BMW Returns

JayC

JayC

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After much thought and consideration, due to a change of circs, I have decided to place a returns request on my R1200GS with BMW Finance.

There will be a shortfall to pay unless I can offload elsewhere, namely the dealer I bought it from, as suggested by BMW Finance.
They also asked if I'd considered selling it privately.

The settlement stands at £8952.12
Shortfall £2,309.17

Looking at current used R1200GS prices online, and in various dealerships, I note that they are listing bikes older than mine and with much higher mileage for more than this figure. Now, I am not a believer that any dealer is particularly generous in their offerings, and I understand they have overheads, but would this be a realistic figure for them to part with to take it off my hands?

R1200GS TU
2012 12 plate.
6,140 miles
Up to date service history.
H/Grips - ABS - Computor - TC - Hand Guards.

I would consider the condition to be pretty much what you'd expect at this age and mileage.

There are no accessories left on the bike so it is specced exactly as it left the showroom.

I am not up on the used figures for these bikes and so any (sensible) views would be appreciated. :nenau

Although this pic was taken a few months after initial purchase, it provides accuracy in so much as portraying the naked bike with no add ons. Yes, I know, the muffs are still in place. :nenau

 
So are they saying that the trade in value is £6600?:eek: I'm sat by a pool drinking, so I may be a little slow, but that seems ridiculous. I'd put it on eBay, make the settlement figure the reserve price, and you should be fine.:thumb
 
The Nutty GSER said:
So are they saying that the trade in value is £6600?:eek: I'm sat by a pool drinking, so I may be a little slow, but that seems ridiculous. I'd put it on eBay, make the settlement figure the reserve price, and you should be fine.:thumb
Click to expand...

That's how I read it . seems way off the mark although not a great time to sell a bike . As Nutty says E Bay it reserve £8952.12
 
I dont understand what you mean by settlement and shortfall. However I have just bought a 2012 TUY with 1400 miles on the clock, full luggage, computer, esa, abs, heated grips , chrome pipes etc for just over 9k from a dealre which suggests to me that the dealer bought it in somewhere round 7k. So 6.6k trade price for yours doesnt sound too daft.

You should be able to get more than that privately
 
birdseye said:
I dont understand what you mean by settlement and shortfall. However I have just bought a 2012 TUY with 1400 miles on the clock, full luggage, computer, esa, abs, heated grips , chrome pipes etc for just over 9k from a dealre which suggests to me that the dealer bought it in somewhere round 7k. So 6.6k trade price for yours doesnt sound too daft.

You should be able to get more than that privately
Click to expand...

The shortfall is an amount owing for BMW Finance to take the bike off my hands.
The settlement is an amount BMW Finance require to release their hold on the bike and allow it to be owned outright by the purchaser paying that figure.
 
JayC said:
The shortfall is an amount owing for BMW Finance to take the bike off my hands.
The settlement is an amount BMW Finance require to release their hold on the bike and allow it to be owned outright by the purchaser paying that figure.
Click to expand...

Either way, it's quite scary that BMW will openly admit that a 1 year old 11k bike is only worth £6.6k.:eek:

FWIW, I've been through this procedure many times with BMW cars. Its a mugs game, that's for sure.
 
Returns request?

I suspect that by a returns request you are trying to hand it back to BMW finance under the rule of halves and thirds?

For the uninitiated....

Add up the deposit and part exchange, the 36 monthly payments and any balloon payment at the end. Then, in basic terms if you've paid 1/3 they can't repossess without a Court order and then the important one...

If you've paid half of that total figure then you can, so long as you've taken reasonable care of the item, hand it back to the finance company. I assume that this is what you're doing? Hence the shortfall to half?

Do the maths yourself, a finance settlement figure is different to a return at half way. You could possibly sell it for closer to the finance settlement as opposed to hand it back and pay the shortfall.

If you are simply doing the halfway thing, please note that you may as well ride it to the half way point unless the servicing and insurance costs are too punitive,

The halfway handback can be good, I know someone who purchased a caravan on finance and when half the payments were made he handed it back as it was so damp it was scrap and worth a lot less than he owed.

I doesn't have any impact on your credit score either as you've complied with the law.

The guy who handed back his van financed another, with the same company 2 months later.

Roger.
 
The Nutty GSER said:
Either way, it's quite scary that BMW will openly admit that a 1 year old 11k bike is only worth £6.6k.:eek:

FWIW, I've been through this procedure many times with BMW cars. Its a mugs game, that's for sure.
Click to expand...

You're not wrong Nutty, it IS a mugs game. I knew I was a mug at the time of purchase, but what I didn't know, or expect 17 months along the line was to be where I find myself today! :blast

Yes, I know, I could also be accused of being a mug for not making that allowance, and in my defence, I looked through the eyes of a boy in the toy shop, the rest is history.

