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Posted: 6/28/2015 12:39:50 AM EDT
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?
Link Posted: 6/28/2015 12:41:25 AM EDT
You are screwed
Link Posted: 6/28/2015 12:42:38 AM EDT
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Originally Posted By cpermd:
You are screwed
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LOL

pretty much this.

Link Posted: 6/28/2015 12:43:44 AM EDT
Wow 80k in two years. You've literally driven the wheels off it.

No good solution here...keep in and possibly get eaten up by maintenance. Dump it and take a huge loss.


Link Posted: 6/28/2015 12:44:06 AM EDT
Put some 20" chrome wheels on it and list it on Craigslist for $20k
Link Posted: 6/28/2015 12:44:17 AM EDT
Link Posted: 6/28/2015 12:44:51 AM EDT
Sorry to say my friend but BMW's have a lot of electronic problems...no matter what year or model
Link Posted: 6/28/2015 12:45:59 AM EDT
You are going to half of what you owe. Cost of doing business. Where the hell are you driving?
Link Posted: 6/28/2015 12:46:46 AM EDT
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Originally Posted By abtex1:
Wow 80k in two years. You've literally driven the wheels off it.

No good solution here...keep in and possibly get eaten up by maintenance. Dump it and take a huge loss.




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Literally. :/
Link Posted: 6/28/2015 12:46:49 AM EDT
Wouldn't own a BMW outside of it's warranty period.

Not much you can do except trade it in and roll the balance into a new loan but only do this if you really need a car.
Link Posted: 6/28/2015 12:48:52 AM EDT
You can have a dealer add the left over amount into the total of a new car.

Example: Dealer will take your car on a trade in for 10k when you owe 14k, and just add the 4k left over on top of the new car's cost.

I wouldn't recommend that though because it doesn't help get you out of debt, just helps get you into a newer car with less problems.
Link Posted: 6/28/2015 12:49:59 AM EDT
If you're paying payments already, then you might as well trade it in and pay payments on a newer car.

My wife does 25-30k miles a year. I'd be insane to buy a used car with 40k miles and a 5 yr note.
She gets a new car every 5 years or less. Usually a Honda and depends on the trade in value.

Kind of accepted she will always have a car payment with her jobs she's chosen.
Link Posted: 6/28/2015 12:50:41 AM EDT
You owe 14k on a 2005
Link Posted: 6/28/2015 12:50:43 AM EDT
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Originally Posted By RayFromJersey:
You can have a dealer add the left over amount into the total of a new car.

Example: Dealer will take your car on a trade in for 10k when you owe 14k, and just add the 4k left over on top of the new car's cost.

I wouldn't recommend that though because it doesn't help get you out of debt, just helps get you into a newer car with less problems.
View Quote

If you do that try to find a left over new 2014 with lots of rebates and a dealer that really wants it off of their lot.
Link Posted: 6/28/2015 12:51:25 AM EDT
If in 2013 you asked GD whether you should buy an 8 year old BMW and put 40,000 miles a year on it, we could have avoided this thread entirely.
Link Posted: 6/28/2015 12:52:04 AM EDT
Buy a new car, roll over the balance, get payoff insurance, have an accident that totals your car. Profit. Seriously kidding here. That is sarcasm. Do not do that. It is really really illegal. DO NOT DO THIS!
Link Posted: 6/28/2015 12:53:25 AM EDT
This is why you don't buy 8-year old luxury cars out of warranty. Fuck "Tavarish".
Link Posted: 6/28/2015 12:54:21 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Ghetto:

If you do that try to find a left over new 2014 with lots of rebates and a dealer that really wants it off of their lot.
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Originally Posted By Ghetto:
Originally Posted By RayFromJersey:
You can have a dealer add the left over amount into the total of a new car.

Example: Dealer will take your car on a trade in for 10k when you owe 14k, and just add the 4k left over on top of the new car's cost.

I wouldn't recommend that though because it doesn't help get you out of debt, just helps get you into a newer car with less problems.

If you do that try to find a left over new 2014 with lots of rebates and a dealer that really wants it off of their lot.

He's still gonna be upside down but at least he won't have any repair costs for 4-5 years. That's I guess the best worst route to go.
Link Posted: 6/28/2015 12:55:15 AM EDT
Was this car worth 14k two years ago? An 8 year old 745i? How much did you pay for this car? How long is the term of your loan? For someone driving 40,000 miles per year, you should be driving a Civic.

