Hire Purchase Question

Johnny_Fontane

Hi Lads,

Am in the process of buying a car with finance coming from BOI. They need the car to be from a registered garage.

The car I really like is a private sale.

Is there any way that I could approach a garage ( i have a few mates who own one) and get them to purchase the car? and then do the deal from there?

Has anyone done something like this?

bazz26

As long as it is above board then I cannot see why not but I'm no expert on the matter.

colm_mcm

The garage would want a profit margin though as they'll have to stand over it.
Why not just get a loan?

bazz26

I presumed if he was buying it from a mate through their dealership that it would still be classed as a trade sale and only bought via the garage to satisfy the bank's criteria?

If he is just walking into a dealer then expect to pay a lot more for the car than the private sale price. Dealership will want to add the cost of warranty alone with their profit margin to the selling on price.

colm_mcm

Any dealer putting it through their books would have to technically stand over it. They'd also gave to agree to buy the car off the seller and then sell it to the OP. Its not as risk free for the garage as you'd imagine - it'd be two seperate transactions between 3 parties who are unrelated where any party could throw a spanner in the works.

bazz26

Yes, I was just thinking about the putting on the garages books complicates things. VAT, Revenue, etc then come into the equation too.

colm_mcm

If I was still in a garage, I'd wanna be getting €1k net profit before I'd take that on.

Johnny_Fontane

colm_mcm wrote: »

If I was still in a garage, I'd wanna be getting €1k net profit before I'd take that on.

probably the main reason you're not still in the business.

€1000 for not having to stand over a car (i.e. no warranty).

Sure there is some paper work, but €1000 net?

Bunch of robbin bas****s!

quadrifoglio verde

Johnny_Fontane wrote: »

probably the main reason you're not still in the business.

€1000 for not having to stand over a car (i.e. no warranty).

Sure there is some paper work, but €1000 net?

Bunch of robbin bas****s!

If you legally have to stand over the quality of the car, then you'd definitely be wanting 1k at least. Remember if I as a dealer (I'm not by the way, but if i was) wrote sold as seen and had you sign that you accept that its sold as seen, you can still come back to me as a dealer isn't allowed sell a car that isn't of merchantible quality. Likewise trade sales.
You then have to add vat onto the sale.

You also run the risk that after having bought the car, the op might change his mind and want something different. Yeah thats a great way to stay in business:rolleyes:

colm_mcm

Johnny_Fontane wrote: »

probably the main reason you're not still in the business.

€1000 for not having to stand over a car (i.e. no warranty).

Sure there is some paper work, but €1000 net?

Bunch of robbin bas****s!

I'm gonna assume you haven't read my post #5?
Do you always take free advice so graciously?

Johnny_Fontane

I saw your post and I do appreciate your advice.

But charging 'at least' €1,000 for that service is ludicrous.

I think it was the 'at least' that made my blood boil.

Sorry if that was reactionary.