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Bozzy
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Joined: 20 Dec 2015
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PostPosted: 00:37 - 22 Mar 2017    Post subject: Reply with quote
grr666 wrote:
All sounds very complicated to me.
There is bike I want, here is debit card, now bike is mine. If I can't put it on the debit card, then I can't afford it.


It can be! Nothing wrong with the way you do it though Thumbs Up
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owl
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Joined: 21 Oct 2016
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PostPosted: 00:55 - 22 Mar 2017    Post subject: Reply with quote
grr666 wrote:
All sounds very complicated to me.
There is bike I want, here is debit card, now bike is mine. If I can't put it on the debit card, then I can't afford it.


We're not all playboy property moguls Laughing
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iooi
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Joined: 14 Jan 2007
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PostPosted: 07:12 - 22 Mar 2017    Post subject: Reply with quote
Bozzy wrote:
iooi wrote:
At the end you are left with nothing, for all the £££ you have laid out. Thumbs Up


iooi wrote:

Yes....
So long as you take up another pcp option. Otherwise you are bike less Karma


Sorry, I don't want to come across as contrary but PCP is a purchase agreement and not a rental. You're paying "X" amount of £'s for "Y" amount of months, followed by an optional final payment of "Z".

If you wish to keep the bike, pay "Z" and it's yours, the finance ends and that's it.


Yes. You are correct.
But how many PCP work out cheaper, over actual outright purchase?

PCP is really aimed at the "I want a new, every X years" but really can't afford it.
So when cash get tight, they are left wheel less Karma
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Bozzy
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PostPosted: 08:51 - 22 Mar 2017    Post subject: Reply with quote
iooi wrote:

Yes. You are correct.
But how many PCP work out cheaper, over actual outright purchase?


Not many, although I know of one major car manufacturer that gives 0% APR along with £1500 deposit contribution. In other words, buy it cash and you are £1500 worse off!
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 09:39 - 22 Mar 2017    Post subject: Reply with quote
Hmm, the VT looks like an interesting wheeze. Seems open to abuse though, if it allows you to ignore the value of the vehicle in its current condition. Wouldn't the same apply to throwing it down the road?

DJP's number do make a fair bit of sense as well. Even with £4000 of depreciation over 5 years, that's £800 a year or £67 a month. Yes, you're paying the full cost up front the first time, but 2nd and subsequent trades only require you to pay the difference.
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Hawkeye1250FA
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Joined: 14 Oct 2016
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PostPosted: 09:50 - 22 Mar 2017    Post subject: Reply with quote
Bozzy wrote:
The customer is liable for half under the rule of halves


Not disputing that.

Bozzy wrote:
it's the customer's responsibility to pay it

And if they decide not to?
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Northern Monkey
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PostPosted: 10:46 - 22 Mar 2017    Post subject: Reply with quote
They are liable for it. Potentially letter before action, small claims court.
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owl
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PostPosted: 11:10 - 22 Mar 2017    Post subject: Reply with quote
Car finance: Voluntary termination of a PCP or HP

car but still applies, worth a read
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Rogerborg
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PostPosted: 12:21 - 22 Mar 2017    Post subject: Reply with quote
Rogerborg wrote:
Hmm, the VT looks like an interesting wheeze. Seems open to abuse though, if it allows you to ignore the value of the vehicle in its current condition. Wouldn't the same apply to throwing it down the road?

Nope. Apparently the condition can be counted, but mileage is a toss-up. Looks ripe for abuse by RepMan.
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Bozzy
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PostPosted: 13:48 - 22 Mar 2017    Post subject: Reply with quote
Hawkeye1250FA wrote:
Bozzy wrote:
The customer is liable for half under the rule of halves


Not disputing that.

Bozzy wrote:
it's the customer's responsibility to pay it

And if they decide not to?


Northern Monkey wrote:
They are liable for it. Potentially letter before action, small claims court.


