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GranTurismoEra

BMW demand full payment from Youtuber

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https://driving.ca/bmw/auto-news/news/bmw-demands-payment-on-financed-m4-after-owners-mods

 

 

Mods include Hybrid turbos, methanol injection, numerous tunes, full exhaust system

 

£65,000 roughly financed at £650 pm

 

New M4 competition. Seems to be gaining traction online

Edited by GranTurismoEra

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Always read the small print, kids. If it says no mods, then don’t be surprised if they come calling when you mod it. 

 

IIRC VWFS did the same to a Leon owner a few years back. 

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My opinion of PCP has always been it`s only renting. It`s not your car. Unless, and until, you make the final lump sum payment. Anyone taking it on should have at least some idea that you can`t just treat the car as your own and do whatever you want with it until the agreement is all payed up and finished. To do what he`s done and spent on it without any consideration of the finance agreement is just plain dumb and reckless.

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crazy, the modifications are beyond what most people would do. I dont think they would have cancelled if he didnt drive like a maniac and make so many changes. ie an exhaust etc. He also financed via main dealer. Most dealers would specify the same no modification conditions. But then no mods mean no mods. Especially on PCP.

 

His YouTube mates are financing through third parties TRL deals and other specialists. Not via BMW even so it would be agreed beforehand.

 

 

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The same should happen to anyone who modifies a finance vehicle, most likely will be in the small print. This is just a landmark case for all the bank owned vehicles that have their arches cut for rocket bunny kits.

 

Ricky does nothing more than probably a lot of other BIG power tuned vehicle owners. Its all fine until you get caught.

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"I'm not moaning or slacking off BMW, I'm just here to document this and make an educational video"................"I'm a massive supporter of BMW".................yeah I believe you are not trying to beg to BMW indirectly that you are an influencer and you purchase of this M4 has stimulated the market.......NOT! "This is crazy that I can't modify my own car"..........well, you don't own the car just because you are paying £650 a month!

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Kids are extremely impatient these days. Whats wrong with even waiting till your premiums are reasonable let alone the earnings to buy a £60,000 car.

 

Definitely an eye opener. A lot of comments are stating he should have gone to the bank. I cant see a bank giving £60,000 loan that easily especially if you have little to no substantial credit history. Even the earnings, but everyone's situation is very different.

Edited by GranTurismoEra

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Topic isn't how folks fund cars, its modifying cars on finance.

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Its all related because hes asked to give back the car which gets repossessed this week if he cant pay. Point is its not as simple as not reading small prints. Its also inexperience. Hence the situation arising. 

 

Either way he still owes £60,000+ as a result of modifying and breaching contract. How he was "funded" plays a part on his terms of contract the way it was purchased. He can raffle it, sell it and try make up the rest I guess. 

 

On a different deal this may not be viral....

Edited by GranTurismoEra

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10 minutes ago, GranTurismoEra said:

Its all related because hes asked to give back the car which gets repossessed this week if he cant pay. Point is its not as simple as not reading small prints. Its also inexperience. Hence the situation arising. 

 

Either way he still owes £60,000+ as a result of modifying and breaching contract. How he was "funded" plays a part on his terms of contract the way it was purchased. He can raffle it, sell it and try make up the rest I guess. 

 

On a different deal this may not be viral....

Inexperience? I'm confused, he didn't read or choose to ignore the terms of his finance deal that's nothing to do with experience! 

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1 minute ago, MDMetal said:

Inexperience? I'm confused, he didn't read or choose to ignore the terms of his finance deal that's nothing to do with experience! 

lol, we all make mistakes. All part of learning. There are other youtubers who do the same thing on similar deals. Whether they can or cannot read is up for debate. 

 

Well im sure his experience will educate others.

 

 

 

 

 

 

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4 minutes ago, GranTurismoEra said:

lol, we all make mistakes. All part of learning. There are other youtubers who do the same thing on similar deals. Whether they can or cannot read is up for debate. 

 

Well im sure his experience will educate others.

 

 

 

 

 

 

Inexperience is applicable to a skill that's learnt through experience/training/repetition he decided to either ignore or not check or assumed because his friend did something he'd be fine. That's what I call stupidity, your in charge of your own actions, the documents contain all the info needed you are fully responsible if you comply or not. If you've decided not to comply with the conditions then you've assumed responsibility for the outcome. To pretend there's some injustice here is laughable.

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Personally I feel sorry for the kid. School didn't teach him fiscal responsibility. The salesman wasn't going to inform him of the Ts and Cs. He isn't going to read the small print, none of us do - size 4 font with complex terms asking you to waive rights for something you want/need. 

 

PCP is a big market and the financial arms of companies are starting to turn the screws atm because the economists keep telling us a mini recession will occur due to household debt and car finance. We're all living beyond our means (as a nation). 

 

Nonetheless we've all said, he's now the owner of the vehicle, he's just a registered keeper. It's something most of us on this forum can appreciate, we own a less expensive car. This kid is renting a more expensive car. Ownership is key. Ah well, I'm sure he'll learn and fair play to him for at least making a semi decent video to educate others. 

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8 minutes ago, Umster said:

Personally I feel sorry for the kid. School didn't teach him fiscal responsibility. The salesman wasn't going to inform him of the Ts and Cs. He isn't going to read the small print, none of us do - size 4 font with complex terms asking you to waive rights for something you want/need. 