The world needs mugs in order to create a used market! :thumb
 
Robbo1200ADV said:
That's how I read it . seems way off the mark although not a great time to sell a bike . As Nutty says E Bay it reserve £8952.12
Click to expand...


It'll never make £9k, not in a month of Sundays

2013 12GS WC in full TE spec and only 600 miles, only made about £10750 tops in a free bid Ebay auction and that's the current GS flavour

£6600, as a dealer buy-back is realistic and is the GMFV, the shortfall of £2309 is the balance of payments JayC should be making if he goes full term - as it's really Contract Hire, dressed up and called a PCP

He's terminating early, so that is due to BMW
 
G5RJO said:
I suspect that by a returns request you are trying to hand it back to BMW finance under the rule of halves and thirds?

For the uninitiated....

Add up the deposit and part exchange, the 36 monthly payments and any balloon payment at the end. Then, in basic terms if you've paid 1/3 they can't repossess without a Court order and then the important one...

If you've paid half of that total figure then you can, so long as you've taken reasonable care of the item, hand it back to the finance company. I assume that this is what you're doing? Hence the shortfall to half?

Do the maths yourself, a finance settlement figure is different to a return at half way. You could possibly sell it for closer to the finance settlement as opposed to hand it back and pay the shortfall.

If you are simply doing the halfway thing, please note that you may as well ride it to the half way point unless the servicing and insurance costs are too punitive,

The halfway handback can be good, I know someone who purchased a caravan on finance and when half the payments were made he handed it back as it was so damp it was scrap and worth a lot less than he owed.

I doesn't have any impact on your credit score either as you've complied with the law.

The guy who handed back his van financed another, with the same company 2 months later.

Roger.
Click to expand...

However it's not HP, so don't think halves and thirds work the same way

It's a BMW Select PCP, which in reality is Contract Hire - so usually all future payments are due - ie MGFV and the balance of all payments outstanding & left to pay
 
G5RJO said:
I suspect that by a returns request you are trying to hand it back to BMW finance under the rule of halves and thirds?

For the uninitiated....

Add up the deposit and part exchange, the 36 monthly payments and any balloon payment at the end. Then, in basic terms if you've paid 1/3 they can't repossess without a Court order and then the important one...

If you've paid half of that total figure then you can, so long as you've taken reasonable care of the item, hand it back to the finance company. I assume that this is what you're doing? Hence the shortfall to half?

Do the maths yourself, a finance settlement figure is different to a return at half way. You could possibly sell it for closer to the finance settlement as opposed to hand it back and pay the shortfall.

If you are simply doing the halfway thing, please note that you may as well ride it to the half way point unless the servicing and insurance costs are too punitive,

The halfway handback can be good, I know someone who purchased a caravan on finance and when half the payments were made he handed it back as it was so damp it was scrap and worth a lot less than he owed.

I doesn't have any impact on your credit score either as you've complied with the law.

The guy who handed back his van financed another, with the same company 2 months later.

Roger.
Click to expand...

Thanks for your input on this.

As things stand my home is on the line, which you will appreciate takes priority over all other toys.
I have considered the half way point as my get out clause but to do that would almost definately see the home go far sooner than it's likely to. I have already informed BMW Finance that as of yesterday I have cancelled the direct debit contract. I am awaiting a reply from them re a collection date. The shortfall will then be written into an existing DMP.
 
JayC said:
As things stand my home is on the line, which you will appreciate takes priority over all other toys.
I have considered the half way point as my get out clause but to do that would almost definately see the home go far sooner than it's likely to. I have already informed BMW Finance that as of yesterday I have cancelled the direct debit contract. I am awaiting a reply from them re a collection date. The shortfall will then be written into an existing DMP.
Click to expand...

Sorry to hear that, Jay.
 
£6600 is a piss take in my opinion. Please name and shame. Its worth much more ring round a few bmw dealers or stick it on here/ebay.

Johnny Boxer, the TE you refer to wasnt full spec (no led headlight), was for sale at a breakers (would put some folk off), and didnt sell, not meeting its reserve, though it sold for about £11250 last week.
 
SiRich said:
£6600 is a piss take in my opinion. Please name and shame. Its worth much more ring round a few bmw dealers or stick it on here/ebay.

Johnny Boxer, the TE you refer to wasnt full spec (no led headlight), was for sale at a breakers (would put some folk off), and didnt sell, not meeting its reserve, though it sold for about £11250 last week.
Click to expand...

There have been 2

I was referring to the one that was a full spec TE and private sale, got to a NR £10500 or £10600 and sold:D

Not the one at Motorworks:blast
 
JohnnyBoxer said:
There have been 2

I was referring to the one that was a full spec TE and private sale, got to a NR £10500 or £10600 and sold:D

Not the one at Motorworks:blast
Click to expand...

Apologies, thought as you can see the motorworks one made more.....so i probably wouldnt base all future gs values on one auction.:rob:D
 
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