BMW Group Financial Services has entered the Irish car finance market and will offer a range of car finance, leasing and insurance products.
Products will be available on new and used BMWs, MINIs and BMW motorcycles.
Philip Kerry, newly appointed Managing Director of BMW Financial Services Ireland said: "One of the key drivers in the Irish car market is the availability of credit. With the decreased availability of consumer credit and the disappearance of many former motor finance companies, this is the right time for us to be making this investment."
As well as traditional Hire Purchase Agreements, BMW will also offer a PCP personal leasing product. Here the customer chooses the car they want and repayment period that is right for them. There is a maximum annual mileage agreed, as well as a deposit and a regular payment. Once a guaranteed minimum future value is set this will become the final payment on the car or the equity generated to go towards the next deposit.
At the end of the agreement the customer can part-exchange their car for another one, return the car, or keep it and pay the final payment.
Sample Quotes
A brand new MINI Countryman One D requires a deposit of €3,821.72. First monthly payment of €424, then 34 monthly payments at €349. Optional final payment of €12,714. Typical APR 9.65%. On-the-road cash price of €24,210.
A brand new BMW 316d ES Edition saloon requires a deposit of €6,796. First monthly payment of €574, then 34 monthly payments at €499. Optional final payment of €16,301. Typical APR 9.57%. On-the-road cash price of €34,535.