Is it possible to get Contract Hire on Pre-owned car?

[Loofer]

Went to my local BMW dealership today to get some quotes on a 118D. I told him I would be reluctant to take ownership but he gave me a quote on a PCP (whereby I have option to buy the car at the end).

I then went to Audi nearby for quote on A3... now this time the salesperson asked me if I wanted new or pre-registered.

So I suppose it is possible to get personal car hire/lease on a pre-owned car?

Is this limited to each franchised dealership?
Or are there finance companies out there that would do better deals?
If so, how would it work - do I find the car I want and then inform the finance company?

I'm guessing the advantage of doing thhis with a pre-reg car is that it's made it's biggest loss on depreciation but I still get a nearly new car. Is there a limit as to how old the car can be or how many miles it can have covered at time of taking out lease?

Any other relevant info would help.

TIA

[RickT]

Went to my local BMW dealership today to get some quotes on a 118D. I told him I would be reluctant to take ownership but he gave me a quote on a PCP (whereby I have option to buy the car at the end).

I then went to Audi nearby for quote on A3... now this time the salesperson asked me if I wanted new or pre-registered.

So I suppose it is possible to get personal car hire/lease on a pre-owned car?

Is this limited to each franchised dealership?
Or are there finance companies out there that would do better deals?
If so, how would it work - do I find the car I want and then inform the finance company?

I'm guessing the advantage of doing thhis with a pre-reg car is that it's made it's biggest loss on depreciation but I still get a nearly new car. Is there a limit as to how old the car can be or how many miles it can have covered at time of taking out lease?

Any other relevant info would help.

TIA


When the dealer is reffering to pre-registered, he means you will be able to have a NEW 08 plate car.... instead of a NEW 58 plate car which are out today..

They will be wanted to get rid of the old stock, this ways is good for you as you dont have to wait for the car to be made... the downside.. you wont be able to spec it as you want,, (not a massive issue)

If you can get a better rate on a pre-registered car i would go for that, its only a few months older at most, with same milage...

(One this to note... - if its a A3, make sure its the new version rather than the old version.)

Cheers

Rick

[Loofer]

When the dealer is reffering to pre-registered, he means you will be able to have a NEW 08 plate car.... instead of a NEW 58 plate car which are out today..

They will be wanted to get rid of the old stock, this ways is good for you as you dont have to wait for the car to be made... the downside.. you wont be able to spec it as you want,, (not a massive issue)

If you can get a better rate on a pre-registered car i would go for that, its only a few months older at most, with same milage...

(One this to note... - if its a A3, make sure its the new version rather than the old version.)

Cheers

Rick
Cheers for that... yup the salesman told me they should have some demonstrators of the Facelift model in about a fortnight so he going to give me a call for a test drive.

Found this http://www.blackhorse.co.uk/motor/Motor_products_private.aspx
and they do PCP on used cars.

Generally speaking, with cars on lease, what happens if you crash the car and it's written off.

I'm assuming the insurance pays you (policyholder) what they beleiev is market value of car less excess. What will the lease company expect from me?

maket value at time of incident
original price of car (new) when lease was taken out - (unlikely)
guaranteed end value of car that was stipulated in any PCP
any of the above plus remainder of lease payments
other
I know there is GAP insurance but I would like to know what potential shortfalls there would be if I didn't take this product.

[RickT]

Cheers for that... yup the salesman told me they should have some demonstrators of the Facelift model in about a fortnight so he going to give me a call for a test drive.

Found this http://www.blackhorse.co.uk/motor/Motor_products_private.aspx
and they do PCP on used cars.

Generally speaking, with cars on lease, what happens if you crash the car and it's written off.


I'm assuming the insurance pays you (policyholder) what they beleiev is market value of car less excess. What will the lease company expect from me?

maket value at time of incident
original price of car (new) when lease was taken out - (unlikely)
guaranteed end value of car that was stipulated in any PCP
any of the above plus remainder of lease payments
other
I know there is GAP insurance but I would like to know what potential shortfalls there would be if I didn't take this product.


A lot of leasing companies will also insurance you for a decent price..

Best bet is to chat to them direct, I would not like to say as im not 100%... maybe GAP is an option..?

Cheers

RickT