Originally Posted by SteveC
Also 'return to invoice' GAP insurance is an absolute must on a deal like this as theft or a write-off at any stage would leave you with massively higher outstanding finance vs. the car's insurance value.
Sounds very wise Steve. Can such a policy be bought independently, any idea of cost (on say a £28k Merc SLK)?
OK, so let's say I get personal contract hire over two years and I go for a 10,000 miles per annum deal. I'm 100% confident I'll do less than that anyway (I've done 10000 miles in three
years in the 335i). All of this includes VAT since I'm not self employed.
So (and apologies if this is a silly question); the up front deposit on, say, a 6 + 23 deal. Have I missed something, or is this not really a deposit in the normal sense of the word? If I go for a 6 + 23 deal @ £270 per month, it just means I pay them 6 x £270 = £1620 on day one, then another 23 payments of £270 (i.e. another £6210, total over two years £7830)? I don't get my "deposit" back, right?
Finally, after two years, I hand back the keys [£7830 poorer], the car is taken away, and I'm a pedestrian again, correct? Or is it less simple than that? I've seen such a deal on a Merc SLK 250 CDi and I'm tempted.
Sorry for the "Alexander Dumb-Ass" questions.