pcp advice

happycow6171 · 01-03-2015, 06:37 AM

At the moment I have 2 pcps.
335d touring
435i convertible
Paying quite high monthlies, I am semi retired and 1 car is sitting idle namely the vert.
Was thinking of keeping the touring long term, is it right to make a lump sum payment on the touring to lower the monthlies and was thinking of down sizing vert for a lesser payment.
Any suggestions?.

evan15281 · 01-03-2015, 07:00 AM

I think BMW finance do allow you to overpay on PCP to reduce monthlies

JustChris · 01-03-2015, 07:05 AM

Yes I've done this in the past. Anything you pay now saves you interest if you got caught in a high finance deal. You can also make a lump sum payment to cover all the monthlies if you suddenly decide you have the cash lying around and then you obviously save on the interest again.

Pablo68 · 01-03-2015, 09:08 AM

If you get a settlement figure you will see it is probably several thousand £££ less than the outstanding balance (especially if you are early in the contract or on a high APR or both) because when you pay off the car early you don't pay the remaining interest.

BMW finance allow you to overpay as much as you want whenever you want, up to and including the full settlement figure at any time.

(NOTE: This is NOT a VT...you are pying for the car in full and get to keep it. What you are saving is the remaining interest)

01-03-2015, 06:37 AM	#1
happycow6171 Captain 83 Rep 605 Posts Drives: 335d touring Join Date: Feb 2014 Location: shropshire iTrader: (0)	pcp advice At the moment I have 2 pcps. 335d touring 435i convertible Paying quite high monthlies, I am semi retired and 1 car is sitting idle namely the vert. Was thinking of keeping the touring long term, is it right to make a lump sum payment on the touring to lower the monthlies and was thinking of down sizing vert for a lesser payment. Any suggestions?.
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01-03-2015, 07:00 AM	#2
evan15281 Lieutenant 86 Rep 459 Posts Drives: 335d Join Date: Mar 2014 Location: Lanarkshire iTrader: (0)	I think BMW finance do allow you to overpay on PCP to reduce monthlies
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01-03-2015, 07:05 AM	#3
JustChris General 17505 Rep 25,123 Posts Drives: Tesla MYRWD Join Date: Jul 2013 Location: UK iTrader: (0)	Yes I've done this in the past. Anything you pay now saves you interest if you got caught in a high finance deal. You can also make a lump sum payment to cover all the monthlies if you suddenly decide you have the cash lying around and then you obviously save on the interest again. __________________ My car made front page of Bimmerpost
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01-03-2015, 09:08 AM	#4
Pablo68 Left the building 185 Rep 1,608 Posts Drives: Not a diesel. Join Date: Dec 2013 Location: Petrol Heaven iTrader: (0)	If you get a settlement figure you will see it is probably several thousand £££ less than the outstanding balance (especially if you are early in the contract or on a high APR or both) because when you pay off the car early you don't pay the remaining interest. BMW finance allow you to overpay as much as you want whenever you want, up to and including the full settlement figure at any time. (NOTE: This is NOT a VT...you are pying for the car in full and get to keep it. What you are saving is the remaining interest)
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