Is it possible to lease a used car?

Mercdriver

Provided they pay you back this likely fictional loan, is it any of your business?

AdrianC

Indout96 wrote: »

Does he mean PCP ? my Volvo is PCP but was 4 years old when I got it.

ginashamz wrote: »

No, he said lease, for 1 year

That doesn't mean it isn't a PCP.

People are often in the dark about what the difference between the different types of finance are, and don't think it matters what they've actually signed up for.

LandyAndy

AdrianC wrote: »

That doesn't mean it isn't a PCP.

People are often in the dark about what the difference between the different types of finance are, and don't think it matters what they've actually signed up for.

You could well be right

AdrianC

I'd be surprised if you can lease a shagged RX8, at any rate.

motorguy

ginashamz wrote: »

I meant lease for 1 year, not purchase.

We had a brief discussion about the sort of cars they would like and it was something medium/small sized, economical and petrol. I went to a large car dealer with them and the sort of cars we had looked at were the likes of Toyota Auris hybrid, Ford Focus, Hyundai i30, Suzuki Swift.
I feel a little cheated because they got a car that's diesel (their maximum mileage would be 12,000 a year), a car that could be expensive to repair and/or lease than the cars we had discussed.

So in summary, you're a bit miffed because you lent them some money to get themselves a modest car, but they've got themselves a BMW?

I would doubt they've leased it TBH. I'd say its on a PCP or a loan and they're pulling the wool over your eyes.

If they pay you back the money though what does it matter?

Families and lendimg money rarely mix.

Sea_Shell

How much did you lend them??

ginashamz

I lent £4000. This was meant to cover the monthly payments for 12 months for the lease.

eschaton

ginashamz wrote: »

I lent £4000. This was meant to cover the monthly payments for 12 months for the lease.

Should have stuck the cash into an RX8, your slipping.

Mercdriver

So if this loan actually happened, then it looks like repayments on a loan for 12 months at about £333 a month. If they come cap in hand at the end of the year then tell them to beggar off. And make sure you have a standing order in place from their account to yours.

Not that this financial transaction makes sense. If they can afford to pay you back, why aren't they paying the lease, and if you have £4k around that you aren't too bothered about getting back why don't you get a decent car rather than a corgi model?

Sea_Shell

ginashamz wrote: »

I lent £4000. This was meant to cover the monthly payments for 12 months for the lease.

Method of purchase aside, how are they going to pay you back £4000 if they didn't have £4000 towards this car. I'm afraid to say that I don't think you'll see your money again.

Even if they DID use your money to lease an agreed car for a year...what happens next, when it needs replacing?