[Hoppy_70]

About 4 weeks ago, I ordered a 335d having initially agreed a pcp with £4K down and 425 per month. This included service pack, m sport plus, pro nav and heated seats. Sadly, my work circumstances changed and I'm looking at a pay drop, so I cancelled the deal.

It was a stock, unregistered car and I hadn't cost them anything so there seemed to be no issue. My main problem was that I could no longer raise the £4K and didn't want to pay over £425. They dragged their feet a bit returning my deposit and reading some of the "mad March" deals on here, I thought they might be building up to a better offer.

Got a call today and they moved around a bit, but I'm still saying no (because I can't raise the cash mainly!). How low will they go, where do people think they will give up on me and walk away. I'm sorely tempted to try and find a bit of cash if I can, but how much will be enough?

Their offer today was; drop the service pack (£585), pay in 2000, payments up to £449.

By my reckoning (man maths) they've only really knocked off £415 there have they not? I think they intentionally "shuffle" things around to try and confuse....


Help?!

[SkyJawa]

Tbh, if it's going to cost you too much, and seems like it is, then leave it. Not worth trying pushing yourself over a car, mortgage yes, car no......

[Kal101]

If you're going to struggle to make the payments / find the cash etc with the greatest possible respect then walk away

No point putting yourself in jeopardy for a better car.

[Chris330]

Don't take the risk, certainly not on a car. You may find that a better deal will come along later, but if it's a big push now - don't do it.

Good luck!

[Hoppy_70]

Stay on topic guys! The question wasn't whether I should, it was how low will they go? The payments aren't a stretch, it's just bad timing mustering a cash deposit....

[R0B]

Sorry to hear about the circumstances changing. But with all due respect, if you're having to play around to get 2k on the table, I think you should leave it a while. I can't see a BMW being much use if there's no money to sort a broken boiler or take a holiday.

[subsy]

They'll go however low you want them to go with the deposit - just expect that your monthlies will go up.

You say the payments aren't a stretch. In that case what's the relevance of a pay cut?

Tell them what deposit you're willing to put in and see what numbers come out the end with monthlies and GFV.

[ukbeemerboy]

Originally Posted by Hoppy_70

Stay on topic guys! The question wasn't whether I should, it was how low will they go? The payments aren't a stretch, it's just bad timing mustering a cash deposit....

Back on topic, keep pushing. It's the end of the quarter and they have targets to meet. You'll be surprised how far you can push especially if you're willing to walk away!

[GEP77]

The key thing here is - you don't have to buy the car. This puts you in a commanding position with the dealer.

My sister was in a similar position a while ago with Audi. She put in a quite ridiculous offer that equated to 35% off a Q5 sat in their showroom. It took 4 days for the salesman to agree. If they need the sale the deal is there to be done.

[Rukka]

Originally Posted by Hoppy_70

About 4 weeks ago, I ordered a 335d having initially agreed a pcp with £4K down and 425 per month. This included service pack, m sport plus, pro nav and heated seats. Sadly, my work circumstances changed and I'm looking at a pay drop, so I cancelled the deal.

It was a stock, unregistered car and I hadn't cost them anything so there seemed to be no issue. My main problem was that I could no longer raise the £4K and didn't want to pay over £425. They dragged their feet a bit returning my deposit and reading some of the "mad March" deals on here, I thought they might be building up to a better offer.

Got a call today and they moved around a bit, but I'm still saying no (because I can't raise the cash mainly!). How low will they go, where do people think they will give up on me and walk away. I'm sorely tempted to try and find a bit of cash if I can, but how much will be enough?

Their offer today was; drop the service pack (£585), pay in 2000, payments up to £449.

By my reckoning (man maths) they've only really knocked off £415 there have they not? I think they intentionally "shuffle" things around to try and confuse....


Help?!

To answer your question;

Knocking the Service Pack off (which is actually £475) reduces your payment by about £11 a month (down to £414 per month.

Reducing your deposit to £2k would take your payment back up to £461 per month.

To get to a monthly of £449 - your dealer has given you another £500 discount.


This is all assuming the deal is over 4 years.


Hope this helps.


Rukka


.

[MarkG_M5Comp]

If monthlies are not a struggle (which they are not from what you have said) and you can find £2k then it's fine right?

Personally I don't put more than £1k down anyway - it's dead money if you exit later.

I'm removing maintenance pack in future - otherwise you pay 6.9% interest on it.

[Rukka]

Originally Posted by MarkG335

If monthlies are not a struggle (which they are not from what you have said) and you can find £2k then it's fine right?

Personally I don't put more than £1k down anyway - it's dead money if you exit later.

I'm removing maintenance pack in future - otherwise you pay 6.9% interest on it.

That doesn't make sense :

The more deposit you put down, the less you borrow so the less interest you pay overall. Each £1k you put down roughly equates to £25 less on the monthlies.

For example; Lets say you put in £1k and pay £500 a month.

If you put in £3k, you will only pay £450 a month.

After 48 months (you only make 47 payments) you will have paid 47 x £50 less - which is £2350

You have therefore saved £350 in interest (roughly) by putting in a larger deposit...

