Leasing

[Bobby Dazzler]

strongly considering a personal lease (PCH). The thing is I never lease or rent anything always buy outright.

I live with parents at large home and only started new job 5 months ago, so a credit check is giving me concerns. Does anyone know how stringent this check is ? Is it on par with mortgage in terms of strictness.

I would be paying up to £900 PCM and an initial payment of £4,000

I've never financed a car, and I was surprised how comprehensive the finance company checks are.

The leasing company told me that the finance companies are more stringent based upon the value of the vehicle and how competitive the deal is, which I guess makes sense as there is more at stake and the margins are likely to be tighter and so safer bets are required!

I ordered when there were great deals on Audi A6s, and 99% were 2.0 TDi FWDs - apparently these whizzed through finance checks - but the 2% of 3.0 BiTDi Quattros all took much longer.

Based upon those comments, if you're looking at £4k initial payment plus £900 PCM then you're sure to be looking at high value cars, and so checks are likely to be even more stringent.

I suspect that having credit declined would harm your credit score and so unless you have had other borrowing in the past, then it may be worth speaking to specialist finance houses before applying if you are looking at an high-end lease.

 

[chriscls]

Cheers Bobby thats informative and good. Can used dealership cars be put through PCH in the same way as new?

 

[Bobby Dazzler]

Cheers Bobby thats informative and good. Can used dealership cars be put through PCH in the same way as new?

Not sure to be honest. They probably can, but just less demand.

 

[k187]

Regarding BIK and income. Does the income account for all jobs? as I would be running the business in my spare time (weekends)? How is BIK paid? can I reclaim 1/2 VAT then pay or?

All income counts when it comes to tax. Add it all up and you then pay tax on the portions that fall within each boundary.

BIK is just a way of calculating what the equivalent pay rise would be instead of the company giving you a car. So BIK just gets added onto your income for tax purposes.

Speak to your accountant he'll explain it all to you. At the very least you should learn about income tax. Often side jobs which seemed viable aren't once you factor in tax if you're on the border of a tax band, because too much of your profit gets taxed.

 

[Charles Morgan]

Cheers Bobby thats informative and good. Can used dealership cars be put through PCH in the same way as new?

My experience looking at new vs very new secondhand was that all the good deals were on new and secondhand sucked for finance deals.

On your credit rating - join Creditexpert for a month's free trial, it will give you your Experian credit report and file, just remember to cancel at the end. Things that boost your score are stability of address, having a good history of taking out loans and credit cards and paying them off on time. Avoid applying for finance at the time of taking out the lease, too many credit searches count against you. Check all the details are correct.

 

[Meldrew2]

Wee red blob inside me set on a Mas going for test drive tomorrow, but need it to sound like a Mas, even as a diesel.

but…

IMO diesels are horrible engines. The sound is appalling and economy is not significantly greater given the relative cost of diesel.

I imagine that to paraphrase Marks and Spencer… "This is not just a diesel. This is a MASERATI diesel"

It surprises me that Maserati make a diesel engined car - but then again there may be a market for such cars in continental Europe.

Even if it sounds good, is there any reason why you prefer the black, greasy "fuel of Satan" to petrol?

 

[DSM10000]

strongly considering a personal lease (PCH). The thing is I never lease or rent anything always buy outright.

I live with parents at large home and only started new job 5 months ago, so a credit check is giving me concerns. Does anyone know how stringent this check is ? Is it on par with mortgage in terms of strictness.

Is this the same person complaining about being given a B class when his 9 year old CLS is in for repair because his clients expect to be picked up in a prestige car, the same person claiming to own a "fleet of vehicles and the same person who is part of a "multi national company turning over £45,000,000......................................

 

[Abb]

Is this the same person complaining about being given a B class when his 9 year old CLS is in for repair because his clients expect to be picked up in a prestige car, the same person claiming to own a "fleet of vehicles and the same person who is part of a "multi national company turning over £45,000,000......................................

I think that a bit unfair, as this thread is more than a month old.....his circumstances have obviously changed!

 

[DSM10000]

I think that a bit unfair, as this thread is more than a month old.....his circumstances have obviously changed!

Not sure what you mean?

His thread complaining about being given a new B class in exchange for a 9 year old CLS mentions leasing a Maserati so there are parallels. I do not see anything obvious about his circumstances?

It may just be the way the OP presents himself but there are a lot of things spread across both threads that did not quite make sense.

Anyway, it was not meant in malice and we can agree to disagree

 

[Dryce]

It surprises me that Maserati make a diesel engined car - but then again there may be a market for such cars in continental Europe.

I think it's equally surprising that BMW might make and sell the the 435d, 535d, and 640d - and that MB might make and sell the CLS350, and E350 Coupe - or that Audi purport to market something called the A7 3.0 tdi Quattro, or some oddball little backwater outfit called Porsche have something called the Panamera.

It's not as if there is a market for these cars.

Even if it sounds good, is there any reason why you prefer the black, greasy "fuel of Satan" to petrol?

There is clearly no obvious reason.

Put your foot down on a CLS350 or 640d and really it's just going to make a bit more noise - nothing else could possibly happen. After all diesels have absolutely no pickup. Stick an automatic gearbox into the powerrtrain and taht just makes it so much worse.

 

[Abb]

Not sure what you mean?

His thread complaining about being given a new B class in exchange for a 9 year old CLS mentions leasing a Maserati so there are parallels. I do not see anything obvious about his circumstances?

It may just be the way the OP presents himself but there are a lot of things spread across both threads that did not quite make sense.

Anyway, it was not meant in malice and we can agree to disagree

I know where you were coming from and I do agree with you. Maybe my post should have had at the end of it!