I say this as the owner of a 2003 540i:

You are screwed. Either save the difference and sell it to pay off the note, or roll the loss into financing a different car.
Link Posted: 6/28/2015 12:57:35 AM EDT
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Originally Posted By Chokeoloko:
Sorry to say my friend but BMW's have a lot of electronic problems...no matter what year or model
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7 Series are really bad for electrical issues. OP, you a member of BMWCCA?
Link Posted: 6/28/2015 12:57:52 AM EDT
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Originally Posted By FlyNavy75:

He's still gonna be upside down but at least he won't have any repair costs for 4-5 years. That's I guess the best worst route to go.
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Originally Posted By FlyNavy75:
Originally Posted By Ghetto:
Originally Posted By RayFromJersey:
You can have a dealer add the left over amount into the total of a new car.

Example: Dealer will take your car on a trade in for 10k when you owe 14k, and just add the 4k left over on top of the new car's cost.

I wouldn't recommend that though because it doesn't help get you out of debt, just helps get you into a newer car with less problems.

If you do that try to find a left over new 2014 with lots of rebates and a dealer that really wants it off of their lot.

He's still gonna be upside down but at least he won't have any repair costs for 4-5 years. That's I guess the best worst route to go.


Provided he can get credit approval.
Link Posted: 6/28/2015 1:01:50 AM EDT
start driving more agressively, hope someone hits you and is found at fault.

or go to a dive bar for the night in a really bad neighborhood.
Link Posted: 6/28/2015 1:03:54 AM EDT
How handy are you with tools and how inclined are you to tackle the problems yourself?

BMW diagnostic tools are available from a variety of places relatively cheap, and you can buy parts and fix it yourself depending on the problem.

What's wrong with it btw?
Link Posted: 6/28/2015 1:06:26 AM EDT
What problem is it having?

People bitching about "electrical problems" on cars these days are the people that didn't understand carbs and points of yesteryear.

A human built it and a human will fix it, might as well be you.

And you won't take a soaking simply because you are currently igonorant of the problem.

You will find a 7 series is not hard to work on and they are better designed than most things that hit the road.
Link Posted: 6/28/2015 1:07:33 AM EDT
From a BMW fanboy... LOL.
Link Posted: 6/28/2015 1:07:58 AM EDT
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?
View Quote

40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving? You are sooooo fucking screwed!!! Sorry man and good luck!!!
Link Posted: 6/28/2015 1:09:13 AM EDT
Sounds like you are going to eat at least 6k.
Link Posted: 6/28/2015 1:12:57 AM EDT
[Last Edit: 6/28/2015 1:17:51 AM EDT by Horse-Power]
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Originally Posted By armoredsaint:
From a BMW fanboy... LOL.
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True, he did buy an E65.

Had he bought an E38 like a proper 7 series connoisseur he would have only needed control arm bushings, a bunch of spare mass airflow sensors and he wouldnt know how fast he was going.

But V12
Link Posted: 6/28/2015 1:14:23 AM EDT
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Originally Posted By SkagSig40:
40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving
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Yep - Putting that much mileage on ANY vehicle is going to keep you upside down on your loan - and probably wear your car out before the last loan payment.

It sounds like you don't have a car problem so much as a lifestyle problem.
Link Posted: 6/28/2015 1:19:57 AM EDT
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?
View Quote



I don't have any advice, I just want to say thank you. I feel a lot better about my not as bad financial choices
Link Posted: 6/28/2015 1:20:29 AM EDT
In for the results. I've always wanted a V12 BMW or Mercedes. I'll be interested to find out exactly what electrical problems this thing has.
Link Posted: 6/28/2015 1:21:18 AM EDT
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Originally Posted By splunkinoob:
Wouldn't own a BMW outside of it's warranty period.

Not much you can do except trade it in and roll the balance into a new loan but only do this if you really need a car.
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Who would give a loan for a car's full value + $14K, what could possibly go wrong?
Link Posted: 6/28/2015 1:22:25 AM EDT
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Originally Posted By SkagSig40:

40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving? You are sooooo fucking screwed!!! Sorry man and good luck!!!
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Originally Posted By SkagSig40:
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?

40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving? You are sooooo fucking screwed!!! Sorry man and good luck!!!


