https://www.expressandstar.com/news...finance-after-he-modifies-m4-performance-car/
Something to think about for those who do it.
Something to think about for those who do it.
Finance and mods
- Thread starter AlS3BE
- Start date
Quite simple really, and quite obvious at the same time.
With finance, PCP or Lease, you do not own the car till you pay for it in full. So by modding a car on such deals, means you are modifying someone else's car. If that person (Finance company) finds out, they are not going to be very happy. Hence why they might look to recover the car, and cancel your finance agreement.
I suppose they could sue you too, as the value of the car has potentially dropped, as a modified or post-modified car may not be resalable within a dealer network.
And lets say the engine goes pop, and the dealer says your warranty is void. Then the finance company is going to make you pay for the entire car, or sue you.
At the end of the day, to mod or not to mod is each persons choice. Most get away with it, but some won't. As long as you are prepared financially to pay the consequences if it all goes wrong, then so be it.
The main thing I don't agree with is people modding their cars while on PCP, then de-modding just before handing the car back. The next owner then runs the risk of having a car with excessive wear & tear on some major parts, that if they do fail, then get stuck with a potential big bill. Or the warranty they thought they had is void. But, that's the car world. People will always get stung. The only way to guarantee not getting stung, is to buy new.
With finance, PCP or Lease, you do not own the car till you pay for it in full. So by modding a car on such deals, means you are modifying someone else's car. If that person (Finance company) finds out, they are not going to be very happy. Hence why they might look to recover the car, and cancel your finance agreement.
I suppose they could sue you too, as the value of the car has potentially dropped, as a modified or post-modified car may not be resalable within a dealer network.
And lets say the engine goes pop, and the dealer says your warranty is void. Then the finance company is going to make you pay for the entire car, or sue you.
At the end of the day, to mod or not to mod is each persons choice. Most get away with it, but some won't. As long as you are prepared financially to pay the consequences if it all goes wrong, then so be it.
The main thing I don't agree with is people modding their cars while on PCP, then de-modding just before handing the car back. The next owner then runs the risk of having a car with excessive wear & tear on some major parts, that if they do fail, then get stuck with a potential big bill. Or the warranty they thought they had is void. But, that's the car world. People will always get stung. The only way to guarantee not getting stung, is to buy new.
RichardT
Registered User
Sounds reasonable. You can’t go modifying a car that is not your property.
I always knew the risk was there but never heard anyone actually getting caught with it.
I’m wondering was this a publicity stunt for bmw to scare the crap into everyone who would think of modding their cars on finance.
I’m wondering was this a publicity stunt for bmw to scare the crap into everyone who would think of modding their cars on finance.
Car insurance in the U.K is one of the bigest cons going. Any excuse to charge extra for stupied little things.
very old news
The fact he modified the car which led BMW believe to long damage forced this issue. was all over the BMW forums. cosmetic mods hich can be reveersed should be fine, but lowering, tuning etc you can expect that outcome and rightly so
The fact he modified the car which led BMW believe to long damage forced this issue. was all over the BMW forums. cosmetic mods hich can be reveersed should be fine, but lowering, tuning etc you can expect that outcome and rightly so
RichardT
Registered User
It probably had something to do with him posting it on YouTube. BMW maybe looked at that as taking the @#£&.
This was out a while ago and hardly surprising considering he plastered it all over his YT and went full out on performance tweaks.
My local dealer are fine with cosmetic mods they just make it clear it'll have to be back to stock when returned (or just sell it privately). Never had an issue with warranty and still have all original parts if needed.
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My local dealer are fine with cosmetic mods they just make it clear it'll have to be back to stock when returned (or just sell it privately). Never had an issue with warranty and still have all original parts if needed.
Sent from my SM-G965F using Tapatalk
The thing is it’s not like bmw uk has the resources to scour the whole internet looking for guys like that. For someone to see and notice and coincidentally works in bmw finance that can raise this as an issue is statistically very slim.
There’s also some privacy/gdpr issues if that was to happen.
Someone would have had to inspect the car otherwise it’s just hearsay.
It’s like me saying I have 1000bhp in my s3 and a skillfully edited video of me tearing down the track/quarter mile. It’s all just me and my BS till it’s proven. As long as payments are up to date finance companies should only care about it when time comes to hand the car back.
I just smell some BS about this.
There’s also some privacy/gdpr issues if that was to happen.
Someone would have had to inspect the car otherwise it’s just hearsay.
It’s like me saying I have 1000bhp in my s3 and a skillfully edited video of me tearing down the track/quarter mile. It’s all just me and my BS till it’s proven. As long as payments are up to date finance companies should only care about it when time comes to hand the car back.
I just smell some BS about this.
Let's face it PCP cars are a lease, with an option to buy. If you modify your car and then for some reason cannot afford the repayments and cover the costs to put the car back to standard the finance company who own the car are going to be out of pocket, and they would get very little if it came up at auction, as the warranty on such a modified car would would be right out of the window.
The car is owned by BMW finance, and I guess they are protecting their asset.
The car is owned by BMW finance, and I guess they are protecting their asset.
Quite well known this “recall”. From what I heard he had a 0% deal on it, so they weren’t exactly raking in the interest payments, but doesn’t all quite ring true as apparently kept the car and paid up the cash...bit of a publicity stunt if you ask me.
