pcp balloon payment
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Re: pcp balloon payment
letter says ..
" .. if you haven't settled your agreement by (balloon date) .. we'll arrange for the vehicle to be collected and you'll be liable for any fees, depreciation, condition, or excess mileage charges"
" .. if you haven't settled your agreement by (balloon date) .. we'll arrange for the vehicle to be collected and you'll be liable for any fees, depreciation, condition, or excess mileage charges"
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Re: pcp balloon payment
lol... better start looking at the Tesco deal then!!!!!!
Thanks for clearing that up
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Re: pcp balloon payment
info got on letter (£)
collection .. 180
damage … ..
excess mileage ..
expired mot .. 75
no log book .. 235
no service book .. 25
no service history .. 300
no key ..
no manual .. 10
collection .. 180
damage … ..
excess mileage ..
expired mot .. 75
no log book .. 235
no service book .. 25
no service history .. 300
no key ..
no manual .. 10
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Re: pcp balloon payment
My boss just suggested this to me this week to not be precious about my Skoda and get a replacement car this wayRichard Simpson Mark II wrote: There is a way out. Have the cash in your bank. Do the finance deal after establishing the 'cooling off' period. Immediately you take delivery of the asset, cancel the finance and pay off the balance. they can't take the 'deposit contribution' back. You can get £2k off the cost of a new car like that.
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pcp balloon payment
I guess it's at Honda's discretiondibbs wrote:Ahhh Ye Olde savings!!!! what are they?????? ok so if i don't have savings, and if i have CCJ's as long as your arm so cannot get a personal loan, but still want to keep the bike and have not missed any payments to Honda, can they legally make me give it back or do they have to legally continue financing it to me? this is what i was getting at..........
Did you get the ccj 's before or after taking out the Honda Finance for the ATwin?
If after - a recent credit search may make you get a refusal
Can you get the ccj's 'satisfied' ???
Are they recent ?
Last edited by johnnyboxer on Thu Apr 04, 2019 5:10 pm, edited 1 time in total.
We buy things we don't need
With money we don't have
To impress people we don't even like
With money we don't have
To impress people we don't even like
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Re: pcp balloon payment
Ain't that the truth !!!!Hugh wrote:Greetings,
'Cash' might not be King anymore when bargaining for a new purchase but it is still the safest option.
TTFN
Hugh.
I would never take Finance for a bike
I have a bit of HP (not a bloody PCP) on my truck (only on 50% of its cost when new) as I can put it through my Ltd Co and claim all the interest against tax and write down the asset as a capital allowance - so it makes financial sense
However I have the cash to pay it off, should I fall on hard times or the truck can be sold for much more than is owing
Private vehicles - Pay cash from savings and buy used nowadays
Last edited by johnnyboxer on Thu Apr 04, 2019 6:27 pm, edited 1 time in total.
We buy things we don't need
With money we don't have
To impress people we don't even like
With money we don't have
To impress people we don't even like
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Re: pcp balloon payment
Yes they candibbs wrote:Thanks Garyboy that makes sense, however what if due to current ccj's Honda (and any other finance company) wont re finance you, then can they MAKE you give the bike back?garyboy wrote: ↑Thu Apr 04, 2019 10:59 am just my opinion .. I dont think they have any legal obligation to re-finance you (or me or anyone else)
.. they are not `continuing` to finance you
.. they financed you up to the balloon time
.. then it is up to you
.. they `may` re - finance you though
what my letter said .. .. ..
"If you'd like to own the vehicle, but want to spread the cost of the balloon payment:
it may be possible to re-finance the balloon figure and repay it over a period that suits you.
You can find out whether you're eligible to do this through us or another finance provider, that's completely up to you.
Once you've repaid the balloon amount in full, you'll own the vehicle,"
It's their bike and NOT yours
We buy things we don't need
With money we don't have
To impress people we don't even like
With money we don't have
To impress people we don't even like
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Re: pcp balloon payment
PCP is just a magic trick that enables you to run a vehicle you can't afford until the end of the agreement...at which point you realise that you can't afford it.
In effect, both you and the finance company take a gamble that it will have a residual value higher than the final payment when the agreement ends.
This depends not only on there being strong demand for the vehicle type at the end of contract, but also it having being kept serviced, in good condition and not having exceeded a set mileage, which is usually pathetically low for motorcycles. If these conditions have not been adhered to, extra charges are applied.
One old sage in the truck market said to me..."Leasing is how we manufacture used trucks!"
It can make sense in business where costs are offset against income for tax purposes, but it's not a route I'd advise for private vehicles.
But then, I don't have any neighbours to impress, and any car I buy would be covered in mud after a week here.
In effect, both you and the finance company take a gamble that it will have a residual value higher than the final payment when the agreement ends.
This depends not only on there being strong demand for the vehicle type at the end of contract, but also it having being kept serviced, in good condition and not having exceeded a set mileage, which is usually pathetically low for motorcycles. If these conditions have not been adhered to, extra charges are applied.
One old sage in the truck market said to me..."Leasing is how we manufacture used trucks!"
It can make sense in business where costs are offset against income for tax purposes, but it's not a route I'd advise for private vehicles.
But then, I don't have any neighbours to impress, and any car I buy would be covered in mud after a week here.
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Re: pcp balloon payment
That's the way I've always done it by buying private but with full service history and some manufacturers warrenty still in place. These days because of many new cars/bikes being on pcp's the vast majority of quality used vehicles are found on dealer forecourts with a higher price than if buying private ...... the control of the market is with the dealers who also control the price.johnnyboxer wrote: ↑Thu Apr 04, 2019 5:20 pm
Private vehicles - Pay cash from savings and buy used nowadays
I also get the feeling that everybody is scared of 'dieselgate' wiping out any residual value if they bought a car outright, atleast with pcp you know what your financial commitments are for the life of your contract.
Open your eyes and you see what is in front of you, open your mind and you see a bigger picture but open your heart and you see a whole new World.
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Re: pcp balloon payment
Must admit if "diesel gate" has tanked used diesel car prices I'll just by a used Skoda diesel estate to replace this
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