Posted on 14/08/2023 00:10
Hi All
When buying a second hand Motorhome (4 years old) from a dealer, is there any extra protection if you purchase it partly through finance, as opposed to paying for it outright by bank transfer / debit card ?
If there is extra protection, is there a minimum amount you can put on finance to qualify for the protection ?
Thanks
Peter
Posted on 14/08/2023 15:17 by TinwheelerBest to ask the experts rather than posters on a caravanning forum, One. 😀
Posted on 14/08/2023 19:04 by TinwheelerWell, good luck. Just be sure to read the small print and keep your wits about you.
Posted on 19/08/2023 18:06
I don't think there is any way to secure a deposit where the price of goods is over £30,000. Thats quite a scary proposition when your new van might be costing £100k and the dealer is a limited company with a balance sheet showing assets of say £10,000. Dealers can and do go bust and there are examples of companies with extremely weak balance sheets.
Personally I would not pay a deposit unless the balance sheet was very healthy and even then its a calculated risk. I appreciate that some dealers will not proceed on that basis. It may be possible to enter into a HP agreement and cancel it at an early stage but that isn't simple either.
Posted on 14/08/2023 19:01 by onepjgPlenty of people on here with a huge amount of common sense, and also the potential to have had Motorhome finance….. so I thought it was a good place to ask…… seems you disagree.
Thanks for your input 👍
Posted on 19/08/2023 18:16
Forums are a problem in the sense that there will be some people who are very expert indeed and some who don't know what they are talking about. Careful calm and systematic googling using section 75 (see above) etc may help you to separate the wheat from the chaff.
What may be interesting is to establish the correct name of the dealership.It should be shown on their website, communications etc. If its a company you can find out a lot about it using the following link, the official government companies website, such as the directors and their history and in particular the balance sheet of the company. This isn't perfect but it it may bring up red flags.
https://find-and-update.company-information.service.gov.uk
Its not so straightforward if the dealer is not a company and incidentally a person who trades as a partnership or an individual may be a better bet as they will have personal liability so a bit of a minefield really.
onepjg
Motorhomer from Kent