Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: lee_dewing on December 13, 2017, 12:31:43 pm
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Merry Christmas everyone.
Unfortunately my van looks done.
Been told by RAC man cambelt snapped and most likely a write off😢
Looking at vanarama contract finance 5 yr deal all in £192 a month. Just diesel and insurance needed apparently, everything else catered for.
Other option is finance lease not sure now if same care package but first years road tax included.
Then sell van after 5 years privately and give vanarama £3250 any profit made is mine.
Looking at the citoren berlingo 75bhp bulkhead and rook rack included.
Has sat nav and i think parking sensors etc.
What do you guys go for contract or finance leasing?
Only thing putting me off contract leaseing is how tough they could be hitting me with a bill at end of contract regarding van condition.
What's your thoughts to those who lease.
Many thanks lee.
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For a little extra every month you could have the Peugeot Partner L1 with 850kg payload and 99bhp (better performance and slightly better economy).
Also it looks as if the Partner is offered with a bulkhead and a hard plastic load liner and the Berlingo isn't.
http://www.vanarama.co.uk/peugeot-van-leasing/partner/850-1-6-bluehdi-100-professional-van-9719.html
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Merry Christmas everyone.
Unfortunately my van looks done.
Been told by RAC man cambelt snapped and most likely a write off😢
Looking at vanarama contract finance 5 yr deal all in £192 a month. Just diesel and insurance needed apparently, everything else catered for.
Other option is finance lease not sure now if same care package but first years road tax included.
Then sell van after 5 years privately and give vanarama £3250 any profit made is mine.
Looking at the citoren berlingo 75bhp bulkhead and rook rack included.
Has sat nav and i think parking sensors etc.
What do you guys go for contract or finance leasing?
Only thing putting me off contract leaseing is how tough they could be hitting me with a bill at end of contract regarding van condition.
What's your thoughts to those who lease.
Many thanks lee.
My question to you is why you want to lease a van anyway.
Why not do a simple HP knowing the van is yours to do whatever you want with once the contract is finished.
You really have got to look at the details of each scheme. You need to find out who owns the vehicle at the end of the lease. Can you keep it? Does it become yours? Selling a 5 year old van for more than £3250 could be a big risk, especially if you need extra for the next initial payment on a new van. (Is that £3250 + VAT. Sometimes smooth talking sales people forget to make things 100% clear. The other thing is you can easily get emotionally involved in wanting a new van that the important detail is missed.)
We don't know what the future of diesel vehicles will be value wise in 5 years. Whilst the Budget has said business is as usual with vans, things can quickly change driven by public opinion and pressure groups.
Having worked in business van sales to the industry, leasing or contract hiring a van is mainly done by big business. It usually means that they put down a small payment up front and then pay a month rental, all prices quoted will be plus VAT. With contract hire the vehicle is an expense but isn't an asset on the books of the business. Having equipment on contract hire makes the business look better, especially those listed on the stock exchange.
If you think that it will be easier to lease a van because of a poor credit rating, you need to rethink that. Finance houses are stricter than with HP as they have more to loose, especially at the beginning.
A maintenance contract is extra and is generally a good profit maker for the finance house. Some packages also include fair wear and tear tyres, but you are paying for the privilege of peace of mind motoring.
You can take out a separate maintenance contract with any new or nearly new vehicle even if you paid cash for it. Finance house love is value added extra - value added for them and extra commission for the saleman that is.
A new van will be under warranty for the first year. Then Citroen offer a dealer extended warranty for the next 2 years which means that cover is limited. Running costs aren't high in the first couple of years of the vans life. People start to get needlessly worried and apprehensive when the first MOT is due.
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For a little extra every month you could have the Peugeot Partner L1 with 850kg payload and 99bhp (better performance and slightly better economy).
Also it looks as if the Partner is offered with a bulkhead and a hard plastic load liner and the Berlingo isn't.
http://www.vanarama.co.uk/peugeot-van-leasing/partner/850-1-6-bluehdi-100-professional-van-9719.html
I don't like the wording just before the monthly price - from only ..........
This generally means its the bog standard vehicle that's click bait for a better sale at a higher price. Its a sell up model and a sell up price. The motor trade do it all the time.
The box a little lower is more meaningful - GET MY QUOTE NOW.
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Can you not get a hp?
I looked at leasing a couple of months ago before I got my van but it doesn't make much sense unless your dead set on a brand new van....
Mine wasn't a new one, I got a 3 year old partner with 40k on the clock...I'm paying 170 pm for 36 months.
Should still be a good van when I've paid it off as do less than 10k a year, so looked after should last me forever if I wanted it to...But once I've paid it off I've always the option of selling it and putting it towards another newer hp purchase.