Lol, 40k is nothing as an OTR O/O I was doing between 120 and 130k a year.
Link Posted: 6/28/2015 1:23:02 AM EDT
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Originally Posted By NineLivez:



I don't have any advice, I just want to say thank you. I feel a lot better about my not as bad financial choices
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Originally Posted By NineLivez:
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?



I don't have any advice, I just want to say thank you. I feel a lot better about my not as bad financial choices

Link Posted: 6/28/2015 1:25:20 AM EDT
You picked the wrong car, but you sure look cool driving it.
Link Posted: 6/28/2015 1:25:52 AM EDT
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Originally Posted By AssaultRifler:

Who would give a loan for a car's full value + $14K, what could possibly go wrong?
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Originally Posted By AssaultRifler:
Originally Posted By splunkinoob:
Wouldn't own a BMW outside of it's warranty period.

Not much you can do except trade it in and roll the balance into a new loan but only do this if you really need a car.

Who would give a loan for a car's full value + $14K, what could possibly go wrong?


If the trade is worth 5k, he rolls the remaining 9k into a new car loan, it's done all the time.
Link Posted: 6/28/2015 1:27:27 AM EDT
I don't even know where to begin

Assuming average payments of around $350/mo which would mean you've paid at least $8,000 already, so you bought a 10 year old BMW, out of warranty, with 80k on it for over $20,000. Then put an additional 40k a year on it (that deserves another ) and are now frustrated your having problems with it. I have no advice, but am wondering what you were thinking when you thought this would a good idea?
Link Posted: 6/28/2015 1:27:57 AM EDT
OP, the only thing I can add....if...IF you are going to trade it in on another vehicle.....you need to leave your ego home, do a ton of research and buy a vehicle that will deal with the milage you plan to put on it, and not sink you even deeper in debt then this one already has...in other words you need to choose very very carefully.............
Link Posted: 6/28/2015 1:28:48 AM EDT
If you're gonna buy used cars, you better be willing and able to work on them.
Link Posted: 6/28/2015 1:40:17 AM EDT
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Originally Posted By AKSnowRider:
OP, the only thing I can add....if...IF you are going to trade it in on another vehicle.....you need to leave your ego home, do a ton of research and buy a vehicle that will deal with the milage you plan to put on it, and not sink you even deeper in debt then this one already has...in other words you need to choose very very carefully.............
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No kidding. He bought a used 05 V12 BMW when he should have bought a used 05 Neon.
Link Posted: 6/28/2015 1:45:25 AM EDT
The cost of the gas alone in that time frame is staggering.
Link Posted: 6/28/2015 1:46:07 AM EDT
745iL is the 4.4 V-8.
Link Posted: 6/28/2015 1:47:05 AM EDT
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Originally Posted By killingmachine123:

No kidding. He bought a used 05 V12 BMW when he should have bought a used 05 Neon.
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Originally Posted By killingmachine123:
Originally Posted By AKSnowRider:
OP, the only thing I can add....if...IF you are going to trade it in on another vehicle.....you need to leave your ego home, do a ton of research and buy a vehicle that will deal with the milage you plan to put on it, and not sink you even deeper in debt then this one already has...in other words you need to choose very very carefully.............

No kidding. He bought a used 05 V12 BMW when he should have bought a used 05 Neon.

Or a diesel Cruze.
Link Posted: 6/28/2015 2:01:41 AM EDT
Best bet is to find a lease co that specializes in high mileage driving and just take the hit on it. Around here we have autoflex leasing you drive the shit out of it and give it back rinse and repeat.
Link Posted: 6/28/2015 2:01:48 AM EDT
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Originally Posted By NineLivez:


Lol, 40k is nothing as an OTR O/O I was doing between 120 and 130k a year.
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Originally Posted By NineLivez:
Originally Posted By SkagSig40:
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?

40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving? You are sooooo fucking screwed!!! Sorry man and good luck!!!


Lol, 40k is nothing as an OTR O/O I was doing between 120 and 130k a year.



Correct but for some normal guy, 40,000 miles if fucking crazy high miles....especially in a BMW. Unless you drive OTR or are some kind of delivery driver 40k is just crazy. I have never seem a professional driver using a BMW for everyday long rang driving and I work in the transportation industry......just doesn't make any sense!
Link Posted: 6/28/2015 2:02:43 AM EDT
I drive a 97 BMW 740iL, literally NOTHING on that car works anymore but the drive train haha. Radio gone, Inside turn signal indicators, nothing.

the good news is, car drives awesome, it's very easy to work on, if you buy from OEMBimmerparts.com, they are no more expensive than normal American car parts like a Suburban or something and my car just passed 205K miles with just minor repairs: Radiator, couple of disk brakes, the front strut arms, etc. Basic stuff.


