Thursday, 18. September 2014
Did you know that as of 1st October 2014 tax discs exist no more? It would seem that half the drivers in the UK are unaware of this fact so let me explain what is happening. But before you get excited it doesn’t mean that you don’t have to tax your car it simply means that you don’t have to display a disc which is expected to save the DVLA £10 million each year in this move to go paperless.
Thinking of a change but unsure as to the best way to finance your car? Then you need a copy of my car finance book, Car Finance – A Simple Guide by Graham Hill. Click on the link below to buy the best car finance book on the market, available as a Kindle Book and Paper Back.
It also means that as of the 1st October, if you already have a disc, you can take it out of your windscreen, all part of the announcement made by the Government in the Autumn statement. In addition to no longer being required to display a tax disc there is another move over which car traders and dealers may not be so happy.
Cars used to be sold or part exchanged with a bit of tax left on it either giving the buyer some refund to trouser or giving the seller something to negotiate with when selling her pride and joy. In future, as soon as the DVLA are notified that a car has been sold a refund for the balance of unused tax will be sent to the previous owner. As before refunds will only be issued for complete months that are unused whilst the new owner must apply immediately for the tax using the relevant portion of the V5C.
Another, somewhat strange change, given the way that road tax has been coming down as CO2 emissions continue to reduce, is the ability to pay monthly. Paying monthly will increase the annual cost of the licence by 5% but drivers will be able to pay by direct debit to avoid forgetting and receiving a fine. In what I thought was a funny twist, paper tax discs are still being sent out till the end of September but the DVLA ran out of perforated paper so drivers are having to cut them out themselves.
I can just imagine the dog’s dinner that some have ended up with after attacking the disc with a pair of nail scissors or garden shears! So to sum up: You can still pay for your disc at a Post Office, online or monthly and you’ll still get a reminder. You can no longer transfer the tax, it is automatically refunded when the car is sold or scrapped and the DVLA advised. You will be able to check the tax status of any car by going online and typing https://www.gov.uk/check-vehicle-tax then typing in the car registration and make.
In future you won’t see traffic wardens peering through car windows unless they are being nosey or are perverts. In future tax checks will be carried out by police with plate recognition cameras, wardens will have access to the DVLA database and static plate ID cameras will crop up and will enable the authorities to raise instant fines to those drivers whose cars are captured without tax or insurance.
Driver and Vehicle Licensing Agency (Photo credit: Wikipedia)
And don’t forget that you need to do nothing other than remove your tax disc on the 1st October and maybe keep hold of to hand down to your grandchildren for posterity. By Graham Hill
Wednesday, 6. July 2011
None of us particularly likes to deal with finance, except me of course but then I’m a bit nuts! But finance is like a critical ingredient in a delicious cake. Get it right, choose the right ingredient used in the correct way and magic happens. Get it wrong and all that time and effort and expense results in a total disaster. When customers come to me many haven’t heard Read more »
Monday, 18. October 2010
Oh dear, oh dear oh dear! When are people going to start treating car finance as a specialist product and one that must be very carefully considered before taking it out rather than a tin of beans that they can tout around online to see whether Tesco have them on offer this week or are they cheaper at Asda? There are three major comparisons to be made when deciding upon the finance that you are going to take out. Read more »
Friday, 1. October 2010
Statistics really get on my wick! Speaking to fleet owners and various lenders it is clear that there is less money to lend and businesses as well as consumers are finding it more difficult to finance vehicles. My own association, the NACFB has said that current lending by members is around £7 billion compared to £20 billion in the mid 2000’s. And yet banks and the lender’s association, the FLA say that they are lending more and that, according to FLA statistics their members are lending 16% more to Read more »
Monday, 27. September 2010
It’s turned out to be a pretty busy week following the launch of my new book, Graham Hill’s Simple Guide To Car Finance which I hope will get everyone driving a great car. Preparing for finance is vitally important at the moment as there is little money about to lend. So that tempting low APR or monthly lease rate, that gets you sending off your finance application, may lead to a decline if you are not totally Read more »
Sunday, 5. September 2010
If you are about to finance a car in your own name as opposed to through a business, you will need to allow a little extra time between ordering, signing the finance agreement and collection/delivery of the new car. According to the new EU Consumer Credit Directive all agreements that fall within the terms of our own Consumer Credit Act must be given a 14 day cooling off period. In the past, if you signed the agreement on trade premises, for example at a dealership or the premises of a broker Read more »
Wednesday, 7. July 2010
One of the things that continues to amaze me is the lack of attention that some people pay to the new car they are about to order. Some of this is actually caused by me and my colleagues by occasionally coming up with a deal that you can’t refuse, making the decision a bit of a no brainer but it is still a good idea to get a test drive of a car that you are likely to order. It is also important to check for certain items that for Read more »
Tuesday, 9. February 2010
On the subject of the new EU Consumer Credit Directive there is a change to the 14 day cooling off period that is given to consumers when they sign the finance agreements off trade premises. Currently you can cancel an agreement if it is regulated under the Consumer Credit Act and signed away from the premises of the funder, the broker or the dealer. However, if you sign on trade premises you don’t have the 14 day Read more »
Monday, 19. October 2009
A report out this week shows a drop in leased vehicles of 10% this year. The reasons are fairly obvious with larger companies making redundancies and having to make better use of resources, fewer vehicles are now required.. One van can now do the job of two and one salesman can cover a larger area as a result of decreases in sales and customers. Having said that Read more »
Monday, 7. September 2009
The test of a finance arrangement isn’t so much the cost or the APR but in the current climate, what happens when things go wrong. Most of my readers know my views on the heavy promotion of personal loans rather than dealer HP but another issue was mentioned to me this week that again shows why HP is far more beneficial than a personal loan. When you take out dealer HP it is what is known as a Read more »