Don't lease if you can avoid it.
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I would agree with some of the opinions voiced so far.
When I was considering a new van several years ago I looked at leasing and HP etc. and it didn't make financial sense for me as a sole trader to go down that road.
I ended up buying a 3 month old pre-registered van with 75 miles on the clock with a substantial discount (3k+) over a "new" vehicle.
My advice would be that if you don't have funds to purchase another vehicle then seek out offers of finance from Banks and Lenders to see what's available, and then look at the van deals around on the internet and haggle to get the best price.
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Merry Christmas everyone.
Unfortunately my van looks done.
Been told by RAC man cambelt snapped and most likely a write off😢
Looking at vanarama contract finance 5 yr deal all in £192 a month. Just diesel and insurance needed apparently, everything else catered for.
Other option is finance lease not sure now if same care package but first years road tax included.
Then sell van after 5 years privately and give vanarama £3250 any profit made is mine.
Looking at the citoren berlingo 75bhp bulkhead and rook rack included.
Has sat nav and i think parking sensors etc.
What do you guys go for contract or finance leasing?
Only thing putting me off contract leaseing is how tough they could be hitting me with a bill at end of contract regarding van condition.
What's your thoughts to those who lease.
Many thanks lee.
Don't be fooled by low monthly payments, the truth is you will be paying top dollar for the van. If you have good credit history the cheapest way is to get a personal loan, you will get one at around 3% APR if you have a decent income. HP and PCP are much higher at around 10% APR.
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You can get a John Lewis loan for £15k over 5 years at 2.9% for £269 a month.
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It all Depends on how you view things, and what your situation is.
Can you afford the monthly price of the lease with ease, and are you likely to change your vehicles every three to four years regardless of lease or not?
If you like hassle free driving and like to keep
Your vehicles new rather than running until you have issues, then lease can work for you.
I’ve done both. Bought a new van this year, (pre registered) and I’ve also just signed up for 4 year lease (vehicle has 5 year warranty) on a new jeep with vanarama, the jeep is replacing a car, and being used as a second work vehicle.
Both for me have advantages, and it’s really horses for courses. The jeep is going to be hassle free driving, so far as even if there is anything wrong with the jeep, they will take it away and deliver me a new one.
The payments are far less than if I wanted to buy a new jeep through the traditional finance route.
The major down side is that at the end of the 4 years, you don’t have a vehicle to sell as deposit for a new one. If you don’t feel that’s an issue and are happy to put a few thousand down as deposit every 3 or 4 years and lease a new vehicle then leasing is a good option.
So far I’m happy, and vanarama are the most widely used and respected leasing company in the uk so you shouldn’t have any issues. There policy’s of “condition” when returned are very reasonable from the research I’ve done. They expect marks and scratches, just not for it to be wrecked. I look after my vehicles, so don’t see it being a problem.
As spruce advised though, ignore the “from” price, and phone up to get a quote. It will be higher than advertised.
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Merry Christmas everyone.
Unfortunately my van looks done.
Been told by RAC man cambelt snapped and most likely a write off😢
Looking at vanarama contract finance 5 yr deal all in £192 a month. Just diesel and insurance needed apparently, everything else catered for.
Other option is finance lease not sure now if same care package but first years road tax included.
Then sell van after 5 years privately and give vanarama £3250 any profit made is mine.
Looking at the citoren berlingo 75bhp bulkhead and rook rack included.
Has sat nav and i think parking sensors etc.
What do you guys go for contract or finance leasing?
Only thing putting me off contract leaseing is how tough they could be hitting me with a bill at end of contract regarding van condition.
What's your thoughts to those who lease.
Many thanks lee.
its about time you got a new van lee!i cant believe its lasted all this time! :)
i lease mine.i have the option to pay a 7k balloon at the end and keep the van or sell it/give it back and get another brand new one.ive not decided what to do yet.ive got over 4 years to make my mind up!
i put some prices up to cover the monthly rental so i dont even notice the payments going out really.
im with vanarama too.they ve been good to deal with.very professional company.i had a brand new van on my drive within 3 weeks.one of the best things ive done for my business IMO.
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Thanks everyone very interesting views and good points.
I do have a good credit history.
But unfortunately not alot of savings 😢
Probably £1000-£1500 deposit.
I'm a bit worried of the future of diesel vans.
So thinking lease rather than buy.
Unfortunately vans seem to depreciate quite rapidly probably ford, vw hold their value better.
I've never looked into extended warranties.
I have rented a ford courier that I pick up tomorrow £180 Thursday 14th to Friday 22 Dec return 5 pm 😂
Have to make a decision over Christmas lease, buy new, buy 3+ yr old van.
I'm not very good at making decisions 😞
But thanks again everyone.
