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Nissan RCI Car Finance - Option To Purchase Fee

bigfatmonkey1
bigfatmonkey1 Posts: 15 Forumite
in Loans
Hi i have a question I'm wondering if some one may know the answer to, i have a car with finance with nissan RCI finance, we have 11 months left and are looking to pay it off early as we are buying a newer car, i have a settlement figure from Nissans RCI finance automated system, in the paperwork there is a Option To Purchase Fee of £150 listed thats due with the final payment to transfer ownership.

Would this be included with the settlement fee i have from the automated system ? I'm trying to work out my budgets and nissan are not open till tomorrow

Thanks

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you asked for a settlement figure rather than outstanding balance I would expect it to include this charge.


    Having said that one day to wait for them to open will not unduly penalise you will it? Get it confirmed before paying.
  • bigfatmonkey1
    bigfatmonkey1 Posts: 15 Forumite
    edited 29 June 2014 at 10:06PM
    thanks for the response, no its just bloody annoying when you figuring stuff out and you find a bombshell, this change in car is budgeted down to the £1 so its all a bit tight,

    thanks though
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    Settlement figures include all appropriate administration fees etc, basically everything you'll have to spend to pay off the car completely.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Settlement figure will include the option to purchase fee
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    Does not help the OP, but they are pushing their luck with HMRC charging as much as £150 for a purchase option at the end of a HP contract. Technically, in order for them to account for the deal as an HP rather than a "lease", the option fee must be a "bargain option" that the customer would be highly likely to exercise - £10 used to be the going rate.
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    Brock_and_Roll wrote: »
    Does not help the OP, but they are pushing their luck with HMRC charging as much as £150 for a purchase option at the end of a HP contract. Technically, in order for them to account for the deal as an HP rather than a "lease", the option fee must be a "bargain option" that the customer would be highly likely to exercise - £10 used to be the going rate.

    I've seen a few contracts now which have ~£100+ fees for option to purchase. It's all a big con. Yet my contract with Citroen, there's no fee.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Several banks/lenders are charging in excess of £100 option to purchase fee/completion fee, many in the region of £150 - £250.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    thebritishbloke wrote: »
    I've seen a few contracts now which have ~£100+ fees for option to purchase. It's all a big con. Yet my contract with Citroen, there's no fee.

    Citroen aren't paying you?
  • thebritishbloke
    thebritishbloke Posts: 1,472 Forumite
    bigadaj wrote: »
    Citroen aren't paying you?
    [Insert joke (fact) about french cars]
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
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