End of PCP repairs - more issues!
Discussion
Integroo said:
No, you are wrong. You do not legally own the car if you hire purchase or if you purchase through personal contract purchase. Whether you consider yourself to own it or not is irrelevant. You cannot sell it without the finance houses permission.
Whereas if you finance through an unsecure loan, you own the car. You can drive it into the sea, you can sell it and spend the proceeds on ice cream, and there is nothing the finance house can do about it.
Well, with a lein on the asset, the finance company holds the legal title as security until the loan is settled but it doesn't mean that the owner of the car is not an owner, in the usual sense of the word.Whereas if you finance through an unsecure loan, you own the car. You can drive it into the sea, you can sell it and spend the proceeds on ice cream, and there is nothing the finance house can do about it.
With a lease, on the other hand, the lease company own the vehicle and are also the RK, and there is no ownership potential for the leasee.
By your logic, becuase I have a mortgage on my house, am I a renter rather than a home owner?
Even though I am registered as the owner at Land Registry, does that still make me a renter?
Edited by Mandat on Thursday 21st September 17:08
Sa Calobra said:
Your house mortgage, what a crap analogy.
Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
What about pcp on a Ferrari 360 speciale, you would have made money on that?Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
If you bought a house in 2007 and sold it in 2009 you would have taken a bath on the value, especially a new build.
Sa Calobra said:
Well we'll see within the year if that's true for those who offered over strong 'valuations'. Long-term you'll be alright but those that offered/accepted over asking price and run expensive pcp/monthly leases will be at risk.
This isn't the topic the op asked for though
Why is anyone at risk of an over valuation in a PCPThis isn't the topic the op asked for though
If you don't like the end value you just hand it back an walk away....a PCP cant generate a liability....
deason said:
Hi,
I've had some repairs done before a return of the vehicle.
The BCA have highlighted unsatisfactory repairs on the report i had done (Not approved audi).
So...
The BCA gave me this from Audi after they told me the costs to repair the unacceptable repairs.
In this letter it states;
-It must be approved (Fair wear and tear guide does not state it needs to be Audi approved for repairs)
-They assume if i do not hear about the repairs then this indicates I accept the costs!
-I need to inform them to arrange another inspection if I get the repairs done.
This is just a very very crude approach to milking money out of me here.
My intention was to get the repairs done then tell them i'd repaired them and challenge when I get the invoice.
Anyone had this situation before here?
It's not a crude approach to milking money out of you, you've borrowed a car for a few years and damaged it, weirdly they want it fixing properly. It not rocket science. I've had some repairs done before a return of the vehicle.
The BCA have highlighted unsatisfactory repairs on the report i had done (Not approved audi).
So...
The BCA gave me this from Audi after they told me the costs to repair the unacceptable repairs.
In this letter it states;
-It must be approved (Fair wear and tear guide does not state it needs to be Audi approved for repairs)
-They assume if i do not hear about the repairs then this indicates I accept the costs!
-I need to inform them to arrange another inspection if I get the repairs done.
This is just a very very crude approach to milking money out of me here.
My intention was to get the repairs done then tell them i'd repaired them and challenge when I get the invoice.
Anyone had this situation before here?
Sa Calobra said:
Your house mortgage, what a crap analogy.
Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
What has value got to do with it?Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
The analogy is spot on. The loan company has a lein over the property until the loan is settled. The owner is still the owner despite having an obligation to settle the loan to the loan company.
It is really not that difficult to understand.
Car-Matt said:
i bet the PCP haters must be apoplectic with rage and confusion when they sit there typing out their garbage in their mortgaged houses that they don't own.
It's all a matter of choices. I like to buy new as I want the spec I want and I like to know the total cost in advance.Mandat said:
Sa Calobra said:
Your house mortgage, what a crap analogy.
Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
What has value got to do with it?Your house value rises as you pay it off. Therefore you have a strong and growing financial interest in a asset.
The analogy is spot on. The loan company has a lein over the property until the loan is settled. The owner is still the owner despite having an obligation to settle the loan to the loan company.
It is really not that difficult to understand.
The majority of cars don't appreciate so buying a car with a loan leaves you with a car/asset that's worth less than when you bought it when you've paid off when it's yours.
However I'll leave you with the analogy-
Rent a house is similar to rent a car.
Hope you grasp it
liner33 said:
grumpy52 said:
I do love how if anybody says even the slightest thing against sombody renting a car then all the renters jump on the guy .
It does make me chuckle .
Yes they are renting them .
As long as it makes you chuckle eh ? It does make me chuckle .
Yes they are renting them .
So anyone who buys anything with credit is just renting ? Seems like I'm renting the sandwich I put on my credit card lunchtime, lets hope they don't repossess it eh ?
Sa Calobra said:
But bca won't be putting the car through a approved Audi bodyshop will they? If they were to show the op a receipt for the cost paid/work carried out?
I agree and nope they won't and I very much doubt they'll even repair anything. However it's still their car and their choice. Sounds harsh but it's tough t1tty for the OP, they chose to borrow it, chose to get cheap repairs done and it bit them in the a55. cheesesliceking said:
It's not a crude approach to milking money out of you, you've borrowed a car for a few years and damaged it, weirdly they want it fixing properly. It not rocket science.
Its a way of milking money if they charge you a disproportionate amount for the repairs - thats the issue at hand.Sa Calobra said:
It isn't is it. If you rented a house it would match leasing a car.
The majority of cars don't appreciate so buying a car with a loan leaves you with a car/asset that's worth less than when you bought it when you've paid off when it's yours.
However I'll leave you with the analogy-
Rent a house is similar to rent a car.
Hope you grasp it
I still don't understand what point you are trying to make in relation to value & depreciation.The majority of cars don't appreciate so buying a car with a loan leaves you with a car/asset that's worth less than when you bought it when you've paid off when it's yours.
However I'll leave you with the analogy-
Rent a house is similar to rent a car.
Hope you grasp it
However, you are correct that renting a house is similar to renting / leasing a car.
What some are failing to grasp is that buying a house with finance (i.e. morgage) is similar to buying a car with finance (i.e. secured loan / HP / PCP)
Edited by Mandat on Thursday 21st September 17:52
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