Yes Daz had old van July 2004 to Dec 2017 2001 plate.
Like losing an old friend.
Anyone no how I dispose of old van?
Currently on garage forecourt will pop in tomorrow.
Do I arrange someone to scrap for me.
Am I liable to pay the garage anything for my old van being on their property ie storage?
Old van is undriveable.
Thanks again everyone.
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Things I found to be wary of are Annual mileage and condition they can charge you per mile over the agreed distance which maybe as low as 5k and will bill you to repair scratches drilled holes ( if fitting a tank ) and you must service it as required at authorised dealership
Vsnarama maybe different but make sure of all the terms and your commitments
Darran
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Things I found to be wary of are Annual mileage and condition they can charge you per mile over the agreed distance which maybe as low as 5k and will bill you to repair scratches drilled holes ( if fitting a tank ) and you must service it as required at authorised dealership
Vsnarama maybe different but make sure of all the terms and your commitments
Darran
thats only if contract hire not business finance lease.you can do what the hell you want with the van but its in your interest to look after it. :)
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
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I would recommend nationwide vehicle contract hire
We’ve had a few vans through Nationwide and never been charged at the end of the contract
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
[/quote
They charged me £180 for a missing key but I asked for a copy of the guys check sheet on collection so I got it back.
I personally wouldn't use Vanarama, after being messed about for around a month I went elsewhere. Their manager didn't even bother his arse contacting me after I raised a complaint and wouldn't take my calls. Plenty of companies out there!
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
the balloon payment is fixed.if i pay it the vans mine regardless of whether theirs a few scratches/dents etc.
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Things I found to be wary of are Annual mileage and condition they can charge you per mile over the agreed distance which maybe as low as 5k and will bill you to repair scratches drilled holes ( if fitting a tank ) and you must service it as required at authorised dealership
Vsnarama maybe different but make sure of all the terms and your commitments
Darran
Doesn't have to be a dealership, you can take it to Kwickpoop or Halfuds
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
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Thanks everyone very interesting views and good points.
I do have a good credit history.
But unfortunately not alot of savings 😢
Probably £1000-£1500 deposit.
I'm a bit worried of the future of diesel vans.
So thinking lease rather than buy.
Unfortunately vans seem to depreciate quite rapidly probably ford, vw hold their value better.
I've never looked into extended warranties.
I have rented a ford courier that I pick up tomorrow £180 Thursday 14th to Friday 22 Dec return 5 pm 😂
Have to make a decision over Christmas lease, buy new, buy 3+ yr old van.
I'm not very good at making decisions 😞
But thanks again everyone.
Yes Daz had old van July 2004 to Dec 2017 2001 plate.
Like losing an old friend.
Anyone no how I dispose of old van?
Currently on garage forecourt will pop in tomorrow.
Do I arrange someone to scrap for me.
Am I liable to pay the garage anything for my old van being on their property ie storage?
Old van is undriveable.
Thanks again everyone.
you dont need any deposit lee.i paid 3 months rental(£645 including VAT) and a £150 arrangement fee.they didnt take the 3 months rental for quite a few weeks after receiving the van.
your insurance will be more expensive naturally as its a new van.also its wise to get GAP insurance too(i paid £200 for 5 years cover).
they tax the van and send you the bill after the first year.
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
i know thats what i thought jonny!i think smudger has got it wrong there.
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You should be able to pick up a very tidy transit connect on a 04 plate with 60k miles for 1000. Why dont you just do that for now?.
Lend your savings to your business, buy it though the business and get full capital alowance before the end of march.
Take the knackered van, break it for parts and use the money to pay off the loan to your business.
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Try Lee Slater at Motion Vehicle Consulting Ltd 07974 203832 / 01332 300044 if you decide to go down the lease route
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Steve uk thanks for recommendation for nationwide.
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George p where is company based you recommend?
I'm Essex Waltham Abbey.
Thanks
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Marc thanks.
I have friend of a friend who's mot tester and mechanic.
He nearly had a ford escort 02 plate £200
But he inspected it and said seals were gone.
I don't know what that means.
I called a dealership he recommended 05 transit connect £2000 thought that was a pi55 take.
Maybe an 04 plate transit connect £500 gotta call Saturday.
Quick fix with a jalopy.
I'm renting a ford courier picking up late afternoon today.
£180 give back 5pm Friday 22nd
Trouble is rentals don't have roof racks.
I'm wfp but flat roofs locked gates.
But if I get out and do some it's better than nothing.
Went to garage who have my van and they said it's knackered.
I don't believe they have looked at it cam belt has gone.
When I told garage I only reversed 2 feet when starting in the morning they said they could fit a new belt £100
I said give it a try but they can't do till Monday
I'd rather know 100%
All good fun
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Daz what is your lease agreement called.
