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Participant · 20 Jun 2011 at 16:31

Lucero said:
I'm still not sold on the overpayment loan thing. You can only overpay partial amounts and most lenders seem to charge uptp 1% for this. You can bet your bottom dollar BMW will be one of them

http://www.bis.gov.uk/assets/biscor...0-1053-consumer-credit-directive-guidance.pdf

Page 60 onwards. Lenders cannot claim compensation for early repayment for outstanding amounts below £8k. Anyway I'm not sure what you're talking about with 'You can only overpay partial amounts'...that makes no sense in isolation, as you can just partially overpay twice to the full value of the loan.

Secondly the fees are only 1% if the loan has more than a year remaining to maturity, which this finance would presumably not.

Thirdly and incidentally, the compensation for creditor loss through debtor early repayment can only be claimed if the loan rate is fixed, or still in the fixed phase of the loan (which to be fair most are).

Fourthly if the car was ~£20k, he apparently borrowed 35% which is £7k. Say he borrowed this for one year at 7% and paid it all off after Christmas (say 6 months), this would give a penalty of an enormous...£18, yet save him around £73 in interest. But this wouldn't apply anyway as the amount is less than £8k.

Django x2 · 20 Jun 2011 at 16:40

My understanding is that you can only pay off a partial amount of the outstanding balance, as per

A change in rules came into place on 1 Feb 2011 which mean you'll be able to make partial overpayments on loans taken after this date. Banks may charge you for this, however only up to 1% of the amount repaid (if the loan is for over a year) or 0.5% (if under a year).

Lenders cannot claim compensation, but they can claim interest for early repayment still.

[TW]Fox · 20 Jun 2011 at 16:43

You have always been able to make a complete settlement, the partial is the new bit hence being specifically mentioned.

Trust me, much homework has been done

Django x2 · 20 Jun 2011 at 16:48

True, but you've always been able to partially overpay too. Certainly to mortgages. I guess it just wasn't governed before, and now it is?

[TW]Fox · 20 Jun 2011 at 16:54

Previously any overpayment policy that didn't settle in full was discretionary.

It is now mandatory.

Participant · 20 Jun 2011 at 16:54

Lucero said:
My understanding is that you can only pay off a partial amount of the outstanding balance, as per

Lenders cannot claim compensation, but they can claim interest for early repayment still.

My understanding is that if you overpay, the next interest charge will be calculated on the remaining balance. If they can still claim interest, what's the point in overpaying?

Django x2 · 20 Jun 2011 at 17:00

No, they still claim interest for repaying the full amount early, is what I meant, but yes, that interest amount will have been calculated taking any overpayments into account.

Anyway, where the hell are these pictures dammit??

daveydave · 20 Jun 2011 at 17:28

Robbie G said:
My understanding is that if you overpay, the next interest charge will be calculated on the remaining balance. If they can still claim interest, what's the point in overpaying?

You get a rebate at the end based on your actual payments.

Hxc · 20 Jun 2011 at 18:20

I hope DRZ puts 20" spinners on the 5 and sprays it matt black with a rusty bonnet.

Begbie · 20 Jun 2011 at 18:26

DRZ said:
Only 160 posts in the thread before yours, won't take you that long to read them all properly will it?

Haha, I did read it. Thought it was in jest, as Fox said no.

Nice buy

Cosimo · 20 Jun 2011 at 18:34

[TW]Fox;19409139 said:
Just got home. Yes, I've just picked up a new car. It's an E92 335i M Sport with a manual gearbox, Pro nav, in Le Mans Blue with Cream Beige leather.

Sounds very good. Nearly 24 hours and still not one picture. Hurry up or we might not believe a word.

loltim · 20 Jun 2011 at 18:48

Hxc said:
I hope DRZ puts 20" spinners on the 5 and sprays it matt black with a rusty bonnet.

on what?

DRZ · 20 Jun 2011 at 18:50

loltim said:
on what?

