E90Post
 


GetBMWParts
 
BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > UK > UK Off-Topic Discussions > settlement figure arrived today :(



Reply
 
Thread Tools Search this Thread
      01-07-2012, 11:19 AM   #1
Vaheed1
Captain
 
Drives: E90 330d M Sport
Join Date: Mar 2010
Location: Newcastle Upon Tyne

Posts: 959
iTrader: (0)

settlement figure arrived today :(

looks like it's going to be the end of my e90 love affair...for now!

Been thinking long and hard about the pro's and con's of keeping a expensive car (to Hire purchase) considering I'v just bought a house - and unfortunately, the house won. The settlement figure isn't that much (to the half way point of the lease) and I'll cut my ties and go with something a little cheaper for a couple of years. The figure is nearly half of what I would pay in payments for the next 8 months - after it's re-calculated without interest.

I have a question. The car has 4,500 miles until it's next service (various filters) and i was waiting until then to have the brakes done (just pads, light is now on dash) also, i mentioned a couple of weeks ago that the clutch is vibrating. This was also something I had planned to have done at the same time - but probably wont now. Will i have to have these issues sorted before I drop it off at the auction house? The car drives very well - has no issues, barring the clutch at very low speeds.



Really fancy a mk5 GTi again. This time with a DSG box. Is there anything else out there that someone could recommend. Needs to be a nice drivers car - decent quality interior, have 4 seats and potential for some cheeky upgrades. Don't really want to spend that much - up to about 7k.

This will give me time to save for my porka 911
Vaheed1 is offline  
0
Reply With Quote
      01-07-2012, 11:25 AM   #2
buckethead
Lieutenant Colonel
 
buckethead's Avatar
 
Drives: e90 320d msport
Join Date: Apr 2010
Location: jungle

Posts: 1,843
iTrader: (0)

once the brake pad light goes on there's about 1000 to 1500 max left on the pads if that helps any
buckethead is offline  
0
Reply With Quote
      01-07-2012, 01:29 PM   #3
gIzzE
Major General
 
gIzzE's Avatar
 
Drives: E350 cdi Estate.
Join Date: Apr 2006
Location: Norfolk, UK.

Posts: 5,090
iTrader: (2)

Quote:
Originally Posted by Vaheed1 View Post
The settlement figure isn't that much (to the half way point of the lease) and I'll cut my ties and go with something a little cheaper for a couple of years.



The figure is nearly half of what I would pay in payments for the next 8 months - after it's re-calculated without interest.

I don't get what you are actually saying here??


You saying you could buy the car for 4 months payments?
gIzzE is offline  
0
Reply With Quote
      01-07-2012, 01:30 PM   #4
gIzzE
Major General
 
gIzzE's Avatar
 
Drives: E350 cdi Estate.
Join Date: Apr 2006
Location: Norfolk, UK.

Posts: 5,090
iTrader: (2)

You do also realise you can sell the car and clear the finance and pocket any equity?
gIzzE is offline  
0
Reply With Quote
      01-07-2012, 02:09 PM   #5
Vaheed1
Captain
 
Drives: E90 330d M Sport
Join Date: Mar 2010
Location: Newcastle Upon Tyne

Posts: 959
iTrader: (0)

Quote:
Originally Posted by gIzzE View Post
[QlUOTE=Vaheed1;11106000]
The settlement figure isn't that much (to the half way point of the lease) and I'll cut my ties and go with something a little cheaper for a couple of years.



The figure is nearly half of what I would pay in payments for the next 8 months - after it's re-calculated without interest.

I don't get what you are actually saying here??


You saying you could buy the car for 4 months payments?[/quote]

You know how we can hand the car back after half of the term/agreed value is paid, well, I'm still 8 months from being at that point. I'm wishing to give the car back early - so the re-payments are re-calculated less the interest, and it works out nearly half of what i'd have paid in instalments for 8 months.
Vaheed1 is offline  
0
Reply With Quote
      01-07-2012, 05:13 PM   #6
TMP
Colonel
 
TMP's Avatar
 
Drives: M135i
Join Date: Nov 2008
Location: Cheshire

Posts: 2,873
iTrader: (0)

Quote:
Originally Posted by Vaheed1 View Post


You know how we can hand the car back after half of the term/agreed value is paid, well, I'm still 8 months from being at that point. I'm wishing to give the car back early - so the re-payments are re-calculated less the interest, and it works out nearly half of what i'd have paid in instalments for 8 months.
So...I am a bit confused on this then

Are you 8 months away from half term or are you saying if you pay more earlier you can then walk away
__________________
M-Lite v2 & Family 5er v2
TMP is offline   United Kingdom
0
Reply With Quote
      01-07-2012, 05:19 PM   #7
Kerr
Brigadier General
 
Drives: 08' 335i Coupe
Join Date: Dec 2010
Location: Aberdeen

Posts: 3,474
iTrader: (0)

Quote:
Originally Posted by TMP View Post
So...I am a bit confused on this then

Are you 8 months away from half term or are you saying if you pay more earlier you can then walk away
I'm picking it up as he is 8 months away from halfway through his finance agreement in time.

The money owed to make half of what he borrowed is the same as 4 monthly repayments.

