Some adviice : Residual, no money, new car

[XennoX]

Or he can simply let the bank repossess it; and live with a bad credit rating. Which he is likely to have regardless of the above options.

That's what option 2 is essentially. But one does not simply just walk away from a loan. The bank will still slap him with the remaining debt.

 

[Other Pineapple Smurf]

This thread reminds me why I bought an i10 instead. I know what I can afford and not what I think I could.

 

[Splinter]

That's what option 2 is essentially. But one does not simply just walk away from a loan. The bank will still slap him with the remaining debt.

Banks write off more bad loans than you could imagine.

 

[FiestaST]

snooze fest
but granted not as bad as I thought.
Personally I'd rather buy near the top of a smaller range than at the bottom of a bigger range. Better specs etc. And probably better value retention as well due to higher desirability.

Aggree with this; rather 335i/340i/335d vs 520i/520d imo

And the latest 5 is not a snooze fest at all but in relation to his age maybe not totally ideal.

 

[supersunbird]

This thread reminds me why I bought an i10 instead. I know what I can afford and not what I think I could.

And for me my Figo, don't even need my mom paying my bond if I lose my job...

 

[Jet-Fighter7700]

This thread reminds me why I bought an i10 instead. I know what I can afford and not what I think I could.

Or even better buying a pimped out picanto cash and slowly fixing it up.......

At least its cash and when i do upgrade to a i10/ or what everybody on mybb hates a brio...

 

[SauRoNZA]

His mother is paying his bond and he still has the car. Should have gotten rid of it yesterday!

So please explain where the money problems come into it when he still has a job...which is presumably the same job he had before.

TIK?

Losing the job making a massive financial impact I can understand...but these sound like money problems due to bad planning more than anything else.

Sounds like the same input is happening...but someone confused their output.

 

[Freaksta]

Can he not go to BMW and say he wants to trade in the vehicle for the cheapest BMW they have on the floor, even if its a demo or what ever. Try structure the deal so they settle withe the bank and load what ever the difference between trade and loan is worth onto the new vehicle finance. Scratch that BMWs are *** expensive!

 

[Quantum Theory]

Can he not go to BMW and say he wants to trade in the vehicle for the cheapest BMW they have on the floor, even if its a demo or what ever. Try structure the deal so they settle withe the bank and load what ever the difference between trade and loan is worth onto the new vehicle finance. Scratch that BMWs are *** expensive!

They can only load onto the new car within reason, otherwise the finance house will reject the application. His shortfall is too big.

 

[The_Traveller]

What's the settlement and how much did a dealer offer for the car?

Also what's the Trade value on this vehicle ?

 

[Goliath]

What was the exact purchase date? Up to 6 months, search it for an undisclosed defect and return to dealer for refund under CPA.

What he said!

 

[rorz0r]

Still can't believe that a 30 year old bought a 520i. Talk about giving up on life and getting old before your time...

I bought my 530d at 28 (but then I saw the light and got a 335i ;-) )

Driving a Corolla is giving up on life. Your mom paying your bond at 30 is failing at life though.

 

[SauRoNZA]

0 - 100 in 7.9. Thats not bad for what it is. I doubt people buy them form performance reasons.

Yeah, they buy them to bankrupt themselves.

 

[Brenden_E]

Yeah, they buy them to bankrupt themselves.

Ha! The BMW marketing is effective to have so many of these sheepies believe a car defines your happiness.