Business finance lease?
I only had 2 options explained.
Contract hire (give keys back after term).
Other option was finance leaseing you sell van privately at the end of the term if there's any profit after finance settled you keep.
Daz your deal seems the best of all, can't understand why I wasn't offered that?
Thanks lee
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business finance lease.i can sell the van at the end of the 5 years and pay the balloon or just pay it and keep the van.
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all this talk of £300-400 per day £50-70 per hour boasting and cant even afford to buy your own van?
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i brought a 6month old vivario lwb on vauxhall finance/hp for £242 a month over 60months and keep the van at the end of and i got all the regular warranty stuff with it
had to buy a Lwb to get me bikes in ;D ;D ;D ;D
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There are good deals around if you look, i ordered a brand new lwb 1.6 doblo tecnico for £12,600 including vat the other month.
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There are good deals around if you look, i ordered a brand new lwb 1.6 doblo tecnico for £12,600 including vat the other month.
here here and there only going to get better as the sales of new van plummet there a massive over stock sitting around in dock side storage yards all over the place these ones normally end up at places like vanarama
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There are good deals around if you look, i ordered a brand new lwb 1.6 doblo tecnico for £12,600 including vat the other month.
here here and there only going to get better as the sales of new van plummet there a massive over stock sitting around in dock side storage yards all over the place these ones normally end up at places like vanarama
That's probably where my problem began with craparama, they kept saying oh we have this one and rhymed off a pile of crap and you can have it NOW! Told them I placed an order which was due in 12 weeks but did they want to keep to that, on three occasions they came up with some other bullcrap excuse.
Folks will say defo but outright others will say lease/contract this or that but at the end of the day it's entirely up to the individual and what suits them. I used to change my car every year as I would get board of them and that includes the 325 that's still on google street view outside my house. It's better for me to be tied to something otherwise I'll turn my nose up, so contract hire will save me money. Before I had only had brand new motorbikes and the cars were three months-two years old generally so the depreciation had already taken the big hit but with contract hire I don't need to bother with the depreciation as I choose what I'm happy to fork out in advance.
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Van man uk has some good deals about for new van (bought mine on HP from them 18months ago)
Agree with the shop around though, there are plenty of good deals to be had; you just need to get your head around the best deal for you.
If you use an accountant, maybe ask him/her about the contract type that might be best for you.
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
Sorry, this is incorrect.
The balloon payment is there to reduce the monthly payment to make it more affordable. So what the finance house is trying to do is lease the vehicle ensuring that the lease covers the depreciation of that vehicle over the period of the lease and their profit. The balloon payment is usually what they see the value of the van being worth at the end of the contract.
If you damage it in any way then the van isn't worth what they have valued it at in good condition - hence the additional charges.
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
Sorry, this is incorrect.
The balloon payment is there to reduce the monthly payment to make it more affordable. So what the finance house is trying to do is lease the vehicle ensuring that the lease covers the depreciation of that vehicle over the period of the lease and their profit. The balloon payment is usually what they see the value of the van being worth at the end of the contract.
If you damage it in any way then the van isn't worth what they have valued it at in good condition - hence the additional charges.
if you pay the agreed balloon payment at the end of the contract on the lease agreement that you signed at the start of the contract and keep the van surely it doesnt matter what condition its in.they wont care as theyll have had their money.
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That's what I did with my last one, although I kept it for one day only as I had a buyer
Paid the balloon plus got £500 above the balloon payment
Just look after it
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Paid it plus balloon payment to keep van
other option to hand back but still pay repair costs only
just remember all these people are out to squeeze every extra £ they can out of you !
Darran
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I don't for a minute believe you would have to pay for the damage when keeping the van. Someone's got the wrong end of a stick here.
By the looks of things contract hire is the simplest way to go but if you neglect it or reverse into your trailer or drop a ladder on it like I did then you have to put things right before it goes back. I was about £250 cash (paint shop) and £100 for a fog light (tinternet) and £25.00 for a valet.
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A few years ago I dropped a ladder on my motor and then when I got the pickup I dropped the ladder again only a few doors down on the same street! Got the new van and they phoned up for gutter clearing again and I blanked them! I thought feck that, that street's got me jinxed!
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
Sorry, this is incorrect.
The balloon payment is there to reduce the monthly payment to make it more affordable. So what the finance house is trying to do is lease the vehicle ensuring that the lease covers the depreciation of that vehicle over the period of the lease and their profit. The balloon payment is usually what they see the value of the van being worth at the end of the contract.
If you damage it in any way then the van isn't worth what they have valued it at in good condition - hence the additional charges.
Spruce that can’t be the way dazmonds contract is laid out surely?
