Car options for a short term use

[Lankasta]

Asking for a friend who needs a car for the next 12-15 months due to leaving the country. She doesn't have the cash to pay the full price up front, so looking for options with the least damage to the pocket, came up with 2 so far:

1) Car finance with max period and max balloon
This will allow to keep installments to the minimum and car will be repossessed on default after the period.

2) Leasing
Couldnt find any offers from major banks, but some dealerships do have leasing options but only on new cars, which ups the price and also has limitations on kms, condition etc.

Any alternatives or suggestions on the above would be appreciated.

 

[Gtx Gaming]

Rentacheapie - Cape Town

Rent a car in Cape Town

www.rentacheapie.co.za

 

[furpile]

1) Car finance with max period and max balloon
This will allow to keep installments to the minimum and car will be repossessed on default after the period.

That sounds like conspiracy to commit fraud. Rather look at long term rentals.

 

[EL'Diablo]

Rentacheapie - Cape Town

Rent a car in Cape Town

www.rentacheapie.co.za

I supply these guys parts for their rentals, they a really really cool bunch of people to deal with

 

[Lankasta]

That sounds like conspiracy to commit fraud. Rather look at long term rentals.

The conditions of defaulting on your payments are stipulated in the contract, with repossession being the consequences. Is it an unorthodox approach?- Yes, but don't see the deception, following this logic anyone defaulting on their credit can be seen as fraudster.

 

[TheChamp]

The conditions of defaulting on your payments are stipulated in the contract, with repossession being the consequences. Is it an unorthodox approach?- Yes, but don't see the deception, following this logic anyone defaulting on their credit can be seen as fraudster.

Except one Is still liable for whatever shortfall is there after the car has been repossessed and sold, I have a feeling that you or your friend won't be sticking around to settle the outstanding debt, that is where the fraud conspiracy part comes in, no?

 

[RonSwanson]

The conditions of defaulting on your payments are stipulated in the contract, with repossession being the consequences. Is it an unorthodox approach?- Yes, but don't see the deception, following this logic anyone defaulting on their credit can be seen as fraudster.

The difference is the original intention.
And there will be consequences, like when she comes back to SA (for example to attend a wedding of family / friends).
She should rather consider financing something small that is easy to flog, with around 50 000 kms on the clock. Or if she wants to be larney, something on a full maintenance lease.

 

[Mokgaga]

maybe Uber?

 

[PsYTraNc3]

I know someone who leases out cars in CPT and JHB but after the suggestion in point 1, I definitely wouldn't be passing on any details.

Having a massive balloon and max contract length on a new car is going to leave you with a massive outstanding amount which is way more than the value of the car after 12-15 months.

The cars retail value will be a lot less than what you owe on it, the value it's repossessed and auctioned for would be a lot less than retail.
Planning on just skipping the country to avoid the shortfall?