its PCP is that a form of HP im not sure definately not lease
Technically speaking you are in ownership of the vehicle. The reason for this is that you are able to claim the benefits, or are liable for the risks, associated with owning the vehicle eg if the car breaks you are liable for the repair or if you sell it, the profit after deducting what the finance house is owed is yours is it not? From an accountants point of view with a finance lease the lessee is the one in ownership of the vehicle. With an operating lease you are technically only renting and so the lessor is still the one who will retain ownership. I would say that a PCP falls under the category of a finance lease and so you would own it.
A bit of a longwinded answer. Hope i didn't bore the @rse off ya!
If its just a remap you want why not consider the Bluefin?
I have this on my cupra and its just a plug in remote that uploads the map to your car and then stores your standard map. I just carry my Bluefin remote around in the glovebox.... Just in case!
Am i right in thinking a lease is through a company using it as a company car, and hire purchase is for personal use?
I know my finance is a pcp contract not a lease, it was taken over 3 years, and at the end of the 3 years i could pay the gfv amount (guaranteed final value) and keep the car, re-finance the car or part exchange it there were 2 types of pcp plans i could choose from and the other one had 3 options simlar after 3 years but you could hand it back and walk away with nothing to pay instead of re-financing but this option made the payments higher so i went for the cheaper one. Also there were no excess milage fees either.
"So if i got the 0% finance deal i cant modify anything?"
If its HP or PCP i would say yes as in my view you own the vehicle. But almost any type of mod is going to void your warranty. Blue fin is the way to go if you are still under warranty.
"So if i got the 0% finance deal i cant modify anything?"
If its HP or PCP i would say yes as in my view you own the vehicle. But almost any type of mod is going to void your warranty. Blue fin is the way to go if you are still under warranty.
"I know my finance is a pcp contract not a lease"
I would say that your "contract" is not hire purchase but more falls under the bracket of a finance lease. When you refinance the GFV at the end of the term then chances are that will be on HP.
"Am i right in thinking a lease is through a company using it as a company car, and hire purchase is for personal use?"
In a word no. Company's can still have an HP agreement in their name just the same as an individual can have a lease in their name alone. HP you are paying back the capital that has been loaned to you over a set period eg 36 months etc. An operating lease you are paying a set rental on a monthly basis without ever having to take ownership of the asset hence the tax benefits associated with operating leases. this is why it is more likely for companies to use these to lease vehicles and office equipment. Clear as mud?