To buy car tax or not

mike1966_2

:rolleyes: Hi all, my tax is up at the end of the month, do i buy tax or not.

I've not handed my papers in yet, so is it worth getting it, what i mean to say is, if i put my papers in say about 2 weeks time how long does it take for the car to be towed away

Mike

tigerfeet2006

Is the car on HP? Or worth lots? Why do you think you will loose it?

As soon as you go BR any assets become the OR's.

mike1966_2

Hi tf
It's on hp and worth about 2225 according to parkers

mike

mike1966_2

Umm, there was a post here just now and it's gone

tigerfeet2006

Ah! I see. Is there a BR clause in the agreement? How much of the agreement have you paid off?

mike1966_2

Yes there is a clause and i've got about 5k left to pay, on a car thats only valued now at 2225

mike

skylight

I think that your best bet is to call the HP company in the first place. They may be happy for you to keep your car (due to value compared to whats owed). So have a chat with them and see what they say. If they allow you to keep the car then its up to the OR as to whether or not the payments can be included in your SOA.

So you need the car for work? If so, then the OR is likely to allow you to keep the payments going. But you have to talk to the HP company first and ask them what they would do in your particular circumstances.

sheba

Hi Mike- sorry I just deleted it as I was talking about the wrong thing entirely and didn't want to show my ignorance to you all (and possibly fuddle your thread, but mainly didn't want to look like a class A idiot!!!) <simples>

tigerfeet2006

Thanks for answering all my questions.

I would say don't tax it unless you really need to use it. If you don't tax it then don't forget to SORN it. Some firms are very slow at picking them up so it might be worth taxing it for 6 months until they want it and then take the tax disc out of it to cash in.

Do you need a car for work? Do you have access to another one?

ETA: I was assuming you had already spoken to the HP co. If not Skylight's advice is spot on.

mike1966_2

Ok thanks tf i don't need it for work, i've got a clapped out van LOL
Thanks skylight, dad has offered to take over the car and payments, how will that look with the OR

skylight

If your Dad is going to take over the car and payments then I don't think the OR would worry too much - there is no asset and no HP payments to be made in your name. But you still need to let them know as the finance will still be in your name and you are legally still liable for it (and therefore the OR is in a "technically" sort of way).

And as the finance will still be in your name, its still down to the HP company whether they want to allow you to continue with that. Even though someone else may be paying the bill, its still legally your responsibility.


There "shouldn't" be a problem with it, but speak to your HP company and outline everything you have told us here. At the end of the day, just because it appears logical, if a policy/rule says no then thats that.