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I'm after a Scirocco on a 3 year or preferably a 2 year deal, I just want to give it back at the end of the term, (just come out the company car scheme)
My dealer can't seem to match any of the lease deals I have seen for a PCP, anyone else had the same experience ?

At the mo, leasing seems bar far the cheapest option

Regards
 

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Consider straight HP on a low payment plan then just voluntary terminate and hand the car back. Get the finance off the internet and get rates in the region of 6-7% apr.
 

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Le_Savage said:
Consider straight HP on a low payment plan then just voluntary terminate and hand the car back. Get the finance off the internet and get rates in the region of 6-7% apr.
I got mine on an an HP agreement, 6.4% apr from these guys. www.broker4cars.co.uk
 

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Company car lease easily cheapest route for me - but I'm on pooled insurance. If your scheme has that don't forget to factor it in, especially if you are in London and/or parking on street.
 

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scoobdriver on Sun Mar 29, 2009 10:49 am

I couldn't just terminate a HP agreement though could I
You have legal rights under any consumer credit agreement to terminate early... I think it's called the halves and thirds rule and is clearly stated on the front of any HP agreement. The halves part comes in once half of the total amount payable has been reached, with mine on a low payment plan this happens in month 34, so once reached I just contact finance company and state I wish to terminate my agreement. You can terminate earlier but you will have to pay any additional amount outstanding up to the half payment point.

I weighed up the two side by side and this was by far the cheapest route for me. The alternative is to continue to 36 months and pay the balloon but I reckon I'll be shopping for a loaded R20T by then and won't want the 2.0tsi anymore.
 

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jcbl said:
Company car lease easily cheapest route for me - but I'm on pooled insurance. If your scheme has that don't forget to factor it in, especially if you are in London and/or parking on street.
And check if non company items are covered in your car, my satnav got swiped, company said no way.
 

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Le_Savage said:
scoobdriver on Sun Mar 29, 2009 10:49 am

I couldn't just terminate a HP agreement though could I
You have legal rights under any consumer credit agreement to terminate early... I think it's called the halves and thirds rule and is clearly stated on the front of any HP agreement. The halves part comes in once half of the total amount payable has been reached, with mine on a low payment plan this happens in month 34, so once reached I just contact finance company and state I wish to terminate my agreement. You can terminate earlier but you will have to pay any additional amount outstanding up to the half payment point.

I weighed up the two side by side and this was by far the cheapest route for me. The alternative is to continue to 36 months and pay the balloon but I reckon I'll be shopping for a loaded R20T by then and won't want the 2.0tsi anymore.
This is true but do bear in mind it can have future credit implications as they now tag the credit line as a VT'd car, manufacturer finance won't care but other finance houses and your mortgage provider might.
 

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business manager on Mon Mar 30, 2009 6:06 pm

Le_Savage wrote:
scoobdriver on Sun Mar 29, 2009 10:49 am

I couldn't just terminate a HP agreement though could I

You have legal rights under any consumer credit agreement to terminate early... I think it's called the halves and thirds rule and is clearly stated on the front of any HP agreement. The halves part comes in once half of the total amount payable has been reached, with mine on a low payment plan this happens in month 34, so once reached I just contact finance company and state I wish to terminate my agreement. You can terminate earlier but you will have to pay any additional amount outstanding up to the half payment point.

I weighed up the two side by side and this was by far the cheapest route for me. The alternative is to continue to 36 months and pay the balloon but I reckon I'll be shopping for a loaded R20T by then and won't want the 2.0tsi anymore.

This is true but do bear in mind it can have future credit implications as they now tag the credit line as a VT'd car, manufacturer finance won't care but other finance houses and your mortgage provider might.
Exercising your legal rights under the consumer credit act should have no impact on your credir rating and any tag that states anything other than closed or complete is against guidelines and if this happens a simple request to the credit reference agencies will see it corrected.
 

