Carleasingblog.co.uk is now recruiting for contributors and forum moderators.
A keen interest in cars is very useful, but things are getting a little busy for me.
Please give me a shout (comments or email to admin@carleasingblog.co.uk) with your credentials and I will add you as a user.
thanks in advance
The first step with walking into the daunting world of car leasing is gather your quotations from various companies and brokers.
Once you have gathered your quotations, start to order them by merit. This doesn’t always mean by price, the following factors should be built into your filtering process.
Very importantly, MAKE SURE EVERYTHING IS IN WRITING ! Thats the last time I will say it, if it goes wrong - dont post it here if you dont have it in writing.
1. The validity of the quotation - Check the smallprint for how long the quote is valid for.
2. The validity of the supplier - do they have a consumer credit licence, data protection licence, company reg number, etc,etc,etc. Alot of the industry is built up of part - time brokers and you may have to ring them while they are at work doing their real job.
3. Who is funding the deal - this should be a well know financial institution such as lex,lombard,lloyds,etc.
4. Who is supplying the deal - the exact dealership your car will be coming from.
5. How long - what is the delivery date, do they have a courtesy car provision if its late?
Once you are perfectly comfortable with the provider of your quotation, its time to go ahead and complete a proposal form.
next time..
The Consumer Credit Act 1974 requires most businesses that offer credit or lend money to consumers to be licensed by the OFT. This includes where credit is arranged to finance the purchase of goods or services. Licensing arrangements may also be required by debt collectors, debt advisors and businesses that offer goods for hire or leasing. Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment.
Basically, if you are going to pass your information to a third party for any from of debt counceling or credit reference,loans etc. The company or person should hold a valid consumer credit licence.
You can ask for a copy of this licence at any time, and people should. In over 10,000 loan applications over a 5 years period, I dont think I have been asked to produce mine once! scary.