At the end of his contract He has the option to either hand it back and start again...... or pay the balloon and keep the vehicle.
If daz opts to pay the balloon fee of 7000 for a 5 year old vehicle (when they have been getting monthly payments already to cover the cost of the vehicle ) and keep the vehicle, they won’t even want to bring daz back into the office, it will be agreed over the phone what he wants to do, and payment taken? .......... surely?
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George p where is company based you recommend?
I'm Essex Waltham Abbey.
Thanks
There based in Derby but deliver nationwide
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ive just found out that the road fund licence is subject to 20% VAT.i didnt know that.so instead of £240 for the year its £288! ::)roll and they ll take the money from my account on xmas day!
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Disagree brother in law had a connect dented wing and side door repair cost was 1800 quid this was added to the ballon payment
Darran
so did he pay it and keep the van?or hand it back?
Doesn’t make sense having a balloon payment and paying for damages?
The balloon payment is to take the vehicle away and essentially buy it off the leasing company. They won’t care how damaged it is, aslong as they get there balloon.
Sorry, this is incorrect.
The balloon payment is there to reduce the monthly payment to make it more affordable. So what the finance house is trying to do is lease the vehicle ensuring that the lease covers the depreciation of that vehicle over the period of the lease and their profit. The balloon payment is usually what they see the value of the van being worth at the end of the contract.
If you damage it in any way then the van isn't worth what they have valued it at in good condition - hence the additional charges.
Spruce that can’t be the way dazmonds contract is laid out surely?
At the end of his contract He has the option to either hand it back and start again...... or pay the balloon and keep the vehicle.
If daz opts to pay the balloon fee of 7000 for a 5 year old vehicle (when they have been getting monthly payments already to cover the cost of the vehicle ) and keep the vehicle, they won’t even want to bring daz back into the office, it will be agreed over the phone what he wants to do, and payment taken? .......... surely?
I should have clarified that comment a little more. In essence you are right and I was a little 'blunt' in my response. Sorry. But there are always buts.
I don't know what contract Daz has got, but if he has a contract on the lines of a PCP then he could just pay off the £7000 balance (probably + VAT) and have the vehicle registered into his name without issue. It sounds very much like an HP in disguise where they sell the van to DAZ at the end of the day for the final payment. It won't be a true lease as the only way he could extend the lease would be via a peppercorn rental. In this case he would pay off the £7000 + VAT but continue to 'lease' the van for a minimal amount each year. The van never becomes his.
But each deal depends on how the 'lease' is stacked up. This is why anyone going into financing a van must be so careful what he is getting into and more importantly, how he is getting out of it at the end of the contract.
Finance law states that if a person or company lease a vehicle they aren't allowed to own it at the end of the contract. The only time they can is if the van is on HP as the vehicle is registered into the owners name rather than the finance house's name.
And this is where the problem begins. Finance houses try to dress up finance deals with all sorts of fancy titles. Unfortunately for Joe Bloggs, 2 finance houses can call their contract by the same name and yet have 2 different end results.
The op says he has spoken to Vanarama and was told of 2 forms of leasing, contract hire and finance lease. In both cases the van is registered in the finance houses name.
The difference between the two options is how the risk is played out at the end of the contract. With CH (Contract Hire) the finance house takes the risk and you lease (rent) the van from them for the agreed period of time and mileage. Any issues at the end of the contract, ie; the van is over mileage or has damage, then they will bill you. The bill isn't in your favour.
With Finance lease you take the risk at the end of the day. To reduce your payment you will find the balloon payment or final payment is what they hope the vehicle is worth at the end of the day. But they don't particularly care. Its your problem as you took on the risk.
If you are a builder the finance house generally refuses to have a balloon payment at the end of the contract as the van is usually so badly treated its not worth much. They do that to protect themselves.
But if you have a final payment its then your problem to sell the van. Yes, all the finance house is interested in is completeing the deal. So in Daz's case they want £7000 + VAT from him. Is his van going to be worth £7000 + VAT in 5 years? I doubt it, even in pristine condition. (I don't know how they arrive at this figure tbh as it means his van hasn't depreciated at the same rate as every one else's van has.) But Daz has to suffer the loss, either directly or indirectly. He wants to keep his van, so will he be paying £7000 + VAT for a van that's only worth say £5000 + VAT. (However this also depends on how he looks at the whole deal. Yes he has a vehicle that is say £2000 over priced, but he did indirectly benefit by having lower monthly repayments because of this high balloon payment.)
If Daz decides to hand the van back with the keys (if there is this option) then the finance house will want its £7000. As the value probably won't be in the vehicle the finance house will start to find ways to raise the short fall. Hence Darran's comment about his BIL's experience. Its what's in the small print.