They haven't fulfilled their contractual obligations to initiate a VT unless they have paid off 50%. It's as simple as that
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Bozzy
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PostPosted: 13:59 - 22 Mar 2017    Post subject: Reply with quote
Rogerborg wrote:
Rogerborg wrote:
Hmm, the VT looks like an interesting wheeze. Seems open to abuse though, if it allows you to ignore the value of the vehicle in its current condition. Wouldn't the same apply to throwing it down the road?

Nope. Apparently the condition can be counted, but mileage is a toss-up. Looks ripe for abuse by RepMan.


Yep, it's certainly open to mileage abuse.

In terms of charging for damage, if “the debtor has contravened an obligation to take reasonable care of the goods” then they can try to charge you for it. I say try as again it's a grey area and open to interpretation.
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Hawkeye1250FA
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PostPosted: 14:02 - 22 Mar 2017    Post subject: Reply with quote
Understood.

My point was that if someone simply decides not to pay that amount outstanding, other than going down the standard default on payment path - there is nothing the finance company can do about it.

And the type of person that has to VT early in the agreement is quite likely to not really care about their credit file - and wont have any tangible assets that can be seized.

The company in question (I wont say who - but its a major financial institution) looked at this very seriously and decided the best course of action was to offer a personal loan for the outstanding amount. Which of course the customer would need to sign and agree to - and might not.

Which then goes full circle back to the default / not caring / financial institution out of pocket.
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Bozzy
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PostPosted: 18:18 - 22 Mar 2017    Post subject: Reply with quote
Hawkeye1250FA wrote:
My point was that if someone simply decides not to pay that amount outstanding, other than going down the standard default on payment path - there is nothing the finance company can do about it.


Put simply are you suggesting somebody can do a Voluntary Termination without having first paid off 50% of the total amount payable?
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Northern Monkey
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PostPosted: 18:27 - 22 Mar 2017    Post subject: Reply with quote
Bozzy wrote:
Hawkeye1250FA wrote:
My point was that if someone simply decides not to pay that amount outstanding, other than going down the standard default on payment path - there is nothing the finance company can do about it.


Put simply are you suggesting somebody can do a Voluntary Termination without having first paid off 50% of the total amount payable?


In the same way that if anyone defaults on any credit line then there is nothing anyone can do about it other than go to court
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Hawkeye1250FA
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PostPosted: 10:45 - 23 Mar 2017    Post subject: Reply with quote
Bozzy wrote:
Hawkeye1250FA wrote:
My point was that if someone simply decides not to pay that amount outstanding, other than going down the standard default on payment path - there is nothing the finance company can do about it.


Put simply are you suggesting somebody can do a Voluntary Termination without having first paid off 50% of the total amount payable?


Speaking only for the one financial institution - yes.

Theoretically if a customer wanted to VT early - they would have let them.
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Bozzy
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PostPosted: 13:50 - 23 Mar 2017    Post subject: Reply with quote
Hawkeye1250FA wrote:
Bozzy wrote:

Put simply are you suggesting somebody can do a Voluntary Termination without having first paid off 50% of the total amount payable?


Speaking only for the one financial institution - yes.

Theoretically if a customer wanted to VT early - they would have let them.


Sounds bizare to me. I can't see how that's a benefit for the finance company. They're legging themselves up when they don't need to!
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Hawkeye1250FA
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PostPosted: 14:34 - 23 Mar 2017    Post subject: Reply with quote
Bozzy wrote:
Sounds bizare to me. I can't see how that's a benefit for the finance company. They're legging themselves up when they don't need to!


Completely agree.

I raised it at the time - but their crack legal team of over-paid legal types were convinced they legally had to accept the VT at any point and then chase the customer for the money.

Makes a secured loan pretty unsecure to be honest surely!
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Old Thread Alert!

The last post was made 7 years, 34 days ago. Instead of replying here, would creating a new thread be more useful?
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