Who can buy my lease van?

[dubdub]

Ah thanks BM that's great news and a big relief

 

[Andyman]

Hi Peter, it just says I have to sell to a 3rd party it cant be a family member. What I'm not clear on is if I have send the log book off too to dvla to register the sale? There is nothing on the VW finance site to suggest that, I guess they just need to show the van has been sold and paid off in full to a 3rd party. It all sounds absolutely crazy to me!

you MUST sendV5 away in buyers name, and then he can sell it to you totally legally, been there done that, they insist it’s sold with V5 but totally legal, they actually advised me on how to legally do it

 

[dubdub]

Hi Andyman, thanks for the info, it differs from BognorMotors advice so I'm a little confused now it would make sense I register it to 'an other' then its legally no longer mine I guess? Then buy it back and get log book back in my name yes??

 

[Andyman]

@dubdub thats about the strength of it, that’s exactly what the lease company advised me to do

I feel it’s better to get it right first time,”sell” it to your mate send of V5 he then resells to you sends off V5 job done

 

[Andyman]

Made me decide to buy instead of lease after that

 

[dubdub]

Yes indeed, I was unaware of this until about a week ago! I definitely didn't have this explained when I bought my van because i would never had agreed to that as I always intended to keep it. I expected to pay off the balloon and it would be mine job done! It came as a very unpleasant shock. I bought the van (from new) over the phone so never actually sat in front of a salesman....lesson learned!

 

[MrT]

I’ve done it a few times like Bognor motors has suggested. It really is just paperwork exercise. No need to send log book off. Saves another registered keeper being added on to the owner list.

 

[Andyman]

I think the only other safe way to do it other than buying at the time of sale, is a PCP then pay the balloon yourself, which you can do, and if you're intending to keep the vehicle at the end, you can opt for a low yearly mileage, which keeps the monthly repayment and deposit low, and you know exactly what the final payment would be at the day of sale
I am fortunate enough to have learnt my lesson and now just avoid the lease process entirely, and bought it and own it

 

[Paynewright]

V5 simply shows the keeper not necessarily the owner.

 

[Andyman]

I’ve done it a few times like Bognor motors has suggested. It really is just paperwork exercise. No need to send log book off. Saves another registered keeper being added on to the owner list.

@MrT it is really looking like a classic case of horses and courses, perhaps different companies have different rules? at the end of the day @dubdub wants to own it and hopefully it will be an easy transition for him

 

[Andyman]

V5 simply shows the keeper not necessarily the owner.

very good point @Paynewright, and as he wants to own it and keep it, i am sure he won't mind how many previous keepers are listed

 

[MrT]

@MrT it is really looking like a classic case of horses and courses, perhaps different companies have different rules? at the end of the day @dubdub wants to own it and hopefully it will be an easy transition for him

In my case I’ve always wanted to own it at the end. To me VW finance in general don’t care as long as they get the money owed. I transferred the money to a mate and they paid with that invoice VW generate with he’s details on. However I’ve always done it being not VAT registered so don’t know if that would make things different if you have claimed the VAT.

 

[dubber36]

If you are VAT registered and have claimed it back at the time of purchase, or on the rental payments, you must sell it plus VAT then pay that VAT amount to HMRC. This is not the case for you tho', as you habe have not claimed anything back.

 

[Ricardo T]

Would 'Lease Purchase' of made any difference at the end of the term? Not sure if this is a relatively new form of buying or it has been around for a while?

 

[dubdub]

Yes it was bought through my business but I'm not vat registered so never claimed any back.

 

[gavinda12]

I bought mine off the previous owner this way and was really straight forward. Just had to chase the confirmations through a little

 

[BennyBoy]

I’ve done this 1yr ago sold to mate for more than final outstanding balance, VW send them an invoice they pay it you buy it back. The V5 was already in my name so it never got sent away it was simply a cash transaction to satisfy VW.

 

[T6Paul]

Just to close off this thread, the process of selling the van to a financially unrelated third party was much simpler than I expected. VWFS didn’t seem to care too much as long as the ballon payment was covered!

 

[JOG]

Just to close off this thread, the process of selling the van to a financially unrelated third party was much simpler than I expected. VWFS didn’t seem to care too much as long as the ballon payment was covered!

Glad it worked out!