The other issue with these contracts is how the vehicle is to be registered at the end of the contract. If this is a true finance lease then Daz won't be able to register his van in 5 years time in the same name as the contract was under. Often the van would have to be registered in a family members name or to your personal name if the contract was in a business name. If they insist that Daz registers the van in his girls friends name, how will he finance the outstanding £7000 + VAT?
The other thing is that as leasing is aimed at VAT registered business, you will pay VAT on the interest element of the deal. If you are VAT registered it doesn't matter as you claim it back, but it means added expense for us non VAT registered sole traders. He also found out that they bill him VAT on RFL.
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Spruce the balloon payment is 7k INCLUDING VAT. a 5 year old limited connect in very good condition with 20,000-25,000 on the clock wouldn't be far off that price probably.
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As for financing the 7k balloon payment spruce I'll just pay it off in full with my savings.
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As for financing the 7k balloon payment spruce I'll just pay it off in full with my savings.
I'll bet you wish you never took out the lease daz. 288 quid for tax, daft balloon payments.
Bet you wished you got a bank loan or other low finance option to buy one.
Don't lie to yourself, you regret it.
Keep reading how much you love your van, can't kid a kidder. Thou doth protest too much. :D :-*
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ive just found out that the road fund licence is subject to 20% VAT.i didnt know that.so instead of £240 for the year its £288! ::)roll and they ll take the money from my account on xmas day!
Bah humbug🤣
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As for financing the 7k balloon payment spruce I'll just pay it off in full with my savings.
Sorry if it got a bit personal. It wasn't meant to. I was just using your finance deal as an example of what could go wrong if fellow windies don't scrutinize the minute detail of the finance plan they are getting into.
BTW, I'm glad the £7000 includes the VAT. :)
Leasing makes it easier on the pocket to keep a new van on the road as you are basically paying for the depreciation of the van. At the end of the lease you get another vehicle and start again.
HP was usually about paying a vehicle off fully by the end of the loan period. In todays market of increasing motoring costs and shrinking income, balloon payments have become more popular as a way of keeping the monthly repayments 'affordable'. The motor industry support these new type of finance packages as they tend to sell more vehicles on the back of it.
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Lee,
Grippatank also do complete system and van leasing. The finance house they use have approved the systems Grippa fit.
You might even be able to get them to remove the system from your van at the end of the contract and transfer it across the the next van depending on how the system is financed.
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As for financing the 7k balloon payment spruce I'll just pay it off in full with my savings.
Sorry if it got a bit personal. It wasn't meant to. I was just using your finance deal as an example of what could go wrong if fellow windies don't scrutinize the minute detail of the finance plan they are getting into.
BTW, I'm glad the £7000 includes the VAT. :)
Leasing makes it easier on the pocket to keep a new van on the road as you are basically paying for the depreciation of the van. At the end of the lease you get another vehicle and start again.
HP was usually about paying a vehicle off fully by the end of the loan period. In todays market of increasing motoring costs and shrinking income, balloon payments have become more popular as a way of keeping the monthly repayments 'affordable'. The motor industry support these new type of finance packages as they tend to sell more vehicles on the back of it.
Yes but don't vehicles depreciate the most during the first few years, so essentially you are paying the depreciation on the most expensive part.
It makes more sense in my mind to buy and own (whether outright or low interest loan) a slightly older vehicle that has taken some of that depreciation hit.
But I suppose if you must have a brand new van then that's the premium you pay for the luxury.
I think the balancing act is trying to find something old enough it's that is cheaper to buy but new enough so as to not be a dog.
I wonder where that sweet spot lies in terms of mileage/age Vs price ? I would suggest it's a lottery, you pay your money and take your chances with vehicles.
I had a van I paid 5 grand for and it cost me another 2 when the gearbox and other things went wrong and I've also had vehicles I've bought for under a grand and never spent a penny on them during years of motoring.
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Same here adam. It's a lottery with vans.
I just wanted a brand new vehicle for once. I've always had old vans before. I don't care about the money.i put some work up which easily covers the monthly rental so I don't notice it. At the end of the contract paying 7k for a 5 Yr old van that has 20k on the clock and full service history is not too bad.
That's how I look at it adam :)
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I looked into leasing a van earlier this year, but decided against it. Over 200 a month, plus vat, if I got a week like we had last week, where it froze solid for 2 days, and p***ed down for the other 3, I will panicking. I still owe 15 months payments on the current van, 07 Transit,but aiming to go to a mk2 Dispatch come the spring, better on fuel, and better lasting bodywork. I will be looking at the dealer finance, we changed the car in September, and the finance was 3.9% over 5 years, or 0%over 3. We went for the 5, as the 3 year option would be too much monthly outlay. Has anyone got experience of the Merc Vito? I may consider one of those, as similar size to Dispatch.
