Car Finance - PCP Sharing Lease

Anders_Theet

I am not sure why I wouldn't. There is no risk as I see it. I buy the car through a dealership and even if I decide not to rent the car our, I don't lose anything. And it really seems like there is full cover in all ways if I do want to rent it out when I am not using it. A lot of people are already doing it, so why not.

jonesMUFCforever

Anders_Theet wrote: »

I am not sure why I wouldn't. There is no risk as I see it. I buy the car through a dealership and even if I decide not to rent the car our, I don't lose anything. And it really seems like there is full cover in all ways if I do want to rent it out when I am not using it. A lot of people are already doing it, so why not.

I can honestly say that I have not heard of a single person I know personally or through my business, who have suggested that they have made use of this.

BJV

Ok well two/three things.

1.Unless it is me being a bit thick I can not find a website called by that name.

2. PCP is a form of hire purchase where the car itself not the person is the guarantee. I.e you stop paying for it they come and take the car back / I worked ran motor dealers for many many years in another life and what you are asking for is potentially illegal as it could I stress could be classed as an accommodation deal. That is to say you get a car on your "Carmi " PCP. You stop paying so they come to collect the car. Don't forget the car is the guarantee not the person. The issue is that it is not with you it is with who ever you hired it to. They would never be able to recover the asset.

I am not saying that it is impossible but it does not sound right.

3. Do you by any chance work for Carmi????

Anders_Theet

Hi BjV
1. There is a site:carmi.co
2. I really don't understand what would be illegal about it. Can you explain in more detail? The reason why people aren't doing it now is because of the finance lease as far as I understood. If that is ok, then would else could be wrong/illegal?
3. No. The reason why I am asking questions is because the concept seems to make sense to me. I mean a lot of people are using these sharing platforms it seems, people are using airbnb for their flat, and I don't understand why it seems so weird so you that you buy a car and make money of it by using these new platforms that a lot of people already use?

jonesMUFCforever

Anders_Theet wrote: »

Hi BjV
1. There is a site:carmi.co
2. I really don't understand what would be illegal about it. Can you explain in more detail? The reason why people aren't doing it now is because of the finance lease as far as I understood. If that is ok, then would else could be wrong/illegal?
3. No. The reason why I am asking questions is because the concept seems to make sense to me. I mean a lot of people are using these sharing platforms it seems, people are using airbnb for their flat, and I don't understand why it seems so weird so you that you buy a car and make money of it by using these new platforms that a lot of people already use?

Seems like you are in a small majority. To me If I leased a car I would treat it as my own knowing any damage would have to be covered by me - so IMO it would be total madness to rent it out for a few quid to a total stranger!

I too have not found the website.

AnotherJoe

Anders_Theet wrote: »

Hi BjV
1. There is a site:carmi.co

No, there isn't.

There is a www.carmi.co

rs65

Anders_Theet wrote: »

Does anyone have any insights into if you are actually allowed to rent your car on a "normal" PCP lease?

A PCP isn't a lease. The website seems confused about that too. It talks about buying your own car then talks about lease payments.

~Brock~

No sign of any Consumer Credit Permission on the FCA register either. Avoid Avoid Avoid.

robber2

looks like the website was only registered 3 weeks ago. I'd sit on the side lines for a year or two to see how the idea develops before even thinking of getting involved.

rob