BMW demand full payment of modified M4 on finance

[skaif]

Not sure why internet peeps feel the need to hurl abuse at the guy? Yes your entitled to your opinion but as far as I can see he's been open and honest about the whole thing - as far as saying how much his deal was and how much he paid and who got him the deal! Which one of these cartubers has gone to that depth?

He's also appeared pretty upfront and genuine about it - hasn't really complained (I have only skimmed the videos) and hasn't done the whole gofundmehelpimcrap route. Sounds as though hes more raising awareness than complaining about it.

Think its a bit harsh the way some people act, bringing his local area up? Whats that got to do with anything? Talk about pre judgement! Not sure why people get so worked up - especially if you're a car guy. IMO you can't have enough of these guys as they all bring something unique to the table.
If you don't like it don't watch or subscribe.

Simples

 

[Zeed]

To be honest and though I enjoy his videos he has several videos that do clearly show him speeding and racing on public roads so I think if this is the only harsh reality he gets from his videos he has done well as I’m surprised the police have not being knocking at his door.

Can see BMW’s point of view as increasing the output so much will no doubt have a negative impact on engines lifespan and of course de-value the car.

Same here. Multiple times they are closing 4th gear in cars on normal roads. Dont need speedo to figure out thats 100mph+

 

[BigDannyO]

Not sure why people get so worked up - especially if you're a car guy.

The insinuation that if you're "a car guy" you should condone his driving is ridiculous. I am "a car guy" and find his repeated driving well beyond three figure speeds on public roads appalling. He's a moron who should lose his licence.

 

[Semple]

In the video he says he had planned on keeping the car for 1 year. So was he gonna take off all the mods? Seems like it was obvious he was gonna have problems.

Yeah i thought i'd clocked that as well.

So clearly the guy can't afford the car if he's intending to dump it before a big payment is required. I do wonder how much it actually costs manufacturers in terms of someone having a PCP agreement for minimal term and then returning the car as opposed to paying the balloon payment.

I would bet that these finance providers also only do a basic credit check rather than an affordability check to see if you can actually afford the car, as they're quite obviously not the same thing.

 

[Vita]

Same here. Multiple times they are closing 4th gear in cars on normal roads. Dont need speedo to figure out thats 100mph+

And you have never broken the speed limit on the public road have you?

 

[Maccy]

I would bet that these finance providers also only do a basic credit check rather than an affordability check to see if you can actually afford the car, as they're quite obviously not the same thing.

They will ask if you are aware of any changes to your circumstances in the future that may affect your repayments, but that's about it.

 

[Meaker]

I waited until I actually owned the car to do anything that might impact value in a negative way (I stuck on the factory body panels and got a different set of factory wheels on my i20 but they would not impact resale).

 

[tamzzy]

So clearly the guy can't afford the car if he's intending to dump it before a big payment is required. I do wonder how much it actually costs manufacturers in terms of someone having a PCP agreement for minimal term and then returning the car as opposed to paying the balloon payment.

i thought one could not do the voluntary termination shenannigans until one had paid 50% of the car?

edit: might be a silly question i know. (i've never done pcp before)

 

[pokerking]

The guy is going to have a massive smash one day.

Saw him drive a 1000hp GTR, amazing car but you can tell he is doing 100+mph on a public road. Just takes one moron to pull out and smash.

 

[Lakeland]

We assume his car insurance was correctly covering all of these modifications ... otherwise, with the publicity, presumably, they would have voided it, by now.

I’m pretty sure I saw a video where he said they’d terminated his insurance as someone had seen his videos!

 

[On Holiday]

 

[Semple]

They will ask if you are aware of any changes to your circumstances in the future that may affect your repayments, but that's about it.

Heh sounds like the whole financing car could go down the same route as mortgages did. I appreciate that a car is significantly less expensive, but in effect the problem was still the same - not assessing peoples affordability for the amount they're borrowing.

i thought one could not do the voluntary termination shenannigans until one had paid 50% of the car?

edit: might be a silly question i know. (i've never done pcp before)

Good point, that was my understanding as well, if he was paying the ~£600/month that he was claiming, he'd have only paid off 7k + his deposit, which would be quite some way under 50% paid off. So not sure how he'd have planned to do that.