If my potential liability is £65K you can be damn sure Ill be reading every last word :lol:

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1 hour ago, MDMetal said:

Inexperience is applicable to a skill that's learnt through experience/training/repetition he decided to either ignore or not check or assumed because his friend did something he'd be fine. That's what I call stupidity, your in charge of your own actions, the documents contain all the info needed you are fully responsible if you comply or not. If you've decided not to comply with the conditions then you've assumed responsibility for the outcome. To pretend there's some injustice here is laughable.

Life experience or know how, maybe you could advise a younger person in a similar situation whos modifying on similar deals. Have you checked your terms and conditions etc. Youve got more experience of the situation. That's what I meant. 

 

 

Edited by GranTurismoEra

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9 minutes ago, Umster said:

Personally I feel sorry for the kid. School didn't teach him fiscal responsibility. The salesman wasn't going to inform him of the Ts and Cs. He isn't going to read the small print, none of us do - size 4 font with complex terms asking you to waive rights for something you want/need. 

Where’s his personal responsibility in all that “everyone else has let him down” nonsense? He’s an adult, he’s deemed fit enough to enter into a contract so it is therefore his responsibility to understand the terms that he is agreeing to. The fault is his and his alone, why should anyone else spoon feed him everything for his whole life? Even assuming it is the failings of others, where does the blame for their failings lie? I mean, clearly someone didn’t teach them how to teach this guy very well...

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School did teach fiscal responsibility, basic maths means going into negative figures isn’t good and basic English helps with reading the small print. 

 

If you cant be bothered to read the small print, that’s your loss. Hell if you can’t even read then get the sales guy to read it out for you, make him earn his money. 

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Mehhh we're a services driven capitalist economy, with a known boom and bust cycle. Don't think many generations have been taught, but they've definitely been burnt.

 

Either way, it's his mess and I'm glad I can show this video to all my friends and family who pass their driving test and/or look to buy expensive cars. They will definitely understand the message in the way he delivers it, better than they will when the salesman says "just sign here, you can read the T and Cs if you want to". 

 

Reminds me when I was asked over the phone if I wanted to listen to the terms and conditions recording of my car insurance. Estimated run time of 122 mins. 

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It's a case of the 'i want this now and dont care how because I want to be seen on the internet' attitude with a large dose of irresponsible behaviour not becoming of an adult making a good decision. Sure I wouldnt read the small print of the £30 chinese go pro copy I bought off ebay but damn sure I know what I am getting into if taking on a 5 figure financial liability. 

 

What do I see? Someone typical of a generation that is desperately needy to be seen on social media as being successful, that needs constant 'likes' to justify their decisions, that clearly is ignorant of accepting responsibility when taking on responsibility and looks to pass the blame when clearly the blame lies clearly in one single place.

 

Sympathy = zero. 

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Ouch! Lessons to be learned here I guess. I agree with coldel totally it seems to be the thing now with social media with a lot of young people.

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15 minutes ago, coldel said:

It's a case of the 'i want this now and dont care how because I want to be seen on the internet' attitude with a large dose of irresponsible behaviour not becoming of an adult making a good decision. Sure I wouldnt read the small print of the £30 chinese go pro copy I bought off ebay but damn sure I know what I am getting into if taking on a 5 figure financial liability. 

 

What do I see? Someone typical of a generation that is desperately needy to be seen on social media as being successful, that needs constant 'likes' to justify their decisions, that clearly is ignorant of accepting responsibility when taking on responsibility and looks to pass the blame when clearly the blame lies clearly in one single place.

 

Sympathy = zero. 

100% agree, what's scary if he doesn't understand his responsibility to read some paper that clearly outlines the terms of the contract does he actually understand the responsibility of driving not just a car but an extremely powerful car? 

 

Why is it in these situations people defend this sort of action? have sympathy for these people or even rail against the terms of the deal. Don't like them? Don't buy the car, it's not an item you need to live. I bet he sets up some sort of donation page and gets other idiots to pay for it. Ridiculous and the rest of us who accept our responsibility and make choices accordingly get the rough end.

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His you tube channel probably makes enough to pay off the finance anyway

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23 hours ago, coldel said:

What do I see? Someone typical of a generation that is desperately needy to be seen on social media as being successful, that needs constant 'likes' to justify their decisions, that clearly is ignorant of accepting responsibility when taking on responsibility and looks to pass the blame when clearly the blame lies clearly in one single place.

 

Sympathy = zero. 

 

Exactly this. I was bought up with the "if you want something then save up for it" mentality, and I have always paid cash for all my cars. When I was a lad if I couldn't afford a certain car I didn't get it. As simple as that. But nowadays I see so many kids having just passed their test jumping into brand new cars on PCP deals. And you get these "influencers" or "muppets" on youtube trying to look successful with "their" flash cars when in reality they have either hired, leased or PCP`d them. And its not just them, rappers etc.. are notorious for it.

 

It doesn't help that getting PCP/finance/etc is so easy these days. My wife got a car a few weeks back, on finance, and she doesn't even have a job. How she was going to pay it back was not a concern to the sales person as long as they got their commission from selling the finance package.

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I get that things have moved on - I am still yet to buy a car with any sort of finance, I always pay for them outright. But get that maybe people borrow a few grand to get a car again I have no problem with that. What this guy is doing is buying a car he doesn't need, its hugely excessive and clearly beyond his means, then complains when he breaks the contract and is called up on it. 

 

When you sign a contract, your responsibility is to read the contract, this is a given and has been since the dawn of time - there is no 'education' to be done here by the You Tuber. The only education to be done is that finance companies should not deal with morons like him.

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