So you probably are going to keep it, but it's not a bad car, just change the oil a lot and it'll last past it's payments. Well the drivetrain will, nothing else will.

Germans know their mechanicals but they don't know SHIT about electrical.
Link Posted: 6/28/2015 2:07:11 AM EDT
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Originally Posted By Mal_means_bad:
If in 2013 you asked GD whether you should buy an 8 year old BMW and put 40,000 miles a year on it, we could have avoided this thread entirely.
View Quote

I would wager to say that he wouldn't have listened and still ended up in this same situation.
Link Posted: 6/28/2015 2:08:10 AM EDT
How the hell did you manage to still owe $14k, on an 8-year old car you bought 2 years ago? Did you buy it at an absurdly high price and APR?

5 years ago, I bought a 2003 BMW 530i (7 years old at the time, with 80k on the clock). It was $15k out the door.

Posted Via AR15.Com Mobile
Link Posted: 6/28/2015 2:09:35 AM EDT
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Originally Posted By killingmachine123:
In for the results. I've always wanted a V12 BMW or Mercedes. I'll be interested to find out exactly what electrical problems this thing has.
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ALL of them. Seriously. Every F'ing electrical problem you can think of, it has. Then some more. I have a 97 740iL and in the ten years I've had it


Radio and/or Amp failure - 3x. Currently not working nor ever will
Driver seat adjustments - 2x. currently scared to touch adjustments
Passenger adjustments - 4x
internal turn indicators 1x, never worked. Tied to radio which is tied to MF'ing EVERYTHING, so when it goes down, the car turns into a giant GoKart: Engine and Steering and Brakes only.
Rear Turn signal issues - several, at least 7 or 8 different ones.
Sunroof randomly opens or refuses to open - 2x. Never figured it out.
Rear windows - regulator failure 2x pass, 1x driver
front window regulators, 1x driver
COMPLETE electrical failure due to short and fuse blowing. about 30. Took to mechanic, tracked it down to a wire under the drivers foot that wore the covering off, and would take down the entire ignition. Why run a wire literally under the drivers foot? Stupid. rewired it into the edge of the footwell in a protected sleeve, stopped all the issues


These are the electrical issue. It's had very few mechanical issues. and really normal wear stuff, disks, etc. very solid cars, but electrical is shit. absolute shit.
Link Posted: 6/28/2015 2:10:16 AM EDT
It does seem that among luxury cars, BMWs are fairly easy to work on yourself.
Link Posted: 6/28/2015 2:11:01 AM EDT
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Originally Posted By SkagSig40:



Correct but for some normal guy, 40,000 miles if fucking crazy high miles....especially in a BMW. Unless you drive OTR or are some kind of delivery driver 40k is just crazy. I have never seem a professional driver using a BMW for everyday long rang driving and I work in the transportation industry......just doesn't make any sense!
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Originally Posted By SkagSig40:
Originally Posted By NineLivez:
Originally Posted By SkagSig40:
Originally Posted By tailo:
2 years ago I bought a car that needs to be replaced, its a 05 bmw 745li and I still owe 14k. I bought the car with 80k and it now has 160k. It keeps having electrical bugs and I am sick of dealing with it. I estimate it being worth 8k trade wise. Whats the best route for replacement in this situation?

40,000 Miles in a year? Unless you're a professional truck driver there's no reason for anybody to drive 40,000 miles in a year! What do you do that you spend all day every day behind the wheel driving? You are sooooo fucking screwed!!! Sorry man and good luck!!!


Lol, 40k is nothing as an OTR O/O I was doing between 120 and 130k a year.



Correct but for some normal guy, 40,000 miles if fucking crazy high miles....especially in a BMW. Unless you drive OTR or are some kind of delivery driver 40k is just crazy. I have never seem a professional driver using a BMW for everyday long rang driving and I work in the transportation industry......just doesn't make any sense!


I could probably do 30k miles a year easily. I have an 85 mile or so round trip commute to work. That's like 22k/yr just getting to and from work. If I had kids to drive to their sports and shit... 40k would be pretty likely. This is very common in my area.
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