looking for someone to take over my S4 saloon lease at £404 per month inc vat

mojo555

Registered User
as above, car is on a 24 month lease and I got it 1st September 2018 so there is about 16 months left, Im pretty sure it needs to be in a business name to take over, I have done it as a sole trader and it just comes out of buy personal account so doesn't effect the business accounts at all. the car is on 10k per year and has covered just 3800 miles so far so there is loads left!
Anyone interested drop me a message..
 

mojo555

Registered User
Out of curiosity, what is the BIK on the S4?

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I have no idea what it is, will see if I can find out..
 

Daggerit

Registered User
Benefit in kind, it's the percentage of the value of the car you end up paying tax on.

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I think he just meant that he didn't know the value off the top of his head and was going to find out, rather than not knowing what BIK actually was. Lol.
 

Philio

Registered User
I think he just meant that he didn't know the value off the top of his head and was going to find out, rather than not knowing what BIK actually was. Lol.
Haha could be. I figured taking it out on a business lease it would be a known quantity, given it's no doubt pretty high.

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Daggerit

Registered User
Haha could be. I figured taking it out on a business lease it would be a known quantity, given it's no doubt pretty high.

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True. But then I'd really hope he knew what BIK was! Lol. Seems like it would be a pretty expensive business proposition though.
 

RB84

Registered User
I could be wrong but the only reason this is a 'business lease' is because VWFS want a company to support the risk inherent in switching leasers during the contract. My understanding is that this is a personal lease that now must become a business lease due to VWFS policy
 

mojo555

Registered User
I don’t know what the BIK amount is because it is a personal lease and now has to be taken as business, i have taken business leases before and not put through the business and just paid via my personal account so it doesn’t touch the business
 

Philio

Registered User
I don’t know what the BIK amount is because it is a personal lease and now has to be taken as business, i have taken business leases before and not put through the business and just paid via my personal account so it doesn’t touch the business
Sadly, it doesn't work like that. If the lease is in the business name you still have to declare it on your P11d and pay tax.

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Desmond Hanson

Registered User
as above, car is on a 24 month lease and I got it 1st September 2018 so there is about 16 months left, Im pretty sure it needs to be in a business name to take over, I have done it as a sole trader and it just comes out of buy personal account so doesn't effect the business accounts at all. the car is on 10k per year and has covered just 3800 miles so far so there is loads left!
Anyone interested drop me a message..

Sent you a PM ? Haven’t heard back yet.


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G

Goner

Guest
Unless £404 is an absolute cracking deal on an S4 I cannot see anyone wanting to take over the lease, it’s a second hand car.

If you were in the market for a S4 and the lease on a new one was around £400 you’d just get a new one.
 

motty225

Registered User
Unless £404 is an absolute cracking deal on an S4 I cannot see anyone wanting to take over the lease, it’s a second hand car.

If you were in the market for a S4 and the lease on a new one was around £400 you’d just get a new one.
Put it this way, I'm paying 280 a month and that includes daytona paint, extended interior lighting and VC
 

RB84

Registered User
Put it this way, I'm paying 280 a month and that includes daytona paint, extended interior lighting and VC
No doubt, but not at a 3+23 deal or that'd make it £7.3k for 24 months and ~20k miles. This, like mine, was a 3+23 deal and therefore the monthlies are higher due to less upfront. The killer here is the stipulation from VWFS for it to go to a limited company and therefore the BIK impact. Outside of that it's a 'good deal'
 

RB84

Registered User
Plus you can't get the S4 new right now, and when you can it'll no doubt come with a Diesel engine. So someone, somewhere, might want to dabble in this. But the BIK is a PITA
 
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