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Old 14th March 2018, 10:08 AM   #41
Telfordboy
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Thanks for the collective wisdom guys.
Just to be clear, I'm not trying to get out early, VT it or anything like that. I fully intent to go full term with the car and I fully understand the deal I am signed up to. None of that changes the nature of my question which is if the car is worth less that the balloon would BMWFS prefer the car back or do a deal with me. Clear answers from you on that thanks. It not going to change what I do going forward I was just posing the question.
However, please note my post #12 where I have experienced this before so I know its not completely impossible depending on the finance house.
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Old 14th March 2018, 12:16 PM   #42
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Originally Posted by rsk21 View Post
It won't have a GFV.

It will have an amount which you are obliged to pay under the terms of your contract if you want to keep it.

if market value is less than this its is irrelevant. The dealer has no say in it.
Ok so I would obviously just hand it back rather than pay 35k for a car valued at 30k.

But what does the dealer then do? Prep the car and put it up for sale at 30k? I dont see why they wouldnt discuss just doing a deal with me at 30k (I understand that they would still need to do backend work of clearing the finance at 35k etc.)
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Old 14th March 2018, 01:00 PM   #43
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Ok so I would obviously just hand it back rather than pay 35k for a car valued at 30k.

But what does the dealer then do? Prep the car and put it up for sale at 30k? I dont see why they wouldnt discuss just doing a deal with me at 30k (I understand that they would still need to do backend work of clearing the finance at 35k etc.)
In that situation stevie, i would say you could hand it back, and BMW FS either gives you £5k, as its a GFV, or there is £5k equity/deposit for the next car ?, but the dealer has no obligation to take the car back, its BMW FSs problem at that point ?. The dealers are the guys that sold you the car, and they have had their deal from it. Im not exactly sure of the procedure of handing the car back, as ive not done it to date, but i know its not the dealers responsibility to take the car back, its BMW FSs. Im sure someone else can chip in here if im wrong ?.
Also, is it a £35k GFV on an M2, we are talking about here, or is this hyperthetical ?.
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Old 14th March 2018, 01:43 PM   #44
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Im not exactly sure of the procedure of handing the car back, as ive not done it to date, but i know its not the dealers responsibility to take the car back, its BMW FSs. Im sure someone else can chip in here if im wrong ?.
Normally the finance company will arrange collection at the end of the term, the dealer is not involved
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Old 14th March 2018, 02:38 PM   #45
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In that situation stevie, i would say you could hand it back, and BMW FS either gives you £5k, as its a GFV, or there is £5k equity/deposit for the next car ?, but the dealer has no obligation to take the car back, its BMW FSs problem at that point ?. The dealers are the guys that sold you the car, and they have had their deal from it. Im not exactly sure of the procedure of handing the car back, as ive not done it to date, but i know its not the dealers responsibility to take the car back, its BMW FSs. Im sure someone else can chip in here if im wrong ?.
Also, is it a £35k GFV on an M2, we are talking about here, or is this hyperthetical ?.
Woah there.

Firstly GFV doesn’t exist any more and secondly even when it did it had nothing to do the customer receiving any cash from the retailer./ finance co.

Last edited by rsk21; 14th March 2018 at 02:42 PM.
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Old 14th March 2018, 03:52 PM   #46
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Its just hypothetical

And I didnt think about it being the finance company and not the dealer that would collect the car, I suppose they will just whack it in an auction.

(And I should of said optional final payment rather than GFV sorry, I understand I will not receive any cash if the trade value is below this final payment but I can just hand the keys back and walk away).
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Old 14th March 2018, 04:01 PM   #47
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Every car Ive given back the pick up guy has said hes driving it straight to the auction house and if I want it to go see them.

I usually dont want my cars back
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Old 14th March 2018, 04:34 PM   #48
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Originally Posted by pstevie View Post
Its just hypothetical

And I didnt think about it being the finance company and not the dealer that would collect the car, I suppose they will just whack it in an auction.

(And I should of said optional final payment rather than GFV sorry, I understand I will not receive any cash if the trade value is below this final payment but I can just hand the keys back and walk away).
BCA are agents for BMWFS - they all go to auction, whether thatís private (for dealers only) or public but at a BCA auction house.
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Old 14th March 2018, 05:26 PM   #49
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Woah there.

Firstly GFV doesnít exist any more and secondly even when it did it had nothing to do the customer receiving any cash from the retailer./ finance co.
Didnt think GFV was still in service, thats why i was questioning it ?.
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Old 14th March 2018, 05:29 PM   #50
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Didnt think GFV was still in service, thats why i was questioning it ?.
Yes but donít understand why you think the punter would receive any cash
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Old 14th March 2018, 05:33 PM   #51
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Yes but donít understand why you think the punter would receive any cash
I think this is why GFV no longer exists, because its wording is confusing ?. If he was given a value of £35k at the end, and the car was worth £30k, would he not have been owed £5k from someone, legally, as he had been told the car would be worth £35k ?. Now final option to purchase is a different worded term altogether?, if ive given duff info on this one, apologies
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Old 14th March 2018, 06:04 PM   #52
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Originally Posted by SimonH View Post
I think this is why GFV no longer exists, because its wording is confusing ?. If he was given a value of £35k at the end, and the car was worth £30k, would he not have been owed £5k from someone, legally, as he had been told the car would be worth £35k ?. Now final option to purchase is a different worded term altogether?, if ive given duff info on this one, apologies
Agreed itís one of the reasons.

That said there was never any scenario where the supplier was contractually obliged to honour that price as anything other than a trade in value. When they got it wrong and / or the market moved they (the FS providers) found themselves having to underwrite the shortfall thus putting pressure on the retailer not to discount the individual units at trade in time.

As a term it became increasingly meaningless and open to attack as PCPs were regularly sold on the basis of ďif its worth more than that the equity is yours to roll and if the market says its worth less you just give it back to usĒ.
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