UK Dacia Forum banner
1 - 19 of 19 Posts

·
Premium Member
Joined
·
697 Posts
Discussion Starter · #1 ·
So, my car is currently on finance with an outstanding amount of around £6.5k. IF I get the job I have recently been interviewed for, I will get a company car, and so will have no reason to keep paying finance and insurance for the Sandero...

Anybody got any tips as to cancelling etc?
 

·
amazing, just amazing!
Joined
·
2,926 Posts
I'm not sure if you mean pay it off or stop making payments and give up the car? either way contact the finance company and check with them. If you're paying off early you might be due some interest back.
 

·
amazing, just amazing!
Joined
·
2,926 Posts
Or... the new company might let you use the Sandero as your car, not sure how the tax thing is worked out on that though.
 

·
Registered
Joined
·
1,263 Posts
If your selling Lexus I honesty doubt they would want you in a Dacia' as for the fiancé' they don't usually refund' you need to ask for a settlement figure which will take this into account' hopefully then the value of the Sandero might be enough to clear the debt if not you will have to make up the shortfall. Don't forget though its illegal to sell a car that's still on fiancé as technically its not yours to sell.
 

·
Premium Member
Joined
·
697 Posts
Discussion Starter · #5 ·
Hmm, that'd be nice... It would sure beat a Smart Car, but the BiK will be greater (I'd imagine), so they may not. Might be worth looking into though. I certainly won't be handing back to the finance company if I can avoid it because my mileage limit is 10,000 per year, and I've just passed the 13,000 mark after just over 7 months...
 

·
Premium Member
Joined
·
697 Posts
Discussion Starter · #6 ·
@nightsuperstephen - Still waiting on Lexus outcome. I'd definitely prefer a Lexus company car over the Sandero (I know, I'm sorry :p ) - Yea, my settlement figure is around £6,500. Could I, theoretically, save up, say, £800, sell the car for 5,700, then as soon as the money is in my account, pay it off (potentially even same day)... they'd never know.
 

·
Registered
Joined
·
43 Posts
Depending on expected business mileage, a car allowance could be better than a company car so that's worth asking about.

If you do go for a company car I'd imagine you'll just have to sell the car and settle the finance.
 

·
Registered
Joined
·
155 Posts
Fiancé?

I'm pretty sure that a car dealer won't offer the option of an allowance in lieu of a car. It's usually the case that the sales team drive the demo cars.
 

·
Registered
Joined
·
155 Posts
That means that you'd be driving something new much more often. Typically a company car must last for three years, the demo cars will be changed after a few thousand miles. I'd also bet that you'll pay no tax for using it. I used to have a rental car, in lieu of company car, paid no tax. Later it was swapped for a company car and the tax started. I think that driving a demo is regarded as just that, it won't specifically be allocated to you, it's available for anyone in the company to use, like a pool car, other sales people will be able to use it when they need to demonstrate it.
 

·
Premium Member
Joined
·
697 Posts
Discussion Starter · #12 ·
I'm fairly sure you're right, it will be used every day by anyone who needs it, but will be mine to take home at the end of the day. So does that mean I won't pay any Benefit In Kind?
 

·
Premium Member
Joined
·
697 Posts
Discussion Starter · #14 ·
I think so. Not too sure. I guess the two ways to know for certain are to phone up the employer, or wait to see if I get the job. I think I'll do the latter :)
Thank you
 

·
Registered
Joined
·
135 Posts
When you say "finance" is it HP, PCP, loan not tied to car? or other?

If its HP you can hand the car back if you have paid 50% of total owing back, including interest and fees, and you have not damaged the car beyond normal wear and tear. Sometimes this is a powerful way out if the car is worth less than that which the finance company will be reluctant to highlight.

There are similar rules on PCP (but amount owing to include the final value)

Using these rights may cheese off the finance company but will not affect your credit rating.

If its cheaper to pay the difference up to 50% than take the hit on depreciation and paying the full amount outstanding it can make sense.
 

·
Registered
Joined
·
135 Posts
Some folk who do mega high miles hand cars back regularly on the 50% rule on HP (where there are no miles limits). The car is devalued by the miles so much its the best way out. Especially is you have a car which is a fast depreciator too.

On PCP you need to be more careful about the miles limit, as you will have almost certainly signed up to a miles limit.
 
1 - 19 of 19 Posts
Top