Finance Lease Agreement Advice Needed

[Gareth Edmondson]

Evening all. Could anyone help me with my Finance Lease agreement which is coming to an end..... I've had the letter from VW which say I owe ~£11,500. This will be taken via direct debit on the date they have given.

The letter then says if I do this then I go into a secondary hiring period and have to pay ~£1100 a year.

WTF is the 'seconday hiring period'? Surely if I've paid 4 years of installments and the bubble then the van is mine?

They give two options - part-ex for a new model or sell it on to an unconnected third party - letting them know he fair market value sale price.

Why does this all seem a bit wrong? With my other car (my wife's) I pay the bubble and the car is mine. End of story. No second hiring period.

Any advice welcome.

 

[dubber36]

What did they say when you rang them?

 

[Gareth Edmondson]

What did they say when you rang them?

Nothing yet - had the letter middle (corrected time) of Feb and only now getting to it due to reasons I'm not going into here. Will ring tomorrow but just wanted advice on here if anyone has gone through similar.

Cheers.

 

[Pauly]

Normally it’s a legal thing, certain types of leases require the vehicle to be sold on at the end of the lease period so you require a 3rd party ‘to buy it on your behalf’

 

[Gareth Edmondson]

Normally it’s a legal thing, certain types of leases require the vehicle to be sold on at the end of the lease period so you require a 3rd party ‘to buy it on your behalf’

So - my brother in law or my Dad?

 

[Harryankle]

A business finance lease requires you to sell to an unconnected third party, its part of the agreement you signed and you cannot own the vehicle. I was in the same position with mine .
You can 'sell to a friend ' tell VW who you are selling it too and they will send them an invoice , pay your friend they pay VW

 

[Higgidav]

 

[Harryankle]

So - my brother in law or my Dad?

same surname may be an issue but otherwise its possible , the V5 should be in yours or your company name , they pay for the van you change the V5 to your name.
I didn't have the funds but found a finance company that would pay it off and leave it in my name on a 24 month plan

 

[Pauly]

You would need to check the terms/stipulations, sometimes it needs to be registered company but varies between lenders

 

[Keeff]

Had this with mine.Just got some I thrust to buy it from them.You will need to give them the buyer details Vw will send them a invoice for them to pay. You could sell it for more then they will send you the money back so don’t sell to cheap.
If the v5 is in your name then just keep it so the other owner won’t show.
You can get a VW dealer to do it for you but they will need to service and warranty so will cost.
Dont use someone with the same surname or address.

 

[T6Paul]

It’s a finance lease so you will need to sell the van. So long as your dad or brother in law are not connected financially to your business (assuming the van is leased through your LTD company) you should be able to sell it to them.

Drop me a PM if you want? I went though the same process last year.

 

[T6Paul]

Who can buy my lease van?

Hi all hope your all enjoying this glorious weather , just a question to members my lease comes to end with vw next March and barring any more major problems with my van I would to buy it it's a 150 dsg lwb kombi in BlackBerry . I've had the oil leaks crankshaft and dsg box all done under...

www.t6forum.com

 

[Gareth Edmondson]

It’s a finance lease so you will need to sell the van. So long as your dad or brother in law are not connected financially to your business (assuming the van is leased through your LTD company) you should be able to sell it to them.

Drop me a PM if you want? I went though the same process last year.

Thanks @T6Paul - will be in touch today. Thank you again.

 

[widu13]

Can't speak for a T6, but my VW Finance letter for my Skoda even suggested that my wife could purchase it!

 

[Pete C]

My VW Finance letter for my Skoda said I could buy it. This was a pure lease deal if that makes a difference.

Pete