i am self employed but i have recently taken a job with a company which means i no longer need my van.i bought it last year and got finance from bank of scotland for £20800,i paid £3053 before i got it and have made 16 payments of £250 + vat,when i phoned today they said they would need a settlement figure + vat + 2.5% of the resale value + vat on something else,they also said that the van (18,000 mile 07 vw crafter 109 mwb high roof) now books at £13000 for a tidy 1.what do i do with the van?does this sound right?are there specialists that would settle the finance?i know it will cost me to get out early but the way it sounds is that its not going to be cheap,i was reckoning a couple of grand!

 

Can you attempt to sell the van privately for more money... that way you will get more than what it books at.

is it a regulated or non regulated agreement?

look up the halves and thirds rule....

 

Are you sure the £3053 you paid up front wasn't the VAT as you can't finance VAT. Also the BOS should be giving you a settlement figure not the other way round

Sell it privately as you'll be too far upside down on the figures it'll be unreal.

 

i wonder why so many people in the same boat are reaching for the swan vestas,if you take a 7 grand hit in a year look what 7k will get ya now, a 2 year old tranny

 

yeah,i worked it out tonight and i think the £3053 was vat,dont think i got that back as i wasnt vat registered at that time.and i pay vat on the repayments,and vat when i sell it,and vat on the 2.5% of the resale,thats 1 of the reasons im leaving my business,i hate the vat.i looked on ebay and there are a few similar vans for around £17,000,i dont know if i could sell my van to somebody off of the street as not a lot of folk have that sort of money lying about.can somebody buy my van using a finance company to fund it or does the vehicle have to come from a trader?its not going to be a good time to sell just now as there will be a lot of vans going cheap and nobody needing them!

 

i dont know if its a regulated payment and whats the halves and thirds rule?im sure the leasing company said i could hand it back after 2 years and get a new 1.is that when a third of the term is over,is that the rule?

 

http://forums.moneysavingexpert.com/....html?t=437346

that might help

 

thanks maria,it read ok till the last post about the guy with 2 cars and a van,the termination of credit put a black mark on his credit history and stopped him from getting a mortgage,i have 1 already and it was hard to get 1 as i was sued after an unfortunate accident i was in years ago and made bankrupt,its taken a while for lenders not to worry about that so i dont want to risk getting a black mark on my credit history,ill update the thread tomorrow after i find out how much they want off me to end my agreement.cant wait to find out!

 

The Auto loans company that i work for, agreements for over 25K are unregulated, so you will probably find that it is regulated meaning that the bank/source of the loan cannot do whatever the hell they want to it.

You could try asking for a reduced settlement quote, however being regulated they may not be willing to help you out on this.

 

Sounds to me like you have a Lease agreement of some sort and not HP. HP won't carry VAT in repayments but Leasing and Contract Hire can. With some Lease's you can't buy it full stop (or never used to be able to). See what BOS and let us know ....

 

yes,it is a finance lease agreement,they are going to give me a final settlement figure but it hasnt arrived yet..im dreading what it might be as i worked out i have paid £4250 off of the £20800 i borrowed(that figure doesnt include interest).