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Thread: Taking finance on a new bike and paying it off - worth it?

  1. #17
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    Thanks but I don't need a loan for it, this is purely to get an extra discount for taking their finance and then paying it off.

  2. #18
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    At 7.9% apr it's not worth the faff if you have the cash for the purchase imo.If itnwas more than £500 it may be worth it but itnall depends upon how they calculate your settlement figure.
    What Bill Clinton REALLY said to Monica Lewinsky was: "Sack my cook"

  3. #19
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    Got my bike at the weekend and rang up today to withdraw from the finance. I had filled out the form on 28/02 so technically was 1 day over the 14 day withdrawal limit but they didn’t have a problem with it. They gave me a final figure which was the amount financed plus £30ish interest for the 15 days, sent me an email with the details and I transferred it to their account. Fingers crossed they don’t try to claw back the deposit contribution but it appears I’m £470 up on the deal. More to spend on accessories and the first service!

  4. #20
    Well done Dicky, glad it all worked out good , nice to see some one get one over on the dealer for a change

  5. #21
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    If you cancel( withdraw) the agreement within the 14 day period you pay back the amount borrowed and £2.70 per day from the time you signed until the time you pay is what I've got on my agreement. It may depend on how much you have borrowed of course. I'm off to cancel tomorrow after buying a new bike on Friday.

  6. #22
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    I bought a used car a couple of weeks from a franchised dealer. I had intended to pay cash, but taking the minimum on HP (£2K) over a year gave me 2 years manufacturer's warranty with RAC and 2 services. Interest cost will be about £78.

  7. #23
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    Had the bike just over 5 months now, done 5k miles (including a fantastic trip to the Alps) and no sign of BMW trying to get their deposit contribution back. Definitely worth doing!

  8. #24
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    Hi, under the current legislation you may withdraw from your finance agreement within 14 days, they are entitled to charge you interest but no penalty. This is NOT the same as distance selling where you can cancel the whole agreement and return the vehicle, read your pre contract information which you should have got up front before you signed the agreement, that will detail the information, if you didn’t get this, complain strongly, dealers are not always up to scratch, as always talk to the finance company they are there to help, finance companies are not all baddies, they have to work withinthe law and the FCA guidelines. BMW Finance in my experience are quite good (I worked in the asset finance industry for many years and put a lot of this stuff in)

  9. #25
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    Quote Originally Posted by darthdicky View Post
    Had the bike just over 5 months now, done 5k miles (including a fantastic trip to the Alps) and no sign of BMW trying to get their deposit contribution back. Definitely worth doing!
    Excellent, a little bit of effort and £470 up. Well worth it.

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