Further to my previous post, the current value of the car (on doing some checking of trade sites) is £8000. What value do you think our IP will look at?

Hi pammy1969.

I'd think the relevant value would be the value of the car if and when it becomes yours.

You may wish to check this with your trust deed firm.

gateway leasing might be worth calling.

Thanks TDA. As soon as I posted my question, I realised how silly it was! Of course it's the actual value of the car - duh!

There is another option - my dealer has said if all else fails, they would buy the car from me, clear the balloon payment and give us the profit. I reckon about £2000. This would give us something to buy a car outright. I was getting quite excited at the thought of buying an ancient Mercedes E Class or similar!

Pamjo - have you any experience of this company? They look quite good.

I found them very easy to deal with. The sticking point for us was the cost is greater if you have imperfect credit history and they can offer you a 2/3 yr old car vs a new one or a smaller one. The one car we run is v. small and not able to take a small amount of luggage when we visit my in-laws so I hire the 2nd size car, 4 doors.

For me, my husband works shifts and I can arrange my work to condense my need for a 2nd car into 2 weeks in the month. It was actually less expensive for me to rent a car as I need it vs lease.
It is a bit of a hassle organising someone to take me to collect a car and to drop off again either side of the hire so I am looking at being a named driver on a lease taken by a family member but paid for by me.

Hi Pamjo,
There's been quite a bit of publicity recently about taking out insurance as a named driver when you are actually the main driver so you might want to look into this before going ahead with your plan. I believe insurance is null and void if found out!! Apologies if I've misunderstood your plans. Worried me.

That's an interesting one worriedme.

I think the publicity has been about taking out insurance as a named driver rather than taking out a lease in this way.

I'm not sure what leasing rules would say about someone else (other than the person signing the lease) insuring the car and/or being the registered keeper.

On the named driver thing, I put my daughter on my insurance just after she passed her test last year and it went from £223 to £940!!(aaargghhh!) but was worth it for a year of being taxi'd about in a 1 litre Yaris!

The renewal came in at £840 this year and rather than rely on apathy I avoided the compare sites and used the wee red phone one and the quote was £328. I checked, double checked and then checked again. So it's worthwhile not to rely on renewals as the cheapest option.

Sorry, turning the site int a cheap insurance forum!

Mark

No problem Mark.

My insurance renewal quote went up by 50% last year. When we looked into the possible reason why the only possibilities seemed to be that someone crashed into me (and their insurer paid out fully!) or that the insurer was being plain greedy.

Went on a comparison site and got a policy for the same price as the year before.

Insurance companies seem to punish customer loyalty.

Worriedme-I think TDA is right, it was the buying a car for teenagers and stating someone else was the owner/keeper which caused concern to insurers. I don't have any issues getting insurance, we both have have full NCD etc, it's just that the terms some of the leasing companies impose are punitive. We will be the named keeper/driver and we will be insured as such. It's more to do with the finance arrangements. I have found with several issues, companies seem to have no hesitation providing a direct debit form or bank account details for payment.
My insurance quotes went down this year-probably to do with the car's value but I'm still comparison shopping.I agree TDA, loyalty seems to count for less and less!

Pamjo, can I be dreadfully nosy and ask what you drive and how much you're paying for your monthly lease?

I'm going to wait until Ford Credit write to me to explain exactly why we were declined (although it's pretty obvious) and see if they can offer another deal. If they can't offer anything suitable, I'll request a quote from Gateway.

Pammy1969. I've not yet got a lease sorted. We own the one car, our secoond car died 2 years ago and we tried managing with one plus a bike. Ok on the days my husband is working locally but he can be shifted at short notice. We were declined on 2 applications for finance and decided to hire a car when we really needed a second one which has been one week, 2 or 3weeks in a month depending on my commitments and my husband's work base at the time.
I am actively working on applying for a lease in a family member's name and I'll share the details when I can. I think £200 -£240 is a ballpark figure if you don't need anything fancy or huge.

Gateway said they do a full credit check and would not accept anybody with a trust deed sorry

Thanks Mrs Mac. Not exactly what I wanted to hear but it takes them out of the equation at least. I'm quite resigned to buying an old car now! We're in a Trust Deed, we're officially poor, of course we shouldn't be driving a brand new car. Live within our means and all that. Back to worrying about every little squeak and rumble that comes from the engine!

Have you managed to resolve your car situation Mrs Mac?

Unfortunately I can not find a way around this and have not managed to lease a car as yet and am not in too big a hurry as my own car is going ok for the moment. I did however want a back up plan as I do not expect it to last till the end of my td. There is a company called msg cars who seem to hire to people in td's but you pay heavily for the pleasure. I did not put a full application in as I am not yet ready to go ahead however it may be worth looking at. Good luck.