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Originally Posted by daninny
Ok, I'm just going to throw this out there as I don't know your personal situation. However, often times, you can refinance a loan by paying it off early without penalty. A way you can do what you are asking, I think, is if you're a homeowner.
If you can get or have a home equity line of credit, you can use that to pay off the BMW loan and then make payments as you suggest, but it would also depend on your HELOC terms. Another benefit of a HELOC is that, for now, the interest on the HELOC is tax deductible (at least in the US, not sure about Canada).
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I was a financial researcher, and i will say that the suggestion to secure a depreciating liability (car) by sacrificing equity from an asset (your home) isnt the best approach.