If you exit early, you will still have a shortfall to find. How big this shortfall is depends on what you owe against how much it is worth - and how much deposit you put in.

Regarding the Service Pack - You would pay an additional £33 in interest over 4 years.

If you keep the car for 5 years and get 3 Services (and a brake fluid flush) out of the Service Pack - then you are quids in compared to the cost of paying it yourself (2 small and 1 large service + Brake Fluid)

Small service costs around £280 - Large around £375 - so that's just over £900 in servicing (plus brake fluid flush whatever that costs) so even if the Service Pack is £475 + 6.9% interest that's still a good deal.

If you keep the car of course - but if you intend to get rid of it after a couple of years then agree - don't bother with the Service Pack.




,

[ukbeemerboy]

Originally Posted by Rukka

That doesn't make sense :

The more deposit you put down, the less you borrow so the less interest you pay overall. Each £1k you put down roughly equates to £25 less on the monthlies.

For example; Lets say you put in £1k and pay £500 a month.

If you put in £3k, you will only pay £450 a month.

After 48 months (you only make 47 payments) you will have paid 47 x £50 less - which is £2350

You have therefore saved £350 in interest (roughly) by putting in a larger deposit...

If you exit early, you will still have a shortfall to find. How big this shortfall is depends on what you owe against how much it is worth - and how much deposit you put in.

Regarding the Service Pack - You would pay an additional £33 in interest over 4 years.

If you keep the car for 5 years and get 3 Services (and a brake fluid flush) out of the Service Pack - then you are quids in compared to the cost of paying it yourself (2 small and 1 large service + Brake Fluid)

Small service costs around £280 - Large around £375 - so that's just over £900 in servicing (plus brake fluid flush whatever that costs) so even if the Service Pack is £475 + 6.9% interest that's still a good deal.

If you keep the car of course - but if you intend to get rid of it after a couple of years then agree - don't bother with the Service Pack.




,

It does if you VT surely? Smaller deposit would make a lot of sense.

[225]

If you can afford the 2k deposit just say you will pay that but they need to tweek the quote to keep payments at 425 or you walk.

[Rukka]

Originally Posted by ukbeemerboy

It does if you VT surely? Smaller deposit would make a lot of sense.

Its swings and roundabouts really.

For every £1k you put in as deposit you save the interest on that £1k and your monthly reduces accordingly - so it works out at roughly the same amount you will have paid over the term (even if you VT)

As said - each £1k reduces your monthly (on a 48 month deal) by £25 ish

So, with a £1k deposit and £500 pcm you will pay £20,000 in total at a 38 month VT point. (38 x £500 + £1000 deposit)

With a £2k deposit, your monthly would be £475. So with same formula, 38 x £475 + £2000 deposit = £20,050

So, roughly the same amount would be paid in total over the same period.

(figures are rough as not got my spreadsheet to hand )


Each to their own - some prefer a smaller deposit and higher monthly. I prefer a higher deposit and smaller monthly.

BUT - it's still a fact that the smaller deposit you put in - the more you are borrowing so the more interest you will pay



.

[Wills2]

These situations are pretty easy as your back is against the wall of what you can afford, so just place that in front of them and say I'll sign now if you can do it?

[CMOS II]

What is the flat rate they are offering?

[mgwest76]

I'd find out how many cars they are away from hitting target. If they have a lot to go and a week left to do it, then I'd walk away now and go back after the weekend. That deal will likely get better on your return if you can sign there and then.

If they don't have many left to sell then they might bank on hitting the number over the long weekend and won't better your deal.

All cars need to have left their site by cob on the 31st to count so timing is everything in terms of what they'll go to in order to hit the target.

[Chompers]

Originally Posted by CMOS II

What is the flat rate they are offering?

Think BMWFS flat rate is around 2.5%

[Hoppy_70]

Thanks all. Will hold out the weekend I think and see where we get. I suppose I'm in the fairly strong position of being happy to walk away so we'll see. Watch this space!

Just for clarity, whatever deal I choose (if I do), my children will still eat and my boiler will get fixed if it breaks!

[Hoppy_70]

Originally Posted by mgwest76

I'd find out how many cars they are away from hitting target. If they have a lot to go and a week left to do it, then I'd walk away now and go back after the weekend. That deal will likely get better on your return if you can sign there and then.

If they don't have many left to sell then they might bank on hitting the number over the long weekend and won't better your deal.

All cars need to have left their site by cob on the 31st to count so timing is everything in terms of what they'll go to in order to hit the target.

If only i knew, that would definitely be helpful! I doubt they'll give that up to me though.

[mgwest76]

Originally Posted by Hoppy_70

If only i knew that would definitely be helpful! I doubt they'll give that up to me though.

They did me last year. 44 cars to sell from stock with 2 weeks to go. I walked away from the deal and went back on the 27th and they asked me what deal I wanted and agreed to it if I could sign immediately.

I agreed if they would let me have the car that day. They turned it round in 4 hours!

Just ask, they can only say no.