What if I decide to replace my Lotus?

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David Bryce
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What if I decide to replace my Lotus?

Post by David Bryce » Mon Nov 19, 2007 7:43 pm

This really just is a 'what if' at the moment, but as I will be getting rid of my 7 series in a few months I have been looking at other things. Well I'm not going to say what but I have fallen in love with something else (much more expensive)

I bought my Lotus from MMC just over a year ago for £27k on a 3 year lease (£4k deposit/£380 per month with final payment of around £13k)

all the paper work is at my office so I can't check the details, any idea what the situation would be if I decided to end the lease?

I know I will loose a hell of allot in the process but such is life :roll:
Last edited by David Bryce on Mon Nov 19, 2007 7:58 pm, edited 1 time in total.

jj
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Post by jj » Mon Nov 19, 2007 7:46 pm

Advice can only be given if we know what the "something else" is, as if its something like a GT3 or a 911 turbo then my answer will be different if you say you are buying a gold bentley GT :lol: .

Oh, and going on those figures you`ll only "lose" money if the cars worth £8k -ish less than you paid for it, which I doubt. People that have the problems are the £1k deposit on a £40k car crew who get the neg equity.

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Post by jj » Mon Nov 19, 2007 8:01 pm

shooomer wrote:
JJ
911 Turbo is gheyer than Bentley
Very funny :lol:

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David Bryce
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Post by David Bryce » Mon Nov 19, 2007 8:06 pm

shooomer wrote:Is it a straight lease? after 3 years the vehicle is just returned to MMC with no further payemtns? (ignoring damage/mileage penalties)

JJ
911 Turbo is gheyer than Bentley
no, it's a lease purchase or whatever you call it, at the end of the lease I have to pay a final payment of around £13k and the car is mine (so mileage etc does not matter), or as Graeme at MMC suggested just sell it back to them.

the possible replacement for both the 7 and Elise is German, that's all I'm saying :D

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Post by jj » Mon Nov 19, 2007 8:10 pm

911 turbo then? :D

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David Bryce
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Post by David Bryce » Mon Nov 19, 2007 8:12 pm

actually, I think I may be wrong, if I remember correctly the final payment is optional so I can either just hand it back or make the payment.

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Rag_It
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Post by Rag_It » Mon Nov 19, 2007 8:19 pm

David,

To be honest one call to the finance company requesting a settlement figure and you should be sorted. Did the same with my CTR, and all was good sold it for £300 more than the settlement value.

Dave

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Post by David Bryce » Mon Nov 19, 2007 8:23 pm

I would of course have to settle with the finance company before selling the car though?

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Post by David Bryce » Mon Nov 19, 2007 8:56 pm

shooomer wrote:You could get the buyer to issue 2 cheques, 1 for finance settlement made out to finance compant and balance to you?
really? do you think a prospective buyer would be prepared to do that?

again, I don't have the finance documents here, but surely the finance company 'own' the car? (although the car is registered in my name)

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james
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Post by james » Mon Nov 19, 2007 9:10 pm

I remember selling a car ages ago and the buyer wanted proof that the Id settled with the finance company so I would presume the best proof would be to write the cheque yourself (the buyer that is) Tell them its the best way to ensure that the car has no finance oustanding.

Or better still use BACS from buyer to finance company in real time. All done. Everyone happy.

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Post by Neil72 » Mon Nov 19, 2007 9:16 pm

Although it's not much help to you in this case, it's worth noting that if you have paid back 50% or more of the original sum of money that you borrowed then you are free to hand the car back to the finance company at any time and walk away. Even if you are in a negative equity situation.

Negative equity not likely to happen on a car like an Elise which holds it's value reasonably well but this tip might come in handy for Europa buyers :oops:

The other option would be to ring round a few Lotus dealers and see if any are keen to buy it from you. In my experience if you phone the right dealer at the right time (i.e. with a buyer waiting in the wings) then they will at least match what you could hope to achieve in a private sale. Man turns up and hands you a cheque and you get no hassle from timewasters and tyrekickers turning up for test drives.

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Post by jj » Mon Nov 19, 2007 9:18 pm

Neil72 wrote: The other option would be to ring round a few Lotus dealers and see if any are keen to buy it from you. In my experience if you phone the right dealer at the right time (i.e. with a buyer waiting in the wings) then they will at least match what you could hope to achieve in a private sale. Man turns up and hands you a cheque and you get no hassle from timewasters and tyrekickers turning up for test drives.
Agree - Dealer bought my S2 Exige for the full amount and unseen, most easy way of selling it.....

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Post by simon » Mon Nov 19, 2007 11:15 pm

David Bryce wrote:
shooomer wrote:You could get the buyer to issue 2 cheques, 1 for finance settlement made out to finance compant and balance to you?
really? do you think a prospective buyer would be prepared to do that?
I did that last year, got a bankers draft for the owner and another for the finance co.

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Post by Rag_It » Mon Nov 19, 2007 11:26 pm

If i am honest i think Neil and JJ are right, however an Exige i think is easier to do this, as they are in much more limited quantities.

David's Elise S will be slightly harder to shift through dealers, but if you are keen just to clear the finance, then maybe the figure a dealer is likely to offer will be in that region.

I think given your mileage, it is black and has a stage 2 will hopefully prove a reasonably attractive buy on the likes of Pistonheads.

Just my 2p, but I think you can walk out of this without feeling like you have been stung by dealers, and with a little effort, you could walk away with a bit more cash for your new..........?!! :D

You take the pictures sir, i'll sell them both for you! Among many ideas i have on the go just now, as an aside to the contract hire business, i am keen to provide a specialist car buying and selling service, as i just can't get away from my time in the motor trade! Have sold and bought 5 or 6 cars this year so far for others!

Cheers,

Dave

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Post by EliseR » Tue Nov 20, 2007 6:41 am

David Bryce wrote:the possible replacement for both the 7 and Elise is German, that's all I'm saying :D

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Jaguar XKR 4.0 Supercharged, neglected spec. SOLD!
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Forde Freda Campervan! :D

http://www.LotusEliseR.com

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