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grandad
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PostPosted: Fri Jul 16, 2010 11:38 am 
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wannabeeahack wrote:
grandad wrote:
Sussex wrote:
grandad wrote:
Why should there be a problem? The finance house recovered the amount outstanding to them and refunded the excess. They actually got their money back early so they would probably be happy to lend again.

What happens when they don't, which is more often the case?

However if a profit is made via an auction sale then I think that's bad business as well, as a larger profit should have been made via a private sale.


You can't privatly sell a vehicle on HP. it isn't yours to sell.


done it twice - but paid it off with the proceeds


Technically that is illegal. The finance should be paid off first unless the finance company has agreed to the sale.

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toots
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PostPosted: Fri Jul 16, 2010 11:59 am 
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They actually got their money back early so they would probably be happy to lend again.


I'm not so sure they'd be 'happy' about that. They make their money on the interest charged. If you end the agreement early they get less interest. I suppose they prefer to end it early rather than not get paid at all :D

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grandad
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PostPosted: Fri Jul 16, 2010 1:45 pm 
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toots wrote:
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They actually got their money back early so they would probably be happy to lend again.


I'm not so sure they'd be 'happy' about that. They make their money on the interest charged. If you end the agreement early they get less interest. I suppose they prefer to end it early rather than not get paid at all :D


I think you will find that they still make a healthy profit.

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toots
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PostPosted: Fri Jul 16, 2010 4:53 pm 
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grandad wrote:
toots wrote:
Quote:
They actually got their money back early so they would probably be happy to lend again.


I'm not so sure they'd be 'happy' about that. They make their money on the interest charged. If you end the agreement early they get less interest. I suppose they prefer to end it early rather than not get paid at all :D


I think you will find that they still make a healthy profit.


True enough but I still think it's best to leave that kind of thing as a last resort imo. Each to their own I suppose :D

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wannabeeahack
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PostPosted: Fri Jul 16, 2010 5:16 pm 
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Technically that is illegal
.

most things are :sad:
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