Car Finance

[speedo]

I am looking to purchase a new M3 Saloon and wanted to know if anyone has had any dealings with BMW using their baloon payment scheme? and whether it is a good plan, or better to seek private finance?
I am little concerned that their guranteed residual values are low....

Any help would be appreciated!

Thanks in advance

[Paddy]

I only ever buy cars that I can afford and pay cash.

Finance + BMW = Big winker

[Spacecadet]

I am little concerned that their guranteed residual values are low....

They'll also shaft you for going over any expected mileage.

[Support Monkey]

Buying a car on Finance?????

you do know this is a contractors forum don't you, its either rolls of fiftys in a carrier bag or you transfer directly from your swiss bank account

[speedo]

mileage will not be an issue, as i will defintely do les than 10k on average.....

[bobspud]

I am looking to purchase a new M3 Saloon and wanted to know if anyone has had any dealings with BMW using their baloon payment scheme? and whether it is a good plan, or better to seek private finance?
I am little concerned that their guranteed residual values are low....

Any help would be appreciated!

Thanks in advance

A cautionary tale: A few years ago I bought a nice shiny car on a balloon finance scheme. Then the market fell out from under us and I sat on the bench for 6 months. Paying £700 a month for a toy soon eats your war chest. Long and short of it was that I ended up handing the car back, at which point the value isn't worth the paper it's written on because the dealer or finance firm will screw you because you are not buying another car. It cost me 15K to not have a car on my drive and at the point where the market picked up and work started to show up, I was stuck without transport. Turns out that the loan company stuck a satisfied default on my record for the privilege as well...

The moral of the story is don't get mad get even! Buy cars for cash, even if they are older and less bling. Then when you spend 6 months out of work you still own the car outright and its your choice if you need to sell it. Now I buy my cars through a friend in the business. Last year I picked up a reposessed Land Rover V8 for £13K and the other day while I was having a cup of tea with him, he had another trader ring up to offer him a soon to be repo'd 2010 Jaguar XF 5.5 V8 for 25K... I'm sure the chap thats about to give it back had a better residual on that car for 2013...

[alreadypacked]

mileage will not be an issue, as i will defintely do les than 10k on average.....

Can't be a contractor, no such thing as average.

[gingerjedi]

I only ever buy cars that I can afford and pay cash.

Finance + BMW = Big winker

Don't forget the private plate for the bonus 2x Big winker.

[Spacecadet]

Don't forget the private plate for the bonus 2x Big winker.

and it's an M class

so a further 2x bonus

[Zoiderman]

and it's an M class

so a further 2x bonus

I thought people were waving to me in my GL