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I looked into leasing a van earlier this year, but decided against it. Over 200 a month, plus vat, if I got a week like we had last week, where it froze solid for 2 days, and p***ed down for the other 3, I will panicking. I still owe 15 months payments on the current van, 07 Transit,but aiming to go to a mk2 Dispatch come the spring, better on fuel, and better lasting bodywork. I will be looking at the dealer finance, we changed the car in September, and the finance was 3.9% over 5 years, or 0%over 3. We went for the 5, as the 3 year option would be too much monthly outlay. Has anyone got experience of the Merc Vito? I may consider one of those, as similar size to Dispatch.
Did you not work last week?
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Not much, Monday didn't go out, as -5 all day, Tuesday, did 2 jobs, then everything froze, Wednesday, got some work done, but lost 2 hours as it was p ing down. Thursday, had to wait for delivery, so didn't start until 10. 30, did 4 jobs, then it peed down again, Friday, peed down all morning, started at 11.30, and worked until 4.
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Last week it rained 3 and a half days, I took half a day off, determined to clean in the rain. Bang up to date with work and brought two days early for tomorrow's work and the remainder one day early so will finish on Friday.
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Not much, Monday didn't go out, as -5 all day, Tuesday, did 2 jobs, then everything froze, Wednesday, got some work done, but lost 2 hours as it was p ing down. Thursday, had to wait for delivery, so didn't start until 10. 30, did 4 jobs, then it peed down again, Friday, peed down all morning, started at 11.30, and worked until 4.
Why didn't you work in the rain? I accept it's not so cold here, but I started in -5 one on Tuesday last week. I got drenched on another day and worked through. Two vans never lost a penny all week. The issue isn't the weather.
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In general terms my overall stance with vans is to buy brand new and run forever. (well minimum ten years)
My Doblo (56 plate) is still going on 70,000 miles and is 11 years old and still serving Dan the Man reliably.
My Hyundai is now middle aged coming up six years in the new year on 33,000 miles. I see no reason not to just run it into the ground or at least until it becomes unreliable. By that point (I hope) I will have the health, desire, savings and /or credit to get another brand new one and it will have a value of about a grand.
Having said that - at my age - it might be my last w/c van ever!
If my health holds and I slowly reduce my work I might go for something smaller or even run a trailer if I'm down to a few days a month of cream work.
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Not much, Monday didn't go out, as -5 all day, Tuesday, did 2 jobs, then everything froze, Wednesday, got some work done, but lost 2 hours as it was p ing down. Thursday, had to wait for delivery, so didn't start until 10. 30, did 4 jobs, then it peed down again, Friday, peed down all morning, started at 11.30, and worked until 4.
Why didn't you work in the rain? I accept it's not so cold here, but I started in -5 one on Tuesday last week. I got drenched on another day and worked through. Two vans never lost a penny all week. The issue isn't the weather.
its a pointless excercise, first, no one wants their windows cleaned in the rain, certainly not domestic customers,. Second,, its a waste of time, as rain is full'of crap, and dirties the windows anyway, , hence the reason for point 1. Light rain I work in, but not when its tipping down. As for working in sub zero conditions, the water freezes on windows where there is no heat in the room, eg porches and conservatories,. Along with that, each time the waterr is turned off between windows, the jets freeze up . So how did you manage to work in -5?
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RPWC.
I agree, can't think of anything worse than working in pouring rain.
But each to their own.
Thanks for all the comments guys if I did decided on leasing I would leave no stone unturned 😁
Feel I might still get caught.
Seems a loan a new/nearly new van.
At least you have the option of paying the loan of quicker if your flush presumably.
Have an answer today on old van but sure its knackered 😣
Goodbye old friend 😢
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Not much, Monday didn't go out, as -5 all day, Tuesday, did 2 jobs, then everything froze, Wednesday, got some work done, but lost 2 hours as it was p ing down. Thursday, had to wait for delivery, so didn't start until 10. 30, did 4 jobs, then it peed down again, Friday, peed down all morning, started at 11.30, and worked until 4.
Why didn't you work in the rain? I accept it's not so cold here, but I started in -5 one on Tuesday last week. I got drenched on another day and worked through. Two vans never lost a penny all week. The issue isn't the weather.
its a pointless excercise, first, no one wants their windows cleaned in the rain, certainly not domestic customers,. Second,, its a waste of time, as rain is full'of crap, and dirties the windows anyway, , hence the reason for point 1. Light rain I work in, but not when its tipping down. As for working in sub zero conditions, the water freezes on windows where there is no heat in the room, eg porches and conservatories,. Along with that, each time the waterr is turned off between windows, the jets freeze up . So how did you manage to work in -5?