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Le_Savage said:
business manager on Mon Mar 30, 2009 6:06 pm

Le_Savage wrote:
scoobdriver on Sun Mar 29, 2009 10:49 am

I couldn't just terminate a HP agreement though could I

You have legal rights under any consumer credit agreement to terminate early... I think it's called the halves and thirds rule and is clearly stated on the front of any HP agreement. The halves part comes in once half of the total amount payable has been reached, with mine on a low payment plan this happens in month 34, so once reached I just contact finance company and state I wish to terminate my agreement. You can terminate earlier but you will have to pay any additional amount outstanding up to the half payment point.

I weighed up the two side by side and this was by far the cheapest route for me. The alternative is to continue to 36 months and pay the balloon but I reckon I'll be shopping for a loaded R20T by then and won't want the 2.0tsi anymore.

This is true but do bear in mind it can have future credit implications as they now tag the credit line as a VT'd car, manufacturer finance won't care but other finance houses and your mortgage provider might.
Exercising your legal rights under the consumer credit act should have no impact on your credir rating and any tag that states anything other than closed or complete is against guidelines and if this happens a simple request to the credit reference agencies will see it corrected.
Not anymore unfortunately, recently they have gained rights to mark a VT. Credit decisions are of course not allowed to be made based on a previous VT, but if they can see it........

All anyone ever gets to know about a declined application is "faliure to meet internal scoring criteria". To be fair most have been doing it for years anyway buy a few cars on HP and VT em all the computer will see the agreements ended once 50% is paid and either reject or adjust the terms of the loan, ie 5yr hp application becomes 3yr hp offer.

They are now allowed to mark the VT because they are not allowed to front load interest anymore so they got a few rights given back to them.
 

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I agree in part that the finance companies have been 'fighting back' by playing with the numbers, for example the residuals are now calculated on 12k per year rather than 10k. However I recently had experian remove a VT from my record with no issues, after all the credit reference agencies have no beef with the punters for exercising their rights and the law has not changed (unless I have been asleep for months) regarding the consumer credit provisions.
 

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I think you are right, legally you can ask em to get rid of it. The comment regarding mileages is right, in the current environment the HP+Balloon sort of deal is dying as the 5kpa stuff is dissapearing. HP is now cheaper than the fancy stuff from a few years ago.

Only thing I will say is le savage knows what he's doing, I don't advise anyone who doesn't understand consumer credit clearly to take out finance on this sort of basis. You need to be in control of your own credit file and know the risks to make a judgement. A VT right is a great thing but don't rely on it if your not going to sort your file out afterwards & keep abreast of current regs.
 

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business manager on Mon Mar 30, 2009 7:38 pm

I think you are right, legally you can ask em to get rid of it. The comment regarding mileages is right, in the current environment the HP+Balloon sort of deal is dying as the 5kpa stuff is dissapearing. HP is now cheaper than the fancy stuff from a few years ago.

Only thing I will say is le savage knows what he's doing, I don't advise anyone who doesn't understand consumer credit clearly to take out finance on this sort of basis. You need to be in control of your own credit file and know the risks to make a judgement. A VT right is a great thing but don't rely on it if your not going to sort your file out afterwards & keep abreast of current regs.
Wise words BM, and I whole heartedly agree that this is not the 'easy route' and does need a bit of self discipline, but it's not difficult and akin to rate tarting in credit cards, you just need to be aware of the pros and cons and understand what you need to do and when.
 

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Oh and lets face it these deals are great when you go upto the VT but if you need to get out before things can get painful, allbeit not as bad as personal lease generally
 

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business manager on Mon Mar 30, 2009 7:57 pm

Oh and lets face it these deals are great when you go upto the VT but if you need to get out before things can get painful, allbeit not as bad as personal lease generally
I'll second that, and thought long and hard before taking out my finance, I also have the benefit of enough liquid assets to get myself out of the Do Do should my life come crashing down around me.
 
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