( Gizze ) will be able to explain it better though
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      05-29-2007, 02:55 AM   #7
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To be honest, I am swaying away from PCPs. I bought my 3 on a Lease-Purchase which is the same as a PCP without the guaranteed future value (and thus lower APR), and when my wife bought her 1 series, we just went for a longer term loan. We tried Marks and Spencer finance, and their car purchase thing basically came down to a longer term loan, so we ended up just going for a bank loan and getting an even lower APR.

I've had experience of PCPs in the past and I don't think they're as good as the dealers make out! You're lucky if you can maintain your deposit after 3 years.

Just my £0.02! ;-)
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      05-30-2007, 03:11 PM   #8
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Thanks, hopefully 'Gizze' will turn up eventually! I dont mind lease purchase, the monthly figure is important to me.
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      06-01-2007, 06:30 PM   #9
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The thing to do (as I've found) is to get a quote from Lombard Direct/ Lex/ LloydsTSB/ Tesco/ Sainsburys / your bank /whoever at a market competitive rate, print it out, and take it to the dealer and say "match that, or I'm going with them".

This "proves" to the dealer you want the car, and that you are gonna do it on finance - either they do you a deal to meet it (and then get the extra commission for selling you finance) or you will will go elsewhere for the loan...

Also, try to do it towards the end of the month when they need to ensure they hit targets

You need to get a rapport going with the Business Manager (who is responsible for sorting the finance), and not just the Sales guy (who you have hopefully screwed for CD multichanger, mats, and possibly Bluetooth and/or other extras )... as the Business Manager is the one who will assess the risk and call BMW Finance directly to lower your risk/APR. If s/he likes you...
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      06-02-2007, 02:03 AM   #10
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Quote:
Originally Posted by en1gma View Post
The thing to do (as I've found) is to get a quote from Lombard Direct/ Lex/ LloydsTSB/ Tesco/ Sainsburys / your bank /whoever at a market competitive rate, print it out, and take it to the dealer and say "match that, or I'm going with them".

This "proves" to the dealer you want the car, and that you are gonna do it on finance - either they do you a deal to meet it (and then get the extra commission for selling you finance) or you will will go elsewhere for the loan...

Also, try to do it towards the end of the month when they need to ensure they hit targets

You need to get a rapport going with the Business Manager (who is responsible for sorting the finance), and not just the Sales guy (who you have hopefully screwed for CD multichanger, mats, and possibly Bluetooth and/or other extras )... as the Business Manager is the one who will assess the risk and call BMW Finance directly to lower your risk/APR. If s/he likes you...
Emminently sensible advice. I did call BMW finance to see if they would deal with me directly or whether I had to go through the dealer. The reply was that if I wanted a BMW from a franchised dealer it had to be arranged via the dealer network, however, if I wanted to finance another make of car they could provide a quote direct to me. Sneaky eh?

I have dealt with the business manager from my dealership before, nice chap, but I will still look at getting alternative quotes because I know he wants my business. I wonder if anyone who reads this thread has direct knowledge of how a dealer works and how much commission they receive for a finance deal with BMW?
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