[Novakbmw]

I'm sure you guys have discussed this before

But paying off the finance on the pcp within 14 days or so means you get the pcp discount on the car which you don't get if you but it out right

So on 430d around 12 k

Anyone done this wish I could ...

[xenon]

Did this on wife's car - not a BMW but principle was the same.

[JLR1969]

Yes I did it with my 530D

Agreed a 4 year PCP got a discount for using finance then phoned after a week to cancel the finance.

Paid the balance off within a month

The PCP was £411 a month and out of that £100 was interest.

[Novakbmw]

Seems such a great way to do it rather buy outright .... wish I could do it

[robbiep]

Why can't you do it then ?

[Novakbmw]

Prob the same reason most ppl cannot

[bmnut]

Originally Posted by Novakbmw

I'm sure you guys have discussed this before

But paying off the finance on the pcp within 14 days or so means you get the pcp discount on the car which you don't get if you but it out right

So on 430d around 12 k

Anyone done this wish I could ...

You have to wait until the first agreed monthly payment has been made (this covers the 'cooling off' period required by the credit legislation) then you can pay off a lump sum if you want to reduce your monthly payment which is what I've just done. I'm guessing if you are paying it all off then you probably don't need to wait a month as you are in essence cancelling your credit agreement under the statutory conditions!

[AlwynMike]

I'll be doing this tomorrow

[gangzoom]

We did this with my wifes car. Settled the whole amount by debit card week after delivery via phone. Had to pay a mandatory amount of interest, about £200, but in return had dealer contribution of £1500 for signing up to PCP in the first place. Was a surprisingly painless phone call.

[jnismith]

Originally Posted by bmnut

You have to wait until the first agreed monthly payment has been made (this covers the 'cooling off' period required by the credit legislation) then you can pay off a lump sum if you want to reduce your monthly payment which is what I've just done. I'm guessing if you are paying it all off then you probably don't need to wait a month as you are in essence cancelling your credit agreement under the statutory conditions!

Yes, we did this on my wife's mini a few weeks ago. All you have to do is ring up and pay within 14 days. You get charged for the interest for however many days you've had the car, but it was minimal and we saved £1000 through the deposit contribution.

[Novakbmw]

In the 4 series examples right now it's 4K deposit contribution

[JustChris]

Yup did it on my JCW, simplezz

[Novakbmw]

You guys did well .

Well done on getting a great deal if I could have picked up a 430d for 35800 with 4 k of options I would done the same.

Great car . Hope when disels go out they bring a great engine out to replace it . Really sounds like a plane taking off when you floor it

[Rudz]

With a 2.9% APR, can't understand the urgency in paying the loan off?

[nickcuprar]

What discount do you get for PCP?

[Novakbmw]

Depends on the model I guess but around 20 percent plus on full price including options

Possibly a bit more

[nickcuprar]

Originally Posted by Novakbmw

Depends on the model I guess but around 20 percent plus on full price including options

Possibly a bit more

Significant saving then

[Novakbmw]

Significant saving for the guys that want to pay in full

Go PCP get the best deal negotiate like there's no tomorrow and pay finance off

Only a certain percentage can do that though but worth knowing about

[Rhino at Work]

It does seem odd but it's true.

My dealer was totally upfront with me - take the PCP and we can do you the deal for £3,500 less then just pay it off.

[Signpost]

Originally Posted by Rhino at Work

It does seem odd but it's true.

My dealer was totally upfront with me - take the PCP and we can do you the deal for £3,500 less then just pay it off.

So was mine. Only problem was a very long wait to get through to BMW Financial Services on the phone and wrong information about Confirmation paperwork being sent to my home address.