Taxi Driver Online

Not often that a car loan makes the news, but there you go

But by some coincidence £130k is the same sum as they paid for the two disputed number plates, as in the photo

Wonder how they financed the purchase of the plates?


Simply provides £130,000 facility to Edinburgh taxi firm

https://www.verdict.co.uk/motor-finance ... taxi-firm/


Image: Verdict Motor Finance

SME finance provider Simply has completed a £130,000 hire purchase deal to enable a taxi firm in Scotland to buy two more electric Tesla ‘Model X’ motors to add to its green fleet of executive private hire vehicles.

Capital Cars, in Edinburgh, is one of the largest fully-licensed private hire taxi companies in the capital. It provides a range of services from airport transfers to luxury chauffeur trips and exclusive tours of Scotland. Capital Cars now has a fleet of four Teslas – two Model X and two Model S cars – all of which are available to customers by special request.

Ross Pickburn, regional sales manager at Simply, said: “Capital Cars is one of the first taxi companies in Edinburgh to start replacing its fleet with electric vehicles – which not only helps the environment but also brings down the cost per mile of journeys. It’s a pleasure to deal with such a progressive and green company.”

Stephen Rose, director, Capital Cars, said: “We consider ourselves to be a very versatile taxi firm. We know that our customers have a wide range of interests, and the different services – and the different cars – we offer certainly reflect that. The Tesla has proven hugely popular with the executive market, but also for special occasions where people like the idea that they are reducing their carbon footprint, compared to hiring traditional vehicles.

“I have worked with Ross Pickburn and Simply over the last couple of years and the fact that he is able to arrange funding in such a short space of time is very valuable to us. We hope to buy more electric cars in the future to extend our fleet in line with customer demand.”

Last week asset finance provider Simply received a £60m warehouse facility from Citigroup, intended to allow Simply to provide more funding to SMEs across the UK.

Have I missed something or is this just a car loan, albeit a big one.

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IDFIMH

more to the point are they setting themselves up (the finance firm) for a big hit as these PH bods seem to have expensive tastes and businesses like that often fail because the expenditure is unsustainable

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

Yes, a 'facility' is just fancy talk for what you and me would call a car loan.

In fairness, though, if you look closely the article does use the term 'hire purchase'.

Which probably in fact indicates the difference - an HP agreement is secured on the car, and technically the purchaser doesn't own the car until the agreement is complete (hence *hire* then *purchase*).

A basic car loan on the other hand isn't secured on the vehicle, so the purchaser owns it outright from the start, and I don't think the lender can repossess it even if there's a default on the loan.

And the word 'facility' used here probably just means that it's a bespoke deal negotiated by a specific purchaser for a specific purpose rather than an off the shelf car loan that you might get from a bank or online etc.

It will be a PCP of some sorts I bet.