During a day of heavy rain last week, we cleaned 42 houses and never got a single comment/complaint. If anyone said they weren't happy we'd skip.
-5 wasn't all day. I had one refusal that day (no problem), but we both kept the water running between windows and I did have one problem house that was unoccupied but done by appointment and I explained the problem and said not much I can do about it.
By about 1pm it was about 0c so all good.
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I looked into leasing a van earlier this year, but decided against it. Over 200 a month, plus vat, if I got a week like we had last week, where it froze solid for 2 days, and p***ed down for the other 3, I will panicking. I still owe 15 months payments on the current van, 07 Transit,but aiming to go to a mk2 Dispatch come the spring, better on fuel, and better lasting bodywork. I will be looking at the dealer finance, we changed the car in September, and the finance was 3.9% over 5 years, or 0%over 3. We went for the 5, as the 3 year option would be too much monthly outlay. Has anyone got experience of the Merc Vito? I may consider one of those, as similar size to Dispatch.
I had a courtesy van (Mercedes Vito) recently
I couldn't wait to hand it back
Cheap piece of tin, is my opinion!!!!
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When i bought my transit connect i did that on a hp finance through motonovo.
It was 5k over 4 years..£108 per month. Been paid off now for over a year now. Its starting to get a bit scruffy but im going to spend a few hundred tidying it up again you know new hubcaps, a full t cut and re-signwritten back as new.
Im then going to get another one the same. Hopefully just before next april for expansion. And get someone working for me in it.
The family car is also through motonovo. 60 plate mazda 6 sport 2.5 mzr. Nice car all.options ticked.
Just got 10 months left on that, and that was over 5 years we bought it fro an ex lease company with 89k miles on it at 3 years old but we only paid 6k for it and others the same were around 14k. Its recently just had a gearbox rebuild by Guildford transmission services at £1000 and it also needs a new steering bias sensor at £1000 which is being done feburary but i knew that buying a higher mileage car would probably need money spent on it later on. Its now got 137k miles on it and still looks brand new. Even with the extra repair and service costs (kept it main dealer)id say we are in at around 9k including the purchase price thats still 5k less than the same car with lower milage at the time.
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When i bought my transit connect i did that on a hp finance through motonovo.
It was 5k over 4 years..£108 per month. Been paid off now for over a year now. Its starting to get a bit scruffy but im going to spend a few hundred tidying it up again you know new hubcaps, a full t cut and re-signwritten back as new.
Im then going to get another one the same. Hopefully just before next april for expansion. And get someone working for me in it.
The family car is also through motonovo. 60 plate mazda 6 sport 2.5 mzr. Nice car all.options ticked.
Just got 10 months left on that, and that was over 5 years we bought it fro an ex lease company with 89k miles on it at 3 years old but we only paid 6k for it and others the same were around 14k. Its recently just had a gearbox rebuild by Guildford transmission services at £1000 and it also needs a new steering bias sensor at £1000 which is being done feburary but i knew that buying a higher mileage car would probably need money spent on it later on. Its now got 137k miles on it and still looks brand new. Even with the extra repair and service costs (kept it main dealer)id say we are in at around 9k including the purchase price thats still 5k less than the same car with lower milage at the time.
Something not quite right with your figures, if you got 5K over 4 years through motonovo you would be paying back a wee bit more than that, according to your figures you only paid £184 in interest.
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When i bought my transit connect i did that on a hp finance through motonovo.
It was 5k over 4 years..£108 per month. Been paid off now for over a year now. Its starting to get a bit scruffy but im going to spend a few hundred tidying it up again you know new hubcaps, a full t cut and re-signwritten back as new.
Im then going to get another one the same. Hopefully just before next april for expansion. And get someone working for me in it.
The family car is also through motonovo. 60 plate mazda 6 sport 2.5 mzr. Nice car all.options ticked.
Just got 10 months left on that, and that was over 5 years we bought it fro an ex lease company with 89k miles on it at 3 years old but we only paid 6k for it and others the same were around 14k. Its recently just had a gearbox rebuild by Guildford transmission services at £1000 and it also needs a new steering bias sensor at £1000 which is being done feburary but i knew that buying a higher mileage car would probably need money spent on it later on. Its now got 137k miles on it and still looks brand new. Even with the extra repair and service costs (kept it main dealer)id say we are in at around 9k including the purchase price thats still 5k less than the same car with lower milage at the time.
Something not quite right with your figures, if you got 5K over 4 years through motonovo you would be paying back a wee bit more than that, according to your figures you only paid £184 in interest.
Sorry 5k was the full amount paid back. The purchase price was 3995 or something like that..let me check