Price How did you pay for your vehicle?

[Charles_Harding]

Originally Posted by richierich

Mines on an ECO (Employee Car Ownership) Scheme, no option above. Its like a company car, only its in my name. They give me money towards it, and the only thing I have to do is to pay the equivalent P11D tax value to the lease company for my benchmark car, plus any addtional cost to lease the Civic. In actual fact the Civic costs more than the benchmark Passat SE diesel, £40 per month more. So the company pay me an amount, which they gross up to include the tax I would pay on it to ensure I am not out of pocket. And, to ensure the car is insured, it is on their insurance, but because it is a "personal" car, I have to pay tax on the benefit of using their insurance, so the company make another payment to me equal to the benefit in kind value of the insurance, so that when they tax it I am not our of pocket. However, the maintenance part of the contract is paid into my wage packet, and then taken out again and paid direct to the lease company on my behalf.

Are we all clear, I think it is a tax loophole for the company, and I can choose any car, within reason, giving me more choice compared to a standard company car, therefore making me happier and more productive. Except Mr Brown is trying to close the loophole.

Clear?

I think I'd rather go by bus!

"Mental Floss prevents Moral Decay"

[TTDegs]

Originally Posted by richierich

Mines on an ECO (Employee Car Ownership) Scheme, no option above. Its like a company car, only its in my name. They give me money towards it, and the only thing I have to do is to pay the equivalent P11D tax value to the lease company for my benchmark car, plus any addtional cost to lease the Civic. In actual fact the Civic costs more than the benchmark Passat SE diesel, £40 per month more. So the company pay me an amount, which they gross up to include the tax I would pay on it to ensure I am not out of pocket. And, to ensure the car is insured, it is on their insurance, but because it is a "personal" car, I have to pay tax on the benefit of using their insurance, so the company make another payment to me equal to the benefit in kind value of the insurance, so that when they tax it I am not our of pocket. However, the maintenance part of the contract is paid into my wage packet, and then taken out again and paid direct to the lease company on my behalf.

Are we all clear, I think it is a tax loophole for the company, and I can choose any car, within reason, giving me more choice compared to a standard company car, therefore making me happier and more productive. Except Mr Brown is trying to close the loophole.

exactly (well bar some fine detail) here

and the good news is that whilst Mr Brown may rant on about closing that loophole - the reality is that a huge number of government offices use it too...

[karlak]

Originally Posted by TTDegs

exactly (well bar some fine detail) here

and the good news is that whilst Mr Brown may rant on about closing that loophole - the reality is that a huge number of government offices use it too...

Our company started this about 3 years ago, but also decided to effectively 'downgrade' the standard of car as well - Time for me to get out, and start making money driving my own car


I could never understand how the Car would be insured by the company, paid for(indirectly through my pay roll) by the company and be exempt from the yearly April Tax hikes on the CO2, But , still be called my car

A loophole that would have stayed 'looped', if loads of other companies did'nt jump on the bandwagon. Our company alone (1000's of cars)overnight, were not contributing to the Government car tax. It will be noticed eventually.

[Kerry]

personal loan from HSBC When payments made I will recieve 25% refund of interest which brings down the rate to 4.5%
kerry

[Kerry]

paid by HSBC loan. 25% interest back on completion of loan payment. This make the overall cost of loan 4.5%
Kerry

[golly]

Resurrecting this thread as paying for my used Civic next week, plan to pay a little with Credit Card, the remainder with debit card, any advantages/disadvantages from using a debit card instead of a bankers draft? Presumably dealers just want anything and or not fussed what they get? I'm aware there will probably be a charge for putting this on credit card, is this typically 2%? Was going to use the m+s card, so I get some vouchers for my troubles!!!

Cheers

[Meino]

Mine is also a leasecar, but had to choose company car.
Love my boss for giving me one big bag of money and telling me to spent it

[Dawson]

I paid for my car using my old car as trade in and paid some money on top.

I took out a credit card with 0% on purchases for 10 months and paid the balance using this. Pay it over 10 months and I'll pay no interest.

[Korkut Varol]

10% cash and the rest loan at 16.8% annual interest. Wasn't the best time though; if Honda could deliver earlier then I would settle with 13%. But still better than today because the interests are about 21%.. Money is expensive over here!
Anyhow; the Civic's worth it...

[Lexie]

I bought mine by PCP which I think is probably the best way if you bought it as a company car. It means you can get a new one every so many miles/years. I've gone for 2 year option which will make a big difference in the p/ex value rather than waiting for the usual 3...

[Topcat]

Part-ex and cash

[sik2k]

Part Gap insurance mandate, personal cheque and company interest free loan (although I do get taxed a little on it).

Oh, ang the biggie - I have to help my missus with the housework.

[Kerry]

Already replied Sorry

[MrEd]

robbed a bank, sold some crack and pimped my girlfriend. was worth it in my opinion.