BMW cancels finance on YouTuber's heavily modified M4
- Thread starter AlpineF30
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acsmyth
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Ouch, suppose he could just get a personal loan for the payment though and keep the car.
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I'm sure he'll no doubt be able to afford to pay it like, but but stupid in the first place putting it all over YouTube if it wasn't technically his to modify
Think he took the pee a bit, its one think to change a backbox, another thing entirely to start whacking hybrid turbos and meth on, and any tuning would be a no-no!kippermoon
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i know hes going to lose the 0% rate he had but wonder will he lose the deposit contribution and any discounts he got with bmw finance
gpaevo
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It's fukin hilarious. What did he expect. Sure just watch the videos of him driving like a **** constantly. He's on borrowed time anyway. Complete toolbag!
BobSpounge
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"I'm a massive supporta of BMW"
Wab.
Wab.
richie_mck
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I wouldn't want to see how salty he is when BMW are finished with him.
pablo
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financed car != PCP car though
PCP is a fancy lease really isnt it, vs finance thats a fancy personal loan. BMW need to be ready to take that car back at the end and warranty it when they sell it. Thats hard if its been modified heavily (even when returned to stock)
PCP is a fancy lease really isnt it, vs finance thats a fancy personal loan. BMW need to be ready to take that car back at the end and warranty it when they sell it. Thats hard if its been modified heavily (even when returned to stock)
Jason
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Was only a matter of time, and all the video's of Achilles and Nick with the skyline/m5/rs6/golf r on public roads. Its an accident waiting to happen.
richie_mck
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I fired a tuning box in to the golf r i leased and i can tell you the wrath of VW would have paled into insignificance if the missus had have found out, still did it though
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Cossers
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I assumed it was a PCP until he mentioned the finance. Is modifying a financed car not fair enough?
Coog
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It's not his to modify. He was also saying about chopping it in next year.
gpaevo
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It's not 'your' car to modify. It belongs to the finance company until the end of the agreement.
Rocko
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Plenty on here I'd imagine. I get the modifications issue, but the other issue about him not being able to afford the repayments is a bit odd?
saxo_man
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It sounds like a purchase contract rather than a hire contract. But either way you should use common sense and know you canāt **** about with it. He just got a really good deal and knew it was 1/2 the price of a bank loan and Iāve to say Iāve little sympathy
AlpineF30
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I think a lot of the manufacturers will turn a blind eye to certain mods. For example a back box, lowering springs or a stick on carbon piece of trim on the bumper but when you are fitting hybrid turbos and methanol it will have added wear on the engine and will be a car they have the potential to be responsible for if he returns it at the end of his deal so I can't really see any other recourse for BMW.
JCM
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I originally though that finance == loan where loan would be yours and you can do whatever you want to the car?
Can someone clarify the difference between finance,pcp,lease,pch, hire purchase?
Can someone clarify the difference between finance,pcp,lease,pch, hire purchase?
pablo
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well imo regular finance doesnt involve the car being handed back so they wouldnt care. PCP is based on the car coming back, so it needs to be sellable and warrantyable.
AlpineF30
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Hire Purchase is what you would typically associate with finance. IE a loan against the car for its value over a set period to cover the cost of the car with interest and at the end you own the vehicle.
PCP is different where you put down a deposit and then pay a monthly price. However at the end of the set period you either have to return the car, trade it in or pay the balloon payment which will then make it yours.
PCP is cheaper monthlies as you arn't borrowing on the full value of the car and the finance company will provide you with a value of what the car is worth at the end of the deal. At the end of the deal if you wished to own the car you would need to pay that amount to the finance company or if you choose to trade the car in you can use any equity in the car to put towards your next car. For example lets say the final value is set at Ā£9000 but the car is worth Ā£10500 you can use the Ā£1500 towards the next car.
The future value is set on a number of factors which is stipulated in the initial contract such as you will return the car in good condition and will not exceed the miles you stated you would do in the car as a car with 50k miles on it will be worth more than a car with 90k miles on it. And if you told the finance company you will return the car at the end of the deal with 50k on it but it has 90k on it they will apply a penalty at a certain price per mile to make up the difference.
This is where BMW will have the issue as in the PCP contract on that M4 he would have agreed to return the M4 in good condition and with the amount of miles on it they would have agreed when setting up the finance. So for example BMW would expect at the end of the deal a 4 year old M4 with 40,000 miles on it so they can predict what that car will be worth when it is returned.
However due to him modifying it so heavily they now may be faced with being handed a 4 year old M4 with 40,000 miles on it which has had major modifications carried out and would be unclear what stresses that would put on the engine and it is less desirable therefore is worth less than the value they predicted at the start of the agreement and as the car could be returned to them they could be faced with the headache of dealing with it should something go wrong due to his modifications.
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richie_mck
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It will be interesting to see how they would go about selling it when/if repossessed. Id assume it would have to go to auction and sold with a condition that warranty in entirety or certain parts are revoked.