Morning all,
I'm interested in a van that a friend of a friend is selling (seen it on Facebook).
It's a good price and so I don't want to just avoid it because of this technicality...
He says that it needs to be bought off of the lease company and that would involve doing a bank transfer round at his house during a day.
He's advertised it and it's got his business logos (stickers) on the Van. Seems completely legit...
If he's got the v5 and can show me a balance outstanding that I pay off with him then give him a bit extra which is what I presume he's doing is there any way I can get burnt with this?
Basically don't want someone turning up trying to reclaim the van!
Anyone done this before?
if it's still on lease he won't have the v5.
Sounds a bit messy to be honest. I’m guessing the guy is having cash flow issues so he can’t afford to continue with the lease or buy himself out of it. He probably has the option to give the van back but wants to try and make some money back on the lease he’s already spent.
At the very least I would insist on talking to the lease company directly to get an agreement paying off the lease transfers the vehicle to your ownsership. Then pay the guy a separate amount directly to make up the total sale price you agreed.
Be careful, people you think you can trust can do things out of character when they are desperate
So he’s wanting to make a few £’s on buying and then selling his lease vehicle, yet he can’t afford to buy it?
In essence it sounds like you will be gifting him the money to buy the vehicle off the lease vehicle so he can then gift the vehicle to you.
If you are happy that you are giving him money for nothing then go ahead.
The vehicle won’t be in his name or be his to sell to you until he’s handed your cash over to the lease company.
Maybe charge him a fee for using your money ?
Daft idea
Assuming it is coming to the end of the lease, and the company have given him a quote to purchase, he should just have documents to show this. Net messy at all, but he wont have any ownership documents until he has bought it himself (or you buy it). The quote to buy I got on a recent lease car was pretty good value, and they are happy to accommodate friends/family buying it (why should they care!?), which is what your guy looks like he is trying to do. Ask to see those documents first.
FunkyDunc
Daft idea
Not necessarily. If the vehicle is in good condition, and still at the right price, playing the friend of a friend could still save the OP money over dealer or second hand prices. Really depends on what he is being asked to pay.
Right bit more info..
It's come to the end of a 5 year lease 63 plate. It's about 2-3k under the market value with no VAT hence I'm really interested. His new van arrives in about a month so I'm under no pressure and also his private plates are being transferred back first so needs a bit of time.
He's open about the situation, there is £7200 left on the lease. Happy for me to pay the lease company direct and give him £800.
Apparently he could hand it back, however the lease he has has a condition that it goes to auction and he pays any deficit in the amount if it doesn't reach what he owes on it. He's wanting to bank £800 rather than be lumbered with an unkown bill if it doesn't make £7200 at auction.
Seems really legit.
Thanks for the a suggestion of phoning the leasing company, that is good idea!
He's also mentioned that he is currently waiting on the private sale paperwork so can't sell it yet (possibly something the lease company send so the ownership transfers in this very situation).
It’s come to the end of a 5 year lease 63 plate
there is £7200 left on the lease
Apparently he could hand it back, however the lease he has has a condition that it goes to auction and he pays any deficit in the amount if it doesn’t reach what he owes on it.
Seems really legit
Really really doesn't.
A lease is a hire period in effect, you never own it so never get lumbered with anything at the end. A PCP has a minimum value at the end, and a balloon payment to make the vehicle yours. What happens at an auction has nothing to do with the user.
If he's legit (doubting it right now) then the lease company sounds dodgy as a dodgy thing. I wouldn't be touching it without having the V5 in my hand first
I sold a car once that still had finance on it. Guy came round with money, I rang and paid off finance in his presence and off he went. Sent all documents on when they arrived.
I didn't know him personally but he worked in the same organisation as me.
No problem if you trust each other.
Apparently he could hand it back, however the lease he has has a condition that it goes to auction and he pays any deficit in the amount if it doesn’t reach what he owes on it. He’s wanting to bank £800 rather than be lumbered with an unkown bill if it doesn’t make £7200 at auction.
Nope - that doesn't sound right.
The normal process for handing a lease vehicle back is that they will send someone out to inspect it. If the vehicle has any damage above fair wear and tear then a payment to repair this is agreed.
I'd say your mate is just trying to make £800 out of you.
What kind of liveried van is worth 11k at 5 years old? VW something?
I'm always reminded of the phrase; 'if it looks too good to be true it probably is'.