I'm sure the law with cars on HP is when you have repaid half of the amount borrowed you can hand the car back.

It's legal and can't be held against you but a few people have said that finance company will not lend to you again.
Kerr is offline   Scotland
0
Reply With Quote
      01-07-2012, 05:25 PM   #8
Kerr
Brigadier General
 
Drives: 08' 335i Coupe
Join Date: Dec 2010
Location: Aberdeen

Posts: 3,474
iTrader: (0)

I'm not sure why he is taking the interest out?

I've settled a few cars early before had to cover some interest.

Is that the same or has it changed?
Kerr is offline   Scotland
0
Reply With Quote
      01-07-2012, 05:29 PM   #9
Vaheed1
Captain
 
Drives: E90 330d M Sport
Join Date: Mar 2010
Location: Newcastle Upon Tyne

Posts: 959
iTrader: (0)

Quote:
Originally Posted by Kerr View Post
I'm picking it up as he is 8 months away from halfway through his finance agreement in time.

The money owed to make half of what he borrowed is the same as 4 monthly repayments.

I'm sure the law with cars on HP is when you have repaid half of the amount borrowed you can hand the car back.

It's legal and can't be held against you but a few people have said that finance company will not lend to you again.

lol - you get the blue peter badge!

It's not illegal and it doesn't effect your chances of getting another HP. I know someone who's done it 3 times now and the same finance company hasn't refused him afterwards.

I don't think i'll take another HP agreement - will probably go down the cash/loan route or PCP. Get brand new cars every 2 years.
Vaheed1 is offline  
0
Reply With Quote
      01-07-2012, 05:40 PM   #10
Vaheed1
Captain
 
Drives: E90 330d M Sport
Join Date: Mar 2010
Location: Newcastle Upon Tyne

Posts: 959
iTrader: (0)

Quote:
Originally Posted by Kerr View Post
I'm not sure why he is taking the interest out?

I've settled a few cars early before had to cover some interest.

Is that the same or has it changed?
I was under the same impression - but looking at the figure - it looks like they've calculated it without the remainder of the interest AND deducted the initial deposit. If this is what they want, then I'm not going to argue with it!
Vaheed1 is offline  
0
Reply With Quote
      01-07-2012, 05:40 PM   #11
Kerr
Brigadier General
 
Drives: 08' 335i Coupe
Join Date: Dec 2010
Location: Aberdeen

Posts: 3,474
iTrader: (0)

I think the finance companies are going to get left with a lot of cars soon.

There is too many people sitting with cars that are not worth the money owed on them with the way the world has gone.

It's you legal right to do so and from a financial point it might be to your own benefit to go down the route.

If left in that position I would do the same.
Kerr is offline   Scotland
0
Reply With Quote
      01-07-2012, 05:42 PM   #12
Kerr
Brigadier General
 
Drives: 08' 335i Coupe
Join Date: Dec 2010
Location: Aberdeen

Posts: 3,474
iTrader: (0)

Quote:
Originally Posted by Vaheed1 View Post
I was under the same impression - but looking at the figure - it looks like they've calculated it without the remainder of the interest AND deducted the initial deposit. If this is what they want, then I'm not going to argue with it!
The initial deposit does not matter. Just the amount they loaned to you.
Kerr is offline   Scotland
0
Reply With Quote
      01-07-2012, 06:05 PM   #13
BGM
Colonel
 
Drives: F21 118d M Sport
Join Date: Oct 2009
Location: Farnborough, UK

Posts: 2,366
iTrader: (0)

Quote:
Originally Posted by Kerr View Post
I think the finance companies are going to get left with a lot of cars soon.

There is too many people sitting with cars that are not worth the money owed on them with the way the world has gone.

It's you legal right to do so and from a financial point it might be to your own benefit to go down the route.

If left in that position I would do the same.
i put 5k down on my finance deal and it keeps me about 500-800 above the value of the car on the settlement figure whenever i ask for it.

Part of me think though.. hmm, maybe should have just saved 3k and hand the car back when half the value is paid as per my agreement states i can do!

ho hum, not the end of the world, i'll live
BGM is offline   United Kingdom
0
Reply With Quote
      01-08-2012, 04:52 AM   #14
Vaheed1
Captain
 
Drives: E90 330d M Sport
Join Date: Mar 2010
Location: Newcastle Upon Tyne

Posts: 959
iTrader: (0)

Quote:
Originally Posted by Kerr View Post
I think the finance companies are going to get left with a lot of cars soon.

There is too many people sitting with cars that are not worth the money owed on them with the way the world has gone.

It's you legal right to do so and from a financial point it might be to your own benefit to go down the route.

If left in that position I would do the same.

That's why I think 2 year PCP deals are the way forward now. Hire Purchase on a car is all well and good, if you promise yourself you will keep your car for the 3/4/5 years and you can control how much you spend monthly. Afterwards, the car is yours. This was my original plan - but who was i kidding! the longest car I've ever kept a car is 2 years - but to be fair to me, it's not the temptation to change, but the need to change. The nearly 400 a month i pay will be a massive chunk off my mortgage. Once I've done a few bits and bobs I need to do - I can look forward to another nice car.
Vaheed1 is offline  
0
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 11:06 AM.




e90post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST