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Buying a new car for a taxi
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Author:  skippy41 [ Wed Mar 23, 2005 5:29 pm ]
Post subject:  Buying a new car for a taxi
8) How many of you know that when you buy a new car on finance that you can legaly return it without any penaltyes once you have payed half.
I do this regulary I take the finance out over the maximum period say 5 years, this keeps the payments low, then after 2 and a half years call the finance company and tell them to take it away then you dont have to pay anymore for it, before you do though order your new one first about 3 weeks before should do it, this way you can have a new car every 2 and a half years 8)
read the small print on your agreement and you will be amaised
Author:  Barnsley [ Wed Mar 23, 2005 6:09 pm ]
Post subject: 
I thought when you did that it was subject to a quality check to make sure the car was in very good condition.
Author:  steveo [ Wed Mar 23, 2005 7:20 pm ]
Post subject:  Re: Buying a new car for a taxi
skippy41 wrote:
8) How many of you know that when you buy a new car on finance that you can legaly return it without any penaltyes once you have payed half.
I do this regulary I take the finance out over the maximum period say 5 years, this keeps the payments low, then after 2 and a half years call the finance company and tell them to take it away then you dont have to pay anymore for it, before you do though order your new one first about 3 weeks before should do it, this way you can have a new car every 2 and a half years 8)
read the small print on your agreement and you will be amaised


this is just on normal HP and not a loan from the bank etc.
this is OK as long as you have never missed any payments during the term, they can and will hit you for a big bill if your not right up to or over the 50% of payments.
Author:  Nidge2 [ Wed Mar 23, 2005 7:26 pm ]
Post subject:  Re: Buying a new car for a taxi
steveo wrote:
skippy41 wrote:
8) How many of you know that when you buy a new car on finance that you can legaly return it without any penaltyes once you have payed half.
I do this regulary I take the finance out over the maximum period say 5 years, this keeps the payments low, then after 2 and a half years call the finance company and tell them to take it away then you dont have to pay anymore for it, before you do though order your new one first about 3 weeks before should do it, this way you can have a new car every 2 and a half years 8)
read the small print on your agreement and you will be amaised


this is just on normal HP and not a loan from the bank etc.
this is OK as long as you have never missed any payments during the term, they can and will hit you for a big bill if your not right up to or over the 50% of payments.


You can do it on any car as long as you are up to date on the payments and it's in good order.
Author:  captain cab [ Thu Mar 24, 2005 12:29 am ]
Post subject: 
Aint the hp laws different in Scotland skippy?

Captain cab
Author:  skippy41 [ Thu Mar 24, 2005 3:59 am ]
Post subject: 
Yes I know it only applys to hp and no the law is not diferent in scotland and if you keep the car in good nick and serviced there is no problem,
This might also apply to leased cars as well I dont know as I dont want a balloon payment at the end
Author:  steveo [ Thu Mar 24, 2005 12:08 pm ]
Post subject: 
skippy41 wrote:
Yes I know it only applys to hp and no the law is not diferent in scotland and if you keep the car in good nick and serviced there is no problem,
This might also apply to leased cars as well I dont know as I dont want a balloon payment at the end


but dont the lease to buy cars have an option to hand the car back at the end of the lease term, with nothing to pay anyway?
Author:  scootch [ Sat Mar 25, 2006 5:18 pm ]
Post subject: 
Quote:
How many of you know that when you buy a new car on finance that you can legaly return it without any penaltyes once you have payed half.
I do this regulary I take the finance out over the maximum period say 5 years, this keeps the payments low, then after 2 and a half years call the finance company and tell them to take it away then you dont have to pay anymore for it, before you do though order your new one first about 3 weeks before should do it, this way you can have a new car every 2 and a half years


I'm looking to do this next month, anyone any more advice on this?
Author:  broxibear [ Sat Mar 25, 2006 9:09 pm ]
Post subject: 
id be intrested in hearing from anyone whose done this with a lease car with a balloon payment? as im approaching the halfway point on my skoda
Author:  scootch [ Mon Mar 27, 2006 2:44 pm ]
Post subject: 
Can you return it after 50% or do you have to pay 50% plus one payment?
I picked a punter up a few months since who said you had to pay 50% plus one payment. He caimed he was into car finance , but he was a bit the worse for wear booze wise. He also said if I was going to get another motor on HP I should order it before I returned the current vehicle to ensure there was no problem with the credit check.
A driver on our circuit returned a 406 a few months since to black horse finance, he said they charged him , i think, £600 or so, I don't know if he was 50% into his payments tho. Trouble is I haven't seen him to talk to.
Author:  TDO [ Mon Mar 27, 2006 10:17 pm ]
Post subject: 
To be precise I think it's at least 50% of the total amount payable, so if you've paid half your instalments then you may just be under the 50% if the final payment is a bit bigger than the previous ones, which it often (or always) is.
Author:  TDO [ Mon Mar 27, 2006 10:21 pm ]
Post subject: 
scootch wrote:
He also said if I was going to get another motor on HP I should order it before I returned the current vehicle to ensure there was no problem with the credit check.


Yes, I'd always wondered if this might affect your ability to get credit in the future, thus it's maybe a bit short-termist.
Author:  TDO [ Mon Mar 27, 2006 10:22 pm ]
Post subject: 
broxibear wrote:
id be intrested in hearing from anyone whose done this with a lease car with a balloon payment? as im approaching the halfway point on my skoda


I don't know if it's just HP agreements or not, but it should be in the small print in your agreement.
Author:  scootch [ Mon Apr 03, 2006 11:39 pm ]
Post subject: 
We could do with skippy 41 to tell us how to kick this off and give us the fine points about this.
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