I think he wants me to vandalise Fox's E39.

[TW]Fox · 20 Jun 2011 at 18:52

simulatorman said:
Sounds very good. Nearly 24 hours and still not one picture. Hurry up or we might not believe a word.

I will get some pictures when the weather is nice and I've cleaned it. I will remind you again that this isn't a 'my new car thread', this is some random thread that somebody else decided to post.

I was intending to post a few nice pictures in the Show Us Your Motors thread once I'd had the car for a week or so rather than make a silly 10 page song and dance about it.

DRZ · 20 Jun 2011 at 18:53

[TW]Fox;19414786 said:
I will get some pictures when the weather is nice and I've cleaned it. I will remind you again that this isn't a 'my new car thread', this is some random thread that somebody else decided to post.

I was intending to post a few nice pictures in the Show Us Your Motors thread once I'd had the car for a week or so rather than make a silly 10 page song and dance about it.

I'm sure someone will get some good snaps for you at the RR

loltim · 20 Jun 2011 at 18:55

DRZ said:
I think he wants me to vandalise Fox's E39.

odd!

alexisonfire · 20 Jun 2011 at 19:27

Just one sneaky pic?

Haircut · 20 Jun 2011 at 20:13

[TW]Fox;19412000 said:
No media pack on Coupe's. Pro Nav and Bluetooth were both seperate options - though if you spec Bluetooth and Pro Nav you got Voice Control free (Which is why most voice control cars have 'SA620 Pricing Rule for Voice Control' in the spec list) and also ConnectedDrive.

Effectively for this money I had a choice between an 07ish car with older iDrive but Bluetooth and Voice Control and higher miles... or this with no Bluetooth or Voice Control. It was pretty much a no brainer - especially as I later discovered the Bluetooth retrofit was £350 (Though this doesn't add voice control).

I have absolutely no idea why the original owner didn't spec Bluetooth (He did, oddly, spec a rear electric sunblind) but I think the car would have been way over budget if it had Bluetooth, Voice, heated seats, 19's etc like most of the others, so I'm grateful - the spec is absolutely what I'd have wanted bar the Bluetooth (I didn't want 19 inch wheels) anyway - it has 6FL USB Interface as well

Whilst this has had an effect on residuals now - I think when I come to sell it in 5 years time as an immaculate low mileage 7.5 year old 335i with Pro Nav, I'll have retrofitted Bluetooth anyway and the residual difference will be far smaller

Have to say that sounds like a cracking deal.
I bought my 335i SE in July 2009 and it was a Sept 2006 registration and a spec not that far off yours (has Bluetooth & heated seats, but bog standard 17" wheels)
Paid £18,250 for it then with 28K miles on it and thought that was a pretty good deal.
To get a similar age, slightly lower mileage M-Sport with the updated iDrive and lower tax for under £20K now seems like a bargain.

-Ad- · 20 Jun 2011 at 20:23

Obvious outcome is obvious, but I don't think people expected it to be anything but! Congrats, I'm looking forward to seeing and hearing more about the wagon.

I'm unfortunately keeping my 100ft/lb vtec monster for a while yet with no upgrade in site. Just sorted my new flat up here and didn't realise I've moved to within a literal 30sec walk of a specialist

Pity I'm too far away to come to the RR.

Participant · 20 Jun 2011 at 20:47

Haircut said:
Have to say that sounds like a cracking deal.
I bought my 335i SE in July 2009 and it was a Sept 2006 registration and a spec not that far off yours (has Bluetooth & heated seats, but bog standard 17" wheels)
Paid £18,250 for it then with 28K miles on it and thought that was a pretty good deal.
To get a similar age, slightly lower mileage M-Sport with the updated iDrive and lower tax for under £20K now seems like a bargain.

Was yours auto? I guess the fact that people generally don't want manual versions of these cars drops the price tag a tad, especially since this car had DCT as an option (I think).