Van - Finance lease, help guys!

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Freerider

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Hey dudes, quick question..

I know when finance leasing a van you usually have to pay a settlement fee to own the van right? (or something similar)

Well is there a way of pay more money per month, to own the van at the end of the lease (60months) so that when the lease ends you dont have to pay a balloon/settlement fee/whatever?

Only ask as have been on the phone regarding a Vivaro, and apparently all I have to do at the end is sign over the paper work to own it, but this has got me worried as everywhere I have looked online, when leasing you can only own the vehicle by paying for it at the end (paying what the van is worth at the time).

Which seems like a loa of b*ll***s to me as buying one on finance would be about 1/2 the price.

f**k**g confused! any help would be apreciated!
 
phone vans direct and talk to the sales team ask if darren george is still there he will help you
 
I think it was vans direct I spoek to dude..

the fella said that when you choose no balloon payment you only pay to transfer the papers at the end.. but just seems weird as I cant find this anywhere on the internet? EVERYWHERE says you have to pay a settlement fee.
 
just ask them 'so when it comes to the end of the payments. what will the final payment be? if they dont tell you the truth sue there ass's
 
thing is its all very well them saying s**t on the phone, but when ya dont have it in writing your f**k*d!

ah Ill see what the c**t says tommorow! cheers guys!
 
well you are okay then stop looking at the net because there are so many types of leasing they can confuse you
 
Just confused me as I dont see the difference between hire purchase and purchase lease then if you own it at the end.
 
With finance lease, you have to sell the vehicle to a third party at the end of the lease period. This can just be a 'paperwork exercise' to show the HMRC that you don't own the vehicle at the end of the lease. The HMRC get funny if you have leased a vehicle, claimed it all as a business expense, plus claimed the vat back AND get the benefit of ownership at the end. Tax allowances are different on hire purchase, well they were until the govt decided you could claim 100% tax relief in the first year, to try to get punters buying again.
 
Even on lease purchase you have to sell to a third party? I thought lease purchase meant you DID own the vehicle at the end? which defeats the point of the HMRC not likign it, as its exactly the same as hire purchase, but cheaper month and no VAT upfront..

f**k sake, f**k this, maybe Ill stick to me escort!
 
You don't physically sell the van. It can stay on your drive. You would just make out an invoice to a third party to show disposal of the vehicle, then buy it back. This is how it was explained to me when I first leased a van.
 
Get a loan then buy the van. if you mess up on the payments the bank wont take the van off you, but the van finance company can and may well do!
 
TonyM said:
You don't physically sell the van. It can stay on your drive. You would just make out an invoice to a third party to show disposal of the vehicle, then buy it back. This is how it was explained to me when I first leased a van.

so in theory I could sell it to me dad for 5quid and buy it back for 5 quid?

and regarding a bank loan, the interest rate on a bank loan is much higher!
 
the van company don't care what you do with it as long as they get their monthly payments up to and including any balloon at the end. Tony M is right you have to show that you've offloaded the vehicle to a third party at the end because during the period of 'rental' you can offset the whole monthly amount. If you were to own it at the end it wouldn't be classed as rental.....it would be ownership which involves a different set of rules by which you offset a percentage of the full purchase price in the first year and some more in the second etc., taking into account depreciation but not the whole amount! With finance lease there's no depreciation as your renting the vehicle over 5 yrs so can offset the whole of the monthly payment as a genuine business expense throughout the term. As for a paper excercise at the end not sure.
 
vauxhall vivaro sportive in silver, cant wait to get it, aint had anything even nearly new before! now just need to get roof rack, pipe, and sign write it, loveeeeeeeely
 
ask em has the gearbox issue been resolved on them if not soon as you get it take one of the upper bolts out and top the box oil uo past the filler level. this will save you a grand in in 50k miles time
 
it wont cost me a penny if it does go mate as warranty covers that (major reason why buying brand new)

should be sorted now, I know past ones had issues, but dont all vans/cars have some!
 
Freerider_2009 said:
it wont cost me a penny if it does go mate as warranty covers that (major reason why buying brand new)

should be sorted now, I know past ones had issues, but dont all vans/cars have some!
That's why i'll always go for new and only keep for the warranty period. If it goes wrong, it won't cost you, and generally they provide you with a vehicle while it's being fixed.
 
Freerider_2009 said:
it wont cost me a penny if it does go mate as warranty covers that (major reason why buying brand new)

should be sorted now, I know past ones had issues, but dont all vans/cars have some!

the prob is vaux/nissan/renault took the box of the warranty. the lads have had them at 10k 9months old an 24k and were told the box does not come under the warranty, i beleive they normally go around 50k but the mechanic who looks after my van recons the top up method will save it but when vaux service they drop levels again but just keep topped. just a tip

they are a nice van and i toyed with getting one myself especially due to the 6speed with the rise of fuel etc let us know how many mpg you gettin in a few weeks
 
TonyM said:
Freerider_2009 said:
it wont cost me a penny if it does go mate as warranty covers that (major reason why buying brand new)

should be sorted now, I know past ones had issues, but dont all vans/cars have some!
That's why i'll always go for new and only keep for the warranty period. If it goes wrong, it won't cost you, and generally they provide you with a vehicle while it's being fixed.

so what does your yearly cost of having a van work out at tony? lets say you pay monthly is it cheaper than owning a van worth 6k bought outright and kept for 5years
 
plasterjfe said:
TonyM said:
Freerider_2009 said:
it wont cost me a penny if it does go mate as warranty covers that (major reason why buying brand new)

should be sorted now, I know past ones had issues, but dont all vans/cars have some!
That's why i'll always go for new and only keep for the warranty period. If it goes wrong, it won't cost you, and generally they provide you with a vehicle while it's being fixed.

so what does your yearly cost of having a van work out at tony? lets say you pay monthly is it cheaper than owning a van worth 6k bought outright and kept for 5years

My lease is about £2700 a year, so yes it's more expensive than buying outright, but the chances of it letting me down are pretty slim, and that's worth a lot in my book. Other than tyres and a servicing, that's it.
 
so you just put it back in at the end and get a new one yeah so you pay around 2700 for your motoring every year but always have a new to 3 yr old van and no other cost or interest building up in the background anywhere?
 
plasterjfe said:
so you just put it back in at the end and get a new one yeah so you pay around 2700 for your motoring every year but always have a new to 3 yr old van and no other cost or interest building up in the background anywhere?

Basically yea. You'll need a deposit - anything from 3 x the monthly payment to whatever you want to put down. The more you put down, the lower the monthly payment. If you go the full term, there's a balloon payment with lease purchase, but the van should have a higher residual value than the balloon payment made unless you've racked f**k out of it. Best thing to do is to go along to a dealership and get some figures. Different finance packages suit different people. You could go down the contract hire route, but if the van isn't returned to them in almost the condition you got it, you'll be stung with charges.
 
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