So why would BMW be bothered about taking the car back if he's "devalued" it? He's still liable for whatever he owes, the lump sum / vehicle value is just if he wants to return it at the end of the PCP contract instead of settling up the remaining amount?

That's the problem though. If the car at new was 60k, and he hands it back after paying off 30k, presumably it should be worth about 30k. But if he's devalued it significantly - BMW can't give it used approved status etc, lack of warranty. I imagine most sane people wouldn't even give him 10k for it.

 

[Zeed]

And you have never broken the speed limit on the public road have you?

Multiple times at 4-5am sunday morning on way from raves. When there is No cars about. Not flooring it with normal traffic comming from other side. Im 100% ok with killing myself as long as i dont take anyone with Me. As I got no obligations or anyone relying on Me.

 

[Zeed]

The guy is going to have a massive smash one day.

Saw him drive a 1000hp GTR, amazing car but you can tell he is doing 100+mph on a public road. Just takes one moron to pull out and smash.

This bit?? Middle of day cars passiong both sides tell me how this is not plain Retarded thing to do @Vita I am crazy but not stupid...

 

[Django x2]

Do PCP deals by BMW finance operate in a different way than normal PCP?

I ask because I had a car on PCP for the dealer-benefits and finance protection and ultimately the PCP was for the entire cash price of the car minus the deposit.
So why would BMW be bothered about taking the car back if he's "devalued" it? He's still liable for whatever he owes, the lump sum / vehicle value is just if he wants to return it at the end of the PCP contract instead of settling up the remaining amount?

Genuine question as I'm unsure, but do they require you take out fully comp insurance or GAP insurance? What happens if he were to write it off and it becomes Cat * repaired - lowering the vehicle value?

There are no dealer benefits or finance protection with PCP, and by the sounds of it what you had was HP not PCP. Almost all PCP deals are financed to a balloon payment which is more often than not the Guaranteed Future Value or GFV.

In this case, BMW can no longer assume the GFV, something which will have been calculated at the start of the agreement, as it's been compromised by the mods

 

[pokerking]

Multiple times at 4-5am sunday morning on way from raves. When there is No cars about. Not flooring it with normal traffic comming from other side. Im 100% ok with killing myself as long as i dont take anyone with Me. As I got no obligations or anyone relying on Me.

People speed, some heavily modified cars he 'test drives' but on normal roads during the day time, its obvious he does triple digits. Its not like doing 50 in a 40.

This bit?? Middle of day cars passiong both sides tell me how this is not plain Retarded thing to do @Vita I am crazy but not stupid...

Mistake waiting to happen, I enjoy his videos but its driving ban territory, something you do when your young and stupid.

Maybe I'm just the odd one out??

 

[Lakeland]

There are far too many channels like that, they need wound back a bit as they’re setting a bad example for young drivers.

Monkey London is another one.

I’d much rather watch videos by Cleetus who gives it big licks on a track.

 

[dacads]

At least Nick's wearing his seatbelt now.. never understood why he didn't in previous videos. That to me is more stupid than modifying a financed car..

 

[Zeed]

@pokerking As I said empty road 4am worst case you end up in wheelchair not dead. But not like that on public road with cars around. Cars with loads of power got cahnge to loose traction at any moment cause of sand leaves whetever on road.

This comes to my mind

different when you own a car for so many months/years you get to know its habbits ect. totally different story when you take for spin someones elses toy. Thats why i give keys to mine and never drive as passenger as someone is driving it. Worst case they total my car and kill only themselfes

 

[Akagi]

I'd much rather watch videos by Cleetus who gives it big licks on a track.

Hell Yeah Brother!!

One of my favourite motoring channels up there with MCM.

Also @Zeed top of 3rd is 123MPH in the R35 and he had it to the top of 4th. So he was probably going 145MPH+ at the fastest point in the video.

Ive had passenger rides faster than that and even driven faster than that (Germany officer) but not in the middle of the day in someone else's car with traffic on either side with a passenger while filming it to put on the Internet. Pure lunacy.