Sounds like a lot of money for a 5 year old van, two options;
- wait until the auction and buy it then
- run!
chilled76
Member
Right bit more info..
It’s come to the end of a 5 year lease 63 plate. It’s about 2-3k under the market value with no VAT hence I’m really interested. His new van arrives in about a month so I’m under no pressure and also his private plates are being transferred back first so needs a bit of time.
He’s open about the situation, there is £7200 left on the lease. Happy for me to pay the lease company direct and give him £800.
Apparently he could hand it back, however the lease he has has a condition that it goes to auction and he pays any deficit in the amount if it doesn’t reach what he owes on it. He’s wanting to bank £800 rather than be lumbered with an unkown bill if it doesn’t make £7200 at auction.
Seems really legit.
Okay, now sounding a bit dodgy. Straight leases don't (usually) work like this. One of the advantages of a lease is that you don't have to worry about the residual value. Sounds like PCP or a variant. OP - do you know the difference between lease and PCP?
Sounds a bit rattly, shhhhh! Listen ...
Hear that?
Yip...
Been ragged to death.
⛄️
I've heard of a contract where instead of a balloon payment the vehicle is sold, by auction or other means. If it raises over the final payment you get some money back. Just get in touch with the finance company they'll tell you what's happening.
Cheers folks.
I will be careful with this, I'm not just going to turn up and give someone £8k on good faith I'll receive the vehicle. It needs clear documentation showing what is going on from the lease company.
taxi25- good to hear.
angeldust- no idea the difference between lease and pcp. Maybe it is one of the others.
It's advertised amongst the MTB community, some of you have probably seen it on FB. shared by lots of people I know who know him, definitely doesn't seem like a scammer, he would be leaving far too much of an evidence trail if something went to small claims court.
Apparently he could hand it back, however the lease he has has a condition that it goes to auction and he pays any deficit in the amount if it doesn’t reach what he owes on it. He’s wanting to bank £800 rather than be lumbered with an unkown bill if it doesn’t make £7200 at auction.
First time I have ever heard of that situation in a lease. Not saying it doesn't happen but it puts a huge unknown financial risk on whoever signs up for it. And sounds dodgy.
you have a guy who doesn't own the vehicle, is potentially going to lose a packet and wants to turn that into an £800 profit.
I would walk.
I know who know him, definitely doesn’t seem like a scammer, he would be leaving far too much of an evidence trail if something went to small claims court.
He's more than likely legit - but that doesn't stop him having a lack of understanding of how leases work.
The only way I would buy it is if he can get the lease company to deal with you direct - and like you say, get everything in writing.
Not saying it doesn’t happen but it puts a huge unknown financial risk on whoever signs up for it. And sounds dodgy.
Yup, and given the nature of auctions the van could be immaculate and he still gets shafted.
chilled76
Member
angeldust- no idea the difference between lease and pcp. Maybe it is one of the others.
Ah, okay. There are some significant differences. This is almost certainly NOT a lease. I would do a little research just so you know how they work. Something like Whatcar will give you the basic info.
Did you not wonder what the Ling thread at the end of last year was about?.....:-)
Too late anyway, he's put it as provisionally sold.
He said someone (a well know DH race organiser) was going to look at it today. Guess he's bought it.
Back to looking at bangers 🙁
Chilled76
Feel free to message me, I work for a commercial vehicle company and deal in lease vehicles all day, so if you want to chat and get information on whats whats then happy to help and advise
This is the sort of thing I've heard about.
https://www.leasevan.co.uk/van-leasing-guide/finance-lease/
Saw the van on Facebook .
While compared to other vans it looks well priced compared to others.
I wouldn't have said it's good value relative to what a new one costs.
trail_rat
Member
Saw the van on Facebook .
While compared to other vans it looks well priced compared to others.
I wouldn’t have said it’s good value relative to what a new one costs.
Doesn't help much if you can't afford a new one!
about as helpful as your post i guess 😉
Exactly. 8k is money I can find. 15k isn't. I'd have got 6 years out of that van.
Well disappointed it's gone 🙁
I'd say mine was marginally more helpful, as it might make you thing twice about about what you post in future. Doubt it though 😉
Point proven 🙂
Just priced a new one up. Closer to 20k for that spec.
Not really while circumstances may dictate I suspect at that price he is going to bare the brunt of depreciation and be saddled with the mid life maintainance costs
It's in that grey middle region that's over valued imo.
