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Peange

Member Since 24 Jul 2012
Online Last Active Today, 10:19 PM
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Posts I've Made

In Topic: Fiesta St Mp215 Or Revo Map

23 July 2014 - 07:58 PM

If you're on a HP it might breach the T&Cs and that's a hire purchase. On a PCP it shouldn't as that's a loan against you, not your car (make sense?) which is why it's called a Personal Contract Purchase.


Not quite right about PCP there. See http://en.m.wikipedi...ntract_purchase

"A personal contract purchase deal (PCP) requires the customer to pay a certain amount for a set contract period of somewhere between 24 to 48 months with the right to drive the vehicle while ownership is retained by the funding company."

However, I feel I've brought up a subject that has drawn us away from the topic.

I agree that you won't notice 10bhp. You thought about wind deflectors or DMB badges?

In Topic: Fiesta St Mp215 Or Revo Map

23 July 2014 - 01:59 PM

I totally agree with your end statement about modifications that may lower the market value of the car. I had thought that sort of terms and conditions only apply to lease deals?

 

I am pretty certain that my PCP finance or previous HP finance delas that I have had did not have these Ts & Cs. I have never handed a car back, always traded it in.

 

At the point of trade in the settlement fee on the car finance is always a good bit less than what the total is left to pay via monthly payments, whereas you get charged for repaying a personal loan in advance. So the trade in value covers the remaining balance and the remainder of the positive equity goes down as a deposit on a new car. To me I see it as my own car, not a rented car, as it is monthly repayments and NOT monthly rentals.

 

I think only in a lease deal where the only option is to hand the car back is where those terms and conditions regarding modifications apply.

 

However it is a good point you brought up though, but my previous cars that I traded in that were on a finance deal were mapped and nothing was said. I even explained to the Ford dealer my Leon was mapped when I traded it in, the dyno print out was included in all the paperwork that went along with the Leon.

 

Cheers

 

Wasn't meaning to rock the boat with my original comment. Just trying to warn anyone that'll listen!

 

The finance I enquired about was to own the car after. They still said no  :( which is why I went personal loan. It's always a good idea to check T&Cs for this kind of thing. Always remember the contract is with the finance company, not the dealership. :)

 

I doubt the consequences of me being right are what anyone wants to face!


In Topic: Fiesta St Mp215 Or Revo Map

23 July 2014 - 01:32 PM

I was offered finance when I bought mine (through Blackhorse) and when speaking to them I asked about modifying as I had plans to do so. I was told the T&Cs stated absolutely no modifications to the car whatsoever.

 

"they can legally demand the full cost of the car from you." - means you will have to buy the car from them if you're in breach of the T&Cs as your contract is no longer valid.

 

"but you'll need to get it returned to standard before giving it back..." - if you are in breach and they haven't found out about it then this is to make sure they never do. Because again, you're in breach of your contract and they can refuse to take the car back and you're left to pay the balance.

 

I agree that it's like decorating a rented property, for which I've always been told no.

 

It's different to mortgaging. I'd say mortgaging is more like buying your car with a personal loan. The car is yours, it does not belong to the bank (except a personal loan is unsecured).

 

Modifications lower the value of your car, so if you've modded it and can't keep up repayments, the company then loses money when reposesing your car.

 

I may have jumped the gun and said it's never allowed, but you'll need to read your T&Cs to find out.


In Topic: Fiesta St Mp215 Or Revo Map

22 July 2014 - 05:52 PM

I could be wrong here, but you don't ever own the car on finance. Meaning if they find out it's modified, they can legally demand the full cost of the car from you. Obviously maps are hard to identify, but you'll need to get it returned to standard before giving it back...

In Topic: Decision Time!

12 July 2014 - 08:41 PM

One thing I really could do with in my Fiesta is the USB/BT audio connection. Also, couldn't do without the heated windscreen in winter!

Don't know if these come as standard or not these days, but possibly worth checking to make sure they're there if you've not thought about it yet.

Scott