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Early termination and buying a new car at lower interst rate

Hello, I bought a BMW financed through Blackhorse. The interest rate is very high and i was advised by the BMW sales team to early terminate and purchase a new car through BMW with a lower interest rate. I have paid half way through for the current finance agreement. I'm unsure if i will be able to order and sign for a new car through BMW - get finance before I actually hand my old car in (i'm told it takes about 3 months to order a new car through BMW). Do you have any advice as i don't want to end up in trouble?

Posted by Joy on

Answer.

Hi Joy, thank you for your question.

In this case the best thing you can do is to look into ending your finance with Blackhorse through either voluntary termination (handing the car back when you reach the 50% mark) or through requesting and paying a settlement figure.

Therefore I would suggest consulting the agreement you signed with Blackhorse or contact them directly enquiring about such termination possibilities. Find out whether there are any charges associated too.
Once Blackhorse have confirmed the end of the agreement, you can then sign up for your new BMW. Don't worry about the waiting times - you don't want to be left with 2 cars :)

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