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rocky79 · Oct 27th, 2007, 11:45 PM

Quote: Originally Posted by nickscho (original)

Rocky79 - My partner works for a finance company and has advised the following:-

- Double check what sort of finance agreement it is. You need to check on the HPI check what sort or finance product it is. i.e Hire Purchase or say Lease Purchase - the title of the goods is automatically transferred on settlement. On a Lease IT IS NOT - YOU CAN NEVER BECOME THE OWNER OF THE GOODS ON A LEASE AGREEMENT. However you can settle a lease to pay the future rentals off early. This is to either hire the vehicle in the secondary rental stage or to return the goods.

What if its a PCP - is that then similar to the HPI situ as im assuming the settlement figure the guy is quoting from his letter woudl cover the balance of the finance and the balloon payment? He bought the car just over a year ago for about 16k, i think he said 12k oustanding... I cant see the 12k being pure payments exlcuding a balloon payment?

Meeting with him early next week to go through the details - needless to say if im not happy with any of the paperwork, I wont be buying.

Assuming he can give the finance company permission to give me details over the phone there and then if im not happy/unsure of anything.

Oct 27th, 2007, 11:45 PM	#25
rocky79 MINI2 Newbie Join Date: Oct 2007 Local Time: 01:41 PM Posts: 32 Offline	Quote: Originally Posted by nickscho (original) Rocky79 - My partner works for a finance company and has advised the following:- - Double check what sort of finance agreement it is. You need to check on the HPI check what sort or finance product it is. i.e Hire Purchase or say Lease Purchase - the title of the goods is automatically transferred on settlement. On a Lease IT IS NOT - YOU CAN NEVER BECOME THE OWNER OF THE GOODS ON A LEASE AGREEMENT. However you can settle a lease to pay the future rentals off early. This is to either hire the vehicle in the secondary rental stage or to return the goods. What if its a PCP - is that then similar to the HPI situ as im assuming the settlement figure the guy is quoting from his letter woudl cover the balance of the finance and the balloon payment? He bought the car just over a year ago for about 16k, i think he said 12k oustanding... I cant see the 12k being pure payments exlcuding a balloon payment? Meeting with him early next week to go through the details - needless to say if im not happy with any of the paperwork, I wont be buying. Assuming he can give the finance company permission to give me details over the phone there and then if im not happy/unsure of anything.