are my Options?
Cash - Finance -
Schomp BMW has a multitude of lenders
that will allow us to customize a plan that meets all your expectations
Consider these questions when weighing
- How long do you anticipate
keeping the vehicle?
- What will your
approximate annual mileage be?
- Do you typically trade
automobiles every 3 years?
- Is your intention to own this
vehicle for over 5 years?
- Do you like to drive
vehicles that have the latest technology?
- Would you like to know what your
Cost of Ownership is going to be?
- Would paying cash deplete your
- Would you rather not be liable for
resale values and bank payoffs?
Being in the position to pay cash is
wonderful, but consider the fact that on a new vehicle that depreciates
about 40% over the first three years it might not be the wisest use of
capital. With discounted interest rates through BMW Financial Services,
the proposition of interest paid versus lost interest dividends is worth
noting. All of our lenders will set up automatic payments, so no need
for those annoying statements and check writing.
Most people use Financing uptions
to pay for their vehicle.
Our lenders will determine how much of a
down payment is needed, depending on your credit history, income to
support the payment and the loan to value conforming to guidelines.
Loans range from 24 - 84 months, with the 60-month option being the most
The vast majority of borrowers do not
see the loan through to maturity leaving themselves exposed
- Loan payoffs that are greater than
the vehicles value (inequity).
- Fluctuation of market
- The possibility of amortizing
inequity into the replacement vehicle loan, leading to a higher car
payment than necessary.
All the loans available at Schomp BMW
are Simple Interest; you only pay interest on the payments you make
(just like a home mortgage).
misunderstood form of paying for what you use. Leasing allows you, the lessee, to only
pay for the portion of the car you use.
Our prime lender; BMW Financial Services
calculates that a typical BMW that is driven approximately 15,000 miles
a year for three years should be depreciated about
45%. You will only get charged on this amount. The remaining 55%
(residual) is your option to buy at lease end but you are not liable for
the vehicle being worth it.
For people that want to change vehicles
on a pre-determined schedule (lease term), always having FREE factory
backed maintenance and warranty with no risk of additional ownership
costs . . . leasing should be considered seriously.