- 4 August 2016 at 8:30 am #93091
i am currently paying for a BMW 3 series and i would like to downsize to something cheaper (MINI etc).
I am 14 months into a 48 month lease, my current position is below:
34 months left of £420pm = £14,280 remaining.
I put down a 9,500 deposit
Current Value of car around 26/27k.
Am i in a good position to look for a new car and if so what are my options in paying it off. Will i have a bit of spare cash for the new car etc?
Any help is appreciated
- 4 August 2016 at 8:34 am #93092
Hi Chris. Your early settlement options will depend on the type of finance agreement you have. You described a 48-month lease – if this is the case, you may have a large penalty fee if you want to cancel the agreement. If it is actually a PCP, the settlement terms will be much more reasonable.
For more information, have a read of our article about settling your car finance early.
- 4 August 2016 at 11:40 am #93102
Thanks for your response Stuart.
It is on a hpi agreement. I have been on contact with BMW and i have a final settlement payment of 20k. This final settlement figure, does it mean that i would then own the car?
- 9 August 2016 at 12:50 pm #93430