Financing Purchase, New X5, UK

[nicke]

Hi,

I've ordered a X5 3SD M Sport and it's due for delivery around the first week of April.

I'm currently looking at how to finance the purchase.

BMW Select (PCP - guaranteed residual) has a flat rate of 5.7% - when I run the numbers through Excel (thank you MS for the PMT function) this equates to approx 12% APR. This is high given the base interest is less than 6%.

The business manager won't negotiate on the PCP rate since he claims any reduction in rate will mean their subsidising the finance.

He did mention though that the lease purchase rates are lower but hasn't got back to me yet.

Anyone know what the lease purchase rates run at? My understanding is the only difference between Select and Lease Purchase is that the residual isn't guaranteed with the latter.

Any other comments / experiences you've got with UK financing would also be most welcome.

Thanks
Nick