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  #1  
Old 07-21-2009, 07:11 AM
apoirier594 apoirier594 is offline
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Location: South Carolina
 
Join Date: Jul 2009
Posts: 70
Mein Auto: F-150, 6er or M3 soonish
BMW Select?

Hey. This is my first post so it may be a bit choppy. I have seen post before about the BMW select program but they never really told me what I was looking for. I built a BMW 650i soft top for around 90k. I went to the payment estimator, for the Finance with 5%, a $2,500 down payment on 60 months it came to $1644 per month. And the BMW select with 2500 dollar down payment 60 month term came to $1243 per month, Which I could really use the extra money for savings. I am a real-estate appraiser and make around 6-7k per month. But I drive 1500 miles per week, so I can't lease. I was wondering with the BMW select it say you can, at the end of the term, re-finance the ballon payment, pay it upright, or sell the car back to BMW. Well if I drive 1,000-1,500 mi. per week at the end of 60 months I would have 288,000 miles on my car if I drove 1250 per week. But what would happen at the end, if I had my 650i softop in really good condition and ran great would they still buy it back, and how much do you think for, like could I just walk away with no more bills?
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  #2  
Old 07-21-2009, 01:19 PM
JW_BMW's Avatar
JW_BMW JW_BMW is offline
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Location: Los Angeles
 
Join Date: Oct 2007
Posts: 884
Mein Auto: X5 50i
Without sounding mean...IMHO, this is too much car for you payment wise. But to answer your question at the end of the term; you pay off balloon by writing a check for full amount, finance the balloon or trade/sell your vehicle for market value. Whatever you do the balloon needs to be paid off before you can walk away.
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Old 07-21-2009, 02:08 PM
BMWofBloomfield BMWofBloomfield is offline
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Location: Bloomfield, NJ
 
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Mein Auto: Z4MC/540i/Boxster/Supra
I really think you should consider two lower priced vehicles. One for work and one for play. The one for work you can put all the mileage you want on it and the one for play could be a nicer vehicle. Putting 75K+ miles on a 650 in a single doesn't make much fiscal sense.
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