V5 retention on new commercial vehicle purchase????
Discussion
Hi,
I'm just in the process of buying a new Citroen relay for my business (vat registered LTD company) and I thought I had just finalised up a deal with a supplier for the vehicle. A brand new 62plate.
I was just about to pay the deposit yesterday (the VAT and road fund licence) when I was going through a few questions regarding the HP options and I was told that they would keep the V5 document for the first 11months of the deal. When I asked why, I was told that the manufacturer sell to them at a reduced rate as fleet sales, and that they (Citroen) insist that the V5 is held to stop me reselling the van on too quickly at to low a price so as not to devalue the product...... Now this sounds a bit dodgy to me (I held off paying the deposit, and said I would confirm it this morning instead), so I have done a bit of digging in the mean time, and it appears there is a 'dodge' in the industry where the vehicle is registered to a fleet / hire company to get the discount from the manufacturer, it appears to be registered to that company for the first 11months, then when I get the v5, just in time to re tax it, I am showing as the second owner? Also, surely this brings about insurance issues, as I would not be the registered keeper, nor able to provide the v5 to the police?
Has anyone else heard of this, or I am just being paranoid about it? I obviously want the best deal on the vehicle, but not if I end up in a dodgy situation.
Any help or advice would be appreciated!
Ps - also posted in speed, plod and law, as I wasn't sure which one was best!
I'm just in the process of buying a new Citroen relay for my business (vat registered LTD company) and I thought I had just finalised up a deal with a supplier for the vehicle. A brand new 62plate.
I was just about to pay the deposit yesterday (the VAT and road fund licence) when I was going through a few questions regarding the HP options and I was told that they would keep the V5 document for the first 11months of the deal. When I asked why, I was told that the manufacturer sell to them at a reduced rate as fleet sales, and that they (Citroen) insist that the V5 is held to stop me reselling the van on too quickly at to low a price so as not to devalue the product...... Now this sounds a bit dodgy to me (I held off paying the deposit, and said I would confirm it this morning instead), so I have done a bit of digging in the mean time, and it appears there is a 'dodge' in the industry where the vehicle is registered to a fleet / hire company to get the discount from the manufacturer, it appears to be registered to that company for the first 11months, then when I get the v5, just in time to re tax it, I am showing as the second owner? Also, surely this brings about insurance issues, as I would not be the registered keeper, nor able to provide the v5 to the police?
Has anyone else heard of this, or I am just being paranoid about it? I obviously want the best deal on the vehicle, but not if I end up in a dodgy situation.
Any help or advice would be appreciated!
Ps - also posted in speed, plod and law, as I wasn't sure which one was best!
Gassing Station | Commercial Break | Top of Page | What's New | My Stuff