BMW Financial Services
Isn't there the added complication of selling something privately with finance still owing on it, it may put prospective purchasers off.
Definitely worth a trip/call round local bmw dealers as a trade sale.
Isn't there the added complication of selling something privately with finance still owing on it, it may put prospective purchasers off.
Not usually, you (as the buyer) just pay the Finance Company (on their valid settlement letter) what they are owed and the private seller the balance of the agreed sale price
However from the figs indicated by JayC, there will likely be a shortfall and the amount owed may exceed the sale price and the seller may not be able to discharge this to BMW Financial Services
Just one word of warning if it does end up going back clean it to within a inch of its life and take loads of pictures from every angle showing every bit of the bike as sometimes they find "extra damage" they will try to charge you for and you will need all the pictures to prove them wrong. Hopefully it wont come to this and you will sell for what you need good luck with it either way.
Spot on JB!
Thanks all for your input on this matter, it is appreciated.
PM me, if you want any specific advice or a to have a chat (see my sig line )
All good advice already said and SteveK points out some very pertinent comments, specific to 'return conditions' if it's going to BMW FS and not a dealer, who may be more realistic
£6600 is a piss take in my opinion.
Not so.
In essence, BMW Finance advanced a significant loan (virtually unsecured as the vehicle itself was the primary asset) to someone who might not be able (or willing) to meet the repayment terms and / or could not otherwise have bought the vehicle in the first place from cash or via another form of finance.
Sad to say, that inability day has now arrived. The how's and wherefore's of the day's arrival are not important, nor do they have any baring on the affair.
BMW Finance is a business, not your lifelong friend down the pub to whom you can turn to for funds or to wait to repay. In fact that is not entirely true.... They are your lifelong friend when they lend you the money your other lifelong friend wouldn't or couldn't. Unfortunately, their friendship comes at a price.
Not least BMW Finance needs to cover its inevitable costs of deals ( call them 'friendship') that really do go sour. The example of the all but worthless caravan in this thread is a good one. Of course in that example, the former caravan owner will be crowing how astute he has been, with the finance company taking a bath. There will also be others who, through 'clever' (at least to them) chicanery will manage to sell the vehicle to some mug, pocket the change and flit... Or declare bankruptcy.... The list goes on and on.... All of which somebody else (in this case the OP) has to contribute to in part. Tough, but that is how it (and often life) works.
If in doubt, ask yourself what you would charge the OP to finance his vehicle. I suspect that you would either not do it all or demand irrevocable liquid guarantees equal to (or probably in excess of, if you had any sense) the value of the loan, whilst still remaining the primary charge (ownership) over the vehicle until the debt to you had been fully discharged. BMW Finance were not that draconian as to demand liquid guarantees but their generosity (for want of a better word) came at a price. The OP now knows what that price is. However, the finance house is still patient and willing to help. If the OP does not accept the severance terms (it is he that is cancelling the contract early, not BMW Finance, let's not forget) they will wait a while whilst he tries to secure a better sale price or method of disposal; the subject of this thread. How successful the OP is will depend on a number of factors, including: His expectations (fueled or damped by responses on UKGSer), the market (November is not a great time to sell a motorcycle) or the hardnosednes ( or stupidity) of any potential buyer, the timeframe he has available to haggle, other more pressing factors..... The list goes on.
Of course, if you have ready cash you could yourself make the OP an offer and secure yourself a bargain, whilst helping a fellow biker out of a hole. You could then beat (or at least equal) the finance house at their own game. The OP will still be out of pocket, but less so and hopefully happier. BMW a Finance will be happy and you'll have a bargain.... What are you waiting for??
Not so.
In essence, BMW Finance advanced a significant loan (virtually unsecured as the vehicle itself was the primary - and only - asset) to someone who might not be able (or willing) to meet the repayment terms and / or could not otherwise have bought the vehicle in the first place from cash or via another form of finance.
Sad to say, that inability day has now arrived. The how's and wherefore's of the day's arrival are not important, nor do they have any baring on the affair.
BMW Finance is a business, not a charity. More importantly, it is definitely not your lifelong friend down the pub to whom you can turn to for funds or to wait to repay. In fact that is not entirely true.... They are your lifelong friend when they lend you the money your other lifelong friend wouldn't or couldn't. Unfortunately, their friendship comes at a price.
Not least BMW Finance needs to cover its inevitable costs of deals ( call them 'friendship') that really do go sour. The example of the all but worthless caravan in this thread is a good one. Of course in that example, the former caravan owner will be crowing how astute he has been, with the finance company taking a bath. There will also be others who, through 'clever' (at least to them) chicanery will manage to sell the vehicle to some mug, pocket the change and flit... Or declare bankruptcy.... The list goes on and on.... All of which somebody else (in this case the OP) has to contribute to in part. Tough, but that is how it (and often life) works.
If in doubt, ask yourself what YOU would charge the OP to finance his vehicle. I suspect that you would either not do it all or demand irrevocable liquid guarantees equal to (or probably in excess of, if you had any sense) the value of the loan, whilst still remaining the primary charge (ownership) over the vehicle until the debt to you had been fully discharged. BMW Finance were not that draconian as to demand liquid guarantees but their generosity (for want of a better word) came at a price. The OP now knows what that price is. However, the finance house is still patient and willing to help. If the OP does not accept the severance terms (it is he that is cancelling the contract early, not BMW Finance, let's not forget) they will wait a while whilst he tries to secure a better sale price or method of disposal; the subject of this thread. How successful the OP is will depend on a number of factors, including: His expectations (fueled or damped by responses on UKGSer), the market (November is not a great time to sell a motorcycle) or the hardnosednes ( or stupidity) of any potential buyer, the timeframe he has available to haggle, other more pressing factors in his life...... The list goes on.
Of course, if YOU have ready cash you could yourself make the OP an offer and secure yourself a bargain, whilst helping a fellow biker out of a hole. You could then beat (or at least equal) the finance house at their own game, sharing in the 'piss take'. The OP will still be out of pocket, but less so and hopefully happier. BMW a Finance will be happy and you'll have a bargain.... What are YOU waiting for... There's a bargain staring you in the face and a fellow biker in need.
i dont have the cash and i dont need a bike, plenty of folk do mind who would be happy to snap this up.
theres no escaping that the valuation is very poor, its not a reflection of the value of the asset (unless you have glasses guide to hand), and lets be honest bmw have plenty of their profit as a business in the £9000 settlement already (finance charges etc), seems they want more rich pickings with a below trade valuation.
We are not talking about a clapped out caravan, the valuation should be fair (and not generous) based on a bike in condition reflective of 6k miles.
i maintain a very poor valuation of the bike by the finance company and one that can easily be bettered. So yes, they provide a service and are there to make a profit but the valuation , whilst not unexpected is a 'piss take'
Cheers for the lecture though
That bike has the perfect spec imo. If I didn't have an almost identical bike already I'd bite his hand off - although I think £9k is a bit toppy. I'll mention to a friend who has a older GS who might be interested. What price would you sell for (PM me ?). It's a long shot but let me know if you want me to ask...