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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > USA - NY / NJ / CT / PA > Current vehicle/finance questions



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      12-28-2012, 10:30 AM   #1
STP
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Current vehicle/finance questions

I'm currently into the 1st year of a 10/2016 finance on a 2011 335ixdrive, w/ M-sport, nav, cold weather, basically every option except for the BMW apps.

I'd like to get out of this payment due to some personal issues. Would prefer to have lower monthly payments in the range of $ 350-$ 500, but obviously would go lower as well. I'm currently paying $ 780 a month.

Car has 15200mi. I owe approx. $ 32K. NADA shows private sell as approx. $ 37-$39K. <~~Not sure how accurate or what the dealer would offer.

What are my options at this point to possibly get out of this vehicle and lower my monthly payments?

- Would dealer flat out buy back this car, cut me a check for the difference, and I can ask for a used say 2010, or 2011 328ixdrive instead for roughly approx. $ 28-$30K purchase price?

Trying not to pickup any negative equity on the "new" vehicle. Whether it is NEW or used. I'd consider leaving BMW, but wanted to see if my dealer would work with me.

Any other suggestions or options?

Thanks in advance
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      12-28-2012, 01:18 PM   #2
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Here is all the possible scenario.
A) Trading this car for a more affordable car.
- Dealer will only offer $32K MAX for trade since they know your financial difficulty by trading to less expensive car. (Worst option since you lose ton of money)
B) Refinance your outstanding loan with BMWNA. Tell your situation that you are having hard times and they might qualify you with refinancing for another 5 years. Bad side of this, the lowest interest rate is 2.99% which will make your monthly payment around 560-570ish for another 60 month(This option is okay if you really love your car)
C) NEVER SELL BACK TO A DEALER SINCE THEY WILL RIP YOUR OFF. NOT JUST RIP OFF BUT THEY WILL FUCK YOU UP! (THIS OPTION IS PLAIN STUPID)
D) Post your car in the private market(Craig, ebay, cars.com, etc) Tons of picture and detail definitely helps attracting serious buyers. I would price it at $38,999 and give them 1000-2000 off when they are willing to negotiate. You will end up with $4000 cash to purchase ur next vehicle.(Best Option but need to be patient)
E)Total the car and get an insurance check(Of course this is ilegal but hey.. this could be an option)?

haha
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      12-28-2012, 02:14 PM   #3
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Is it an option If i call BMWFS and ask them to possibly extend my current term an additional year?

I am at 2.9% apr when I started in 10/2011. I've already paid a year in, is asking for an additional year possible? Or would they just basically give me a new 60month term at --% off of my current balance of $ 32K?

Thanks
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      12-28-2012, 02:35 PM   #4
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Refinancing means new terms....36,60,72 etc... you can't just ask to add a year or a month. Good thing about refinancing with BMWFS is that they waive the refinancing fee and you can add the extended warranty if you want to refinance it.
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      12-28-2012, 02:36 PM   #5
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BTW.. how did you not get the 0.9% when you bought it new...
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      12-28-2012, 03:22 PM   #6
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Current rate at the time for the 3-series was the 2.9.

Just called BMWFS they offered the following terms:

Refi of $ 33,400.

6yr 5.49% - $ 546
5yr 4.49% - $ 623

I'm thinking of pulling the trigger during the new year on the 6yr. I know the rates change 1st of the month, but currently those #'s are better than the $ 787 I pay now.

And when I can I can always dump more into the monthly payments.

What ya think?
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      12-28-2012, 05:00 PM   #7
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You are getting scammed for such high interest rate. anything over 3% is consider a rip off since the FED is giving out free loans to banks. Federal Credit Union has one of the lowest interest rates for used car. Check with them but $100-$200 fee may apply. check this website.. not sure if legit http://blueharborauto.com/bankrate/
Just do the math urself...
546 x 72months = 39,312.... would you want to pay $6000 in interest alone!??? That;s crazy... Call back BMWFS and shove that interest rate in their assssssss
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      12-28-2012, 05:08 PM   #8
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How much money did you put down toward ur car? Looks like u never got a great deal after all
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      12-28-2012, 09:55 PM   #9
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Quote:
Originally Posted by STP View Post
I'm currently into the 1st year of a 10/2016 finance on a 2011 335ixdrive, w/ M-sport, nav, cold weather, basically every option except for the BMW apps.

I'd like to get out of this payment due to some personal issues. Would prefer to have lower monthly payments in the range of $ 350-$ 500, but obviously would go lower as well. I'm currently paying $ 780 a month.

Car has 15200mi. I owe approx. $ 32K. NADA shows private sell as approx. $ 37-$39K. <~~Not sure how accurate or what the dealer would offer.

What are my options at this point to possibly get out of this vehicle and lower my monthly payments?

- Would dealer flat out buy back this car, cut me a check for the difference, and I can ask for a used say 2010, or 2011 328ixdrive instead for roughly approx. $ 28-$30K purchase price?

Trying not to pickup any negative equity on the "new" vehicle. Whether it is NEW or used. I'd consider leaving BMW, but wanted to see if my dealer would work with me.

Any other suggestions or options?

Thanks in advance

1. Can you get home equity or you don't have real estate?

2. Check out credit unions. You should be able to get lower than 5%.

3. Can you make a small lump sum pmt to decrease outstanding balance?

Check Bankrate site for guidance and you can even shop for loans:
http://www.bankrate.com/calculators/...alculator.aspx
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