Bmw finance -> last month of agreement

[Evolution786]

Hello All,

 

I have had my BMW X5 for four years, I have had the odd late payments but I have seen through the 48 months, I have been paying £1176 per month "£56,448" and with a balloon remainder of £23,800.

 

The car cost £60,000

 

BMW are not willing to re-finance the balloon payment.

 

If I can't find alternative finance where do I stand with this car ? I have only done 8000 miles and I want to keep it long term. Since I have seen through the entire 48 months do I not have some right to keep this car and insist on BMW to continue taking £1176 for a further 24 months which will pay off the car ?

[Rob S]

I suspect with the type of agreement you have signed that you will have to pay the remainder off in full and will have little chance of forcing BMW Finance to keep on taking your monthly payment. You could try contacting them in writing to see if they will revise their position of of course, but they would be within their rights to insist on the full payment.

[raydetinu]

Options with this sort of agreement are, pay off ballon payment in cash ( can get a further loan to do this, personnel loan ); use car for down payment on another car using value minus the baloon amount; hand car back and owe nothing.

What is value of car now?

[Gaston Grimsdyke]

Slightly surprised BMW will not refinance the balloon, it's another income stream for them. Guess they are not happy about how the agreement has been conducted by you. Or maybe the vehicle is worth more than the balloon so it's in their interests to recover it. Anyway, sadly you cannot force them to accept instalment payments for the balloon so your only hope is to refinance elsewhere.

[Evolution786]

Hi - Thanks for the responses - I have now found another company to take on the balloon payment. BMW said if I dont pay the balloon by Wednesday 29th June they will issue a default notice but stated after seven more days they would then register the default notice with Experian - these guys are seriously ruthless people.

 

Out of curosity if I did want to fight them having gone through 48 months with them if I did wind up in front of a judge would I easily be able to convinue the judge to allow me to continue my monthly payments of £1200 for another two years and be able to completly pay off the deal. Plead along the lines of need the car for my elderly parents and children ?

 

Surely as a occupier of the car for 4 years the judge would allow me this ? also if it got to this stage would that be a

CCJ ?

[Gaston Grimsdyke]

Is your agreement regulated by the Consumer Credit Act? If not, the court has no power to suspend a delivery order. In any case, they don't need a court order to repossess in the first place. If it is regulated by the Consumer Credit Act, I think it is extremely unlikely the court will allow you that kind of time to pay, although it is not impossible.

[Evolution786]

Hi - No it isn't regulated under the consumer credit act - so what your saying is I would have zero chance with negotiating a deal with the judge. ?

 

Its just out of curiosity !!!! I have the new finance company taking on the balloon payment thankfully. At least

there are companies out there who are still willing to lend !!!!

[Gaston Grimsdyke]

With it being unregulated, they wouldn't have needed to take you to court at all. They could simply recover the vehicle without a court order. If, however, they chose to get a court order then, yes, the judge would not have been able to suspend recovery on payment terms because Time Orders only apply to regulated agreements. Thankfully you have circumvented that possibility anyway.

[Evolution786]

yep I have circumvented that - the new finance company has now requested an invoice from BMW to take ownership of the balloon. Another 12 months and I have totally paid off the car.

 

I have to say this is a great site