Cant lease a BMW

[williamp]

Anyone come accriss this before?

Really close to leasing a bmw, but have been told part of the deal is I need to be a company director, or prove I need the vehicle as part of my work renumeration.

Its a personal lease. Not business at all. Nothing to do with a business i am paying vat. Yet they want this??

"...Personal Contract Hire offers are only available to Company Directors or those in receipt of a Personal Car Allowance..."

Can someone help please.

[b19rak]

You can do it if your self employed.

[williamp]

Yes but im not self employed. Is this the norm? Nobody ever mentions this on here before..

[Wooda80]

Is it particularly cheap?

Sometimes when these "for big boys only" clauses are used it's a prelude to them getting you to waive your rights under the Consumer Credit Act by declaring it to be a business transaction ( despite it being called PCH ).

Contract needs reading carefully particularly around any balloon payments or variability of monthly payments. Make sure the docs say Regulated by Consumer Credit Act 1974 on them.

ETA It's not a normal condition of PCH finance. If it's a problem then use a different leasing company.

Edited by Wooda80 on Wednesday 11th July 07:17

[AlwynMike]

From what I understand from the Leasing thread, most companies used to have this clause.
There is some talk that it's now illegal after some test case with VW Financial Services.
It seems that BMW are now the only ones that are using this clause - but not all the time. Some deals are available for Personal lease - just not the best ones!

[FWIW]

Try telling them that you get a car allowance.

[williamp]

Yes but I cannot prove this, because I dont.

[SteBrown91]

Just lease from elsewhere you will probably find it for similar/less via lease brokers

[Nickp82]

The stipulations are standard for cars leased through BMW Finance (Alphabet), I imagine BMW do it to protect their retail/PCP business.As mentioned above, if you don't qualify, you may well find a similar deal through a broker using a funder such as Arval or Leaseplan who will not have such conditions.

[williamp]

Thanks all. I have spoken to two brokers and both say BMW wont budge, and I cannot forge a document to get round it.

[Zetec-S]

Very odd clause, never heard of it before.

Although I now have a new respect for the young lad at our company who's just got himself a new 116d, I must have missed the memo which announced his promotion...

[troika]

williamp said:

Thanks all. I have spoken to two brokers and both say BMW wont budge, and I cannot forge a document to get round it.

Yep, it’s their money, they can lend it (or not) to whoever they choose. Just go to someone who will.

[James P]

williamp said:

Thanks all. I have spoken to two brokers and both say BMW wont budge, and I cannot forge a document to get round it.

Why not buy an off the shelf company and appoint yourself director? File the absolute minimum documents. If it’s too much hassle for you to keep the company going have it struck off, I can’t imagine BMW would bother to monitor whether you continue to be a director for the whole time of the lease.

[williamp]

My current role doesnt allow me to work anywhere else, and trying to explain the reasons behind it, and declaring an intrest isnt worth the hassle, but thanks for the ide?

Anyhow, I now understand this is only through bmw themselves. If I can find one through a leasing company then it doesnt apply.

[nunpuncher]

James P said:

Why not buy an off the shelf company and appoint yourself director? File the absolute minimum documents. If it’s too much hassle for you to keep the company going have it struck off, I can’t imagine BMW would bother to monitor whether you continue to be a director for the whole time of the lease.

Or if you've got a mate who is a contractor registered as a limited company then get him to add you as a director.