I borrowed £13,000 against a £50,000 car. Due to a change of circumstances, I requested a settlement figure to pay off the finance after 2 and a bit months. Taking into account the 2 payments made, settling the fiance cost me £530. This is an extrapolated APR of 24% (assuming the same 2 monthly cost across 12 months - quoted APR for the term of the finance term was 11%)! The agent said the high settlement charge was because the costs are front loaded, the capital being paid off towards the end of the finance. This was not explained to me when I took out the finance. I must have purchased more than 15 new or nearly new BMWs over the years. This is my last ..
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BMW Financial Services (GB) Ltd offer a comprehensive suite of vehicle finance products, as well as providing a range of insurance and protection solutions.
We are responsible for brands such as BMW Financial Services, MINI Financial Services, BMW Motorrad Financial Services, ALPHERA Financial Services, Rolls-Royce Motor Cars Financial Services and Aston Martin Financial Services. BMW Financial Services (GB) Limited is authorised and regulated by the Financial Conduct Authority.See more
