BMW demand full payment of modified M4 on finance
- Thread starter Django x2
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I'd check the details of a bank loan - some have different terms and conditions if it is intended for buying a car especially if it is a secured loan which is usually a bit cheaper.
HP isn't yours until you pay it off, it belongs to the finance company, same as PCP.
The very name 'hire' purchase should give enough of a hint it's not just a straight purchase.
Soldato
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.
TBH it's all variations of the same thing. If you buy a used car with any kind of finance remaining on it the person advertising it isn't really the owner. Which is why most people won't touch it.
Soldato
Living life on jam butties. Financing a lifestyle to keep up with all the other flash YouTubers.
Obviously judging heavily there but seems life is on tick for many; half their house deposits are borrowed, cars on PCP and life to live on top. Surely it's stressful when time starts running out for balloon payments, negative equity and paying back government house deposit loans. After you've paid out £££ you might not actually have something to show for it in the end which is crazy really.
The worst part is it seems we can all go out and get these deals but not realise they charge for any damage to hand it back, expect big balloon payments or know you don't even own the car at the end. Is it lazy convenient "buying" or is it mis-selling?
Obviously judging heavily there but seems life is on tick for many; half their house deposits are borrowed, cars on PCP and life to live on top. Surely it's stressful when time starts running out for balloon payments, negative equity and paying back government house deposit loans. After you've paid out £££ you might not actually have something to show for it in the end which is crazy really.
The worst part is it seems we can all go out and get these deals but not realise they charge for any damage to hand it back, expect big balloon payments or know you don't even own the car at the end. Is it lazy convenient "buying" or is it mis-selling?
Soldato
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Small giggle
lol what a muppet
I wonder if BMW stick with it
I wonder if BMW stick with it
Soldato
Indeed. The point is, if the car is effectively security for the loan then the bank has certain rights over the vehicle. To own it outright you need an unsecured loan, which is typically more expensive for obvious reasons. PCP is effectively HP with a balloon (or break clause) part way through instead of seeing it through to the end.
Any dealer/manufacturer finance, PCP or not, would end in the same way. Personal cash (full amount or part Bank Loan) is really the only way to own a car and modify it at will.
If people are daft enough to modify something they don’t own, then they invite the actual owner to exercise its rights under the contract.
The Seat example linked is equally funny, the guy had multiple opportunities to make more appropriate choices, agree to pay the dealer for diagnosis, pay a 3rd party to recover/diagnose it, instead he took a heavily modified car to a dealer under its recovery and then got upset when they said they wouldn’t touch it.
The Seat example linked is equally funny, the guy had multiple opportunities to make more appropriate choices, agree to pay the dealer for diagnosis, pay a 3rd party to recover/diagnose it, instead he took a heavily modified car to a dealer under its recovery and then got upset when they said they wouldn’t touch it.
Soldato
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He's written on his instagram that it's "sorted", what that means I don't know!
He comes across as educationally sub-normal, he talks like a cretin and he behaves like a cretin. It's hardly a stretch to suggest he is a cretin.
Soldato
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He talks as though he's from south London, which I'm fairly sure he is. You can't exactly call someone a cretin based off of that! I agree that he's been a bit of a wally but I think you're taking it a bit far.
Soldato
After all that I can't see it being sorted. Maybe he read his terms and conditions and found a little loophole.
Soldato
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Soldato
It would depend on which part of South London he’s from.
Soldato
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Very true, I don't know enough about the region to specify so didn't even try!