Personally I'd spend less and buy older rather than buy new (but don't let that stop you thinking my post was a "stop being a tight ****" post
I'm merely stating that compared to its new price it's still high up the depreciation curve...without the VW residuals to back it
But it seems the professionally offended are here.
Well disappointed it’s gone
cheer up, someone else may be just about to enter a whole world of trouble as a result.
stuff comes up all the time, be patient and don't jump at the next thing so see just because you missed out on this one, it may be a blessing in disguise!
I'd take list price new with a pinch of salt...
My fiancé's car failed it's MOT yesterday - terminally so. I'm just back from the hyandai dealership to look at the iload / i800. Within 30 seconds of explaining to the salesman that we need to buy a new vehicle this week, he was telling me "The list price is £XXXX but no-one is paying list just now".
Similarly, a new vivaro is showing as £24k-ish on the Vauxhall website, have a look on autotrader and the like and a new one with delivery mileage can be had for £13(plus VAT)...
Personally I’d spend less and buy older rather than buy new (but don’t let that stop you thinking my post was a “stop being a tight ****” post
okaaaay.....Did anyone think that? Except you?
But it seems the professionally offended are here.
Offended by what, exactly? I get the impression the only person offended is you, because someone countered the nonsense you posted :-). Particularly poor debating skills, and very thin skin. C'mon, need to up your game ;-).
go on then , explain what you meant by your original post ? as far as i can see your debate is as fluid as suits you.
debating skills ? you have not presented any arguement to counter my point other than a snipe.
Which post? This is my original post in this thread:
Assuming it is coming to the end of the lease, and the company have given him a quote to purchase, he should just have documents to show this. Net messy at all, but he wont have any ownership documents until he has bought it himself (or you buy it). The quote to buy I got on a recent lease car was pretty good value, and they are happy to accommodate friends/family buying it (why should they care!?), which is what your guy looks like he is trying to do. Ask to see those documents first.
the one you deem nonsense
Do you mean:
'Doesn’t help much if you can’t afford a new one!'?
Which the OP then replied:
'Exactly. 8k is money I can find. 15k isn’t. I’d have got 6 years out of that van.'
Why don't you two meet behind the shed at break and sort this out?
Anyway. if anyone can find me a 63 plate twin cab van with windows and 125bhp with 60k on the clock for £8k please do!
does that really help your arguement ? did i say OP "dont buy that buy a new one ? "
you dont have to spend more to find value.
ok i have seen the advert to the van and compared it to others similar but looking at the similar crew cabs a couple years older and looking at the price of them comparatively to make the value comparison.
had it been a sportive - they hold their price(i wont say value because its another context and may confuse) better but then they are another 10k on top of the new price.
aye its ok chilled i have work to do this afternoon 😉
I used to work in Business Asset Finance so I've got more than layman's understanding.
It's perfectly normal to buy a vehicle with some kind of outstanding finance, most, in fact more than most people don't know the difference between HP / Lease / Secured Loan or Unsecured loan - to most people it's just "lease" but they all have different end of period conditions.
Personally, the whole "it goes to auction and I'm liable for the short-fall" thing sounds like it's about the be repo'd and they've giving him a chance to sell it, I could be wrong, but I don't think I am.
<span style="font-size: 0.8rem;">Take heart from the fact he wants you to settle with the finance co - too many people sell vehicles to 'a mate' only to 'forget' to settle the finance or the 'VAT man' nicks it, and the mate gets shafted when the repo guys find it, anyway, they'll e-mail you a confirmation it's </span><span style="font-size: 12.8px;">unencumbered almost immediately, worth a quick HPI though, just to make sure he's not got a second charge on it (aka log book loan). </span>
<span style="font-size: 12.8px;">Maybe he's just fibbing - if it's a HP with balloon payment it could be a case that they want a £7200 balloon to hand it over, it's worth more - totally normal to sell it in the way he's doing. Some people don't like to let you know they'll making a bit off you.</span>
<span style="font-size: 12.8px;">Anyway - HPI check to be totally sure you'll own it outright and normal rules around second-hand vehicles and you're safe and sound. </span><span style="font-size: 0.8rem;"> </span>
It was nonsense because it didn't make sense until you corrected what you meant, which was after we responded. Just came across as the usual sanctimonious drivel ;-). I wasn't the only person to think this, the OP agreed, as per the above post (you don't want me to post it a third time do you?).
I suggest you man up, and take the criticism on the chin. You can do it.