[Apollocs]

First week of ownership of my new car and loving it!

Need to get busy with sorting the boring stuff this week, first on the list is deciding what to do with the finance. In the 5 months it took from order to delivery, circumstances have changed a bit. Paying off the finance to save the interest looks to make sense presently.

What is the score with the £2250 deposit contribution from BMW Financial Services?

If you withdraw from the credit agreement within 14 days it mentions them keeping the "Advance Rental", although I cannot find any definition in the contract of what the term Advance Rental actually refers to.

There is the right for early repayment under a regulated agreement. Do I need to wait until day 15 before requesting it or just make clear I am looking to settle early and not withdrawing?

Any advice from forum members who have settled early when there was a deposit contribution involved would be appreciated.

[335d Touring Xdrive]

You are ok to pay off the finance after day 14. Dealers don't always advise of this because they aren't supposed to. What percentage of the car have you financed? I financed the absolute minimum to get the BMW contribution. The interest was only £500. For the minimum term. 2 years. Payed my finance off within the first month of delivery. It was a no brainer for me really as I was originally paying cash for my car.

[Apollocs]

Originally Posted by 335d Touring Xdrive

You are ok to pay off the finance after day 14. Dealers don't always advise of this because they aren't supposed to. What percentage of the car have you financed? I financed the absolute minimum to get the BMW contribution. The interest was only £500. For the minimum term. 2 years. Payed my finance off within the first month of delivery. It was a no brainer for me really as I was originally paying cash for my car.

Thanks for the info, it is pretty much as I figured it would be.

The dealer made it very plain that you could settle early at any time and even marked that section of the contract. They weren't specific though about the timing and how early you could settle without causing any issues with the contribution.

I have put down just under 50% (including the contribution) as a deposit with the balance over 48 months. The monthly payment was to be the same amount as the commercial mortgage on my shop which I paid off 18 months ago. I figured I hadn't been missing the monthly outgoing, so why not put it towards something for me to enjoy

As I mentioned above things have changed in the 5 months since order and paying out £2500 in interest doesn't make sense now. It is amazing how much extra cash you can generate in business when you are under some pressure to find it. Applying yourself rather than coasting along and kicking over a few rocks works wonders!