Voluntary Termination - Bad For Credit Score?

My 10 year old Nissan was 5% of that and does the job if you just want a normal car. If you halved that 20K you'd get a fine 4 cylinder hatchback. Sports car it aint but it doesn't sound as if this is what you want/need.
Save the money and buy something else shiny.
 
The total cost is quite easy to work out with this style of finance. It includes servicing and warranty; I know the tax band and the insurance so the only variable is fuel.
I don't know why the monthly amounts wouldn't be important, like most people I earn a certain amount per month I want to be able to budget how much is going out on a car.
 
The servicing and warranty are not part of your finance deal - service inclusive is a 500 quid or so addon on BMW's.

What exactly is the deal? Is this a new car? What is the GFV and what is the interest rate they are offernig? What is the total cost after finance and before GFV?
 
As I said the quote is at work but it's quite simple.

The total monthly repayments are £335 for 36 months, that includes the services and warranty for the total time I have the car.

I understand what your saying about paying for someone elses car. I'm going to pay £12000 for someone to come behind me and get the same car for a fraction. But I would get a lot less car than the BMW for £12000.
 
imb4tman said:
As I said the quote is at work but it's quite simple.

The total monthly repayments are £335 for 36 months, that includes the services and warranty for the total time I have the car.
Click to expand...

Is it a new car? A used car? What is the GFV?

I understand what your saying about paying for someone elses car. I'm going to pay £12000 for someone to come behind me and get the same car for a fraction. But I would get a lot less car than the BMW for £12000.
Click to expand...

No, you'd get probably more car for £12000 over 3 years.

Or the same sort of car for a lot less.
 
Lets assume you make a cash purchase using a £5000 deposit and a £15k bank loan, selling the car at the end, privately. I'll assume for these numbers that you do 20k a year.

Cash price £20000
Cost of interest on loan £1673 (7% APR)
Opportunity cost of your £5k (ie the interest you'd make if you left it in the bank) £234

Predicted private sale value of car @ 3 years 60k miles: £11.5k

Total cost of ownership of the non PCP option: £10.4k

See? It costs less (Though there is a chance you'll get some equity back, you've no idea how much and they've no real incentive to offer you an amazing deal).

Yes, the servicing and warranty is included as well - because service inclusive isnt a finance thing.

Alternatively... just buy somebody elses 2008 118i M Sport thousands and thousands less?

I still think you are bonkers to be trying to buy a brand new car when you are just trying to bail out of an existing finance agreement that went wrong, personally.
 
Last edited:
That is a good quote but I'm probably going to stick nearer 80000 miles on it by the time I'm done and I think £11500 resale after 3 years is optimistic. £5000 is also quite a dent from savings in an uncertain climate.
 
imb4tman said:
That is a good quote but I'm probably going to stick nearer 80000 miles on it by the time I'm done and I think £11500 resale after 3 years is optimistic. £5000 is also quite a dent from savings in an uncertain climate.
Click to expand...

If you are worried about an uncertain climate - and I cannot blame you - then perhaps avoiding spending £20,000 on a 118i is also a prudent and sensible thing to do.

Come on, it's 20 grand and it's a 118i.

If you are doing to do 80k in 3 years why a petrol 118i anyway? Surely the 120d makes more sense?
 
The i is already at the dealership which is why the sticker price and finance is lower. The diesel comes in nearly £100 more a month. For me it's just a cost of how I get work, with better economy of this car vs my current plus cheaper tax and insurance it will work out less a month and I won't get stuck in the same situation as I am now with negative equity.
 
I've not got any problem paying for the car I just wanted to avoid paying out £1000 to get rid of my current car hence why I was asking about termination and I now want to avoid the situation again. What you said about having a bigger deposit is good advice but I'm not prepared to take the hit on my savings at this time. In 3 years time I will be better prepared and without any negative equity hanging over me.
 
Do you not think if your finances are in such a position that you have to worry about hits to your savings and specific monthly outgoings etc. that you should perhaps make do with a 3 year old car for a couple of years rather than throwing money at a brand new £20,000 car?
 
I agree with most people in this thread, its got bad idea written all over it. Id also like to add, 26k miles in a 1 series? wow surely a volvo or mondeo would be a better buy than a BMW 118 M Sport thats just insane wanting to spend that much time in such a small place

Also I think your want to use a new car is greater than what you can accualy afford, if you came down from cloud 9 and looked at what you are saying here, you are paying 12k to use a new car, that you will never own and have nothing to show at the end of it, its just bonkers
 
[TW]Fox;18745145 said:
Come on, it's 20 grand and it's a 118i.
Click to expand...

This is a fair point.

Go and get a mint manual 330i M Sport Coupe, with a cream leather interior, and the Media Pack.

You'd get a good one for under £20k, and they do the thick end of 40mpg combined. Individual models painted Estoril Blue are especially frugal...

*raspberry @ Fox* :D:p
 
Cupra said:
I agree with most people in this thread, its got bad idea written all over it. Id also like to add, 26k miles in a 1 series? wow surely a volvo or mondeo would be a better buy than a BMW 118 M Sport thats just insane wanting to spend that much time in such a small place

Also I think your want to use a new car is greater than what you can accualy afford, if you came down from cloud 9 and looked at what you are saying here, you are paying 12k to use a new car, that you will never own and have nothing to show at the end of it, its just bonkers
Click to expand...

How could you possibly know what I can or cannot afford, I've not even included any of that information in the thread. Wanting to control how much I spend a month isn't the same as not being able to afford it. My current car is eating up £600 of fuel a month and is out of warranty which is why I want to move it on.
 
Why not purchase an approved used diesel car? This will save you a fortune on fuel and a fortune on finance/depreciation/whatever as well.

Having done several long trips in a 1 Series M Sport it isnt where I'd want to spend 26k miles a year.
 
You must log in or register to reply here.
Back
Top Bottom