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Calculating value of use?


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Hi All,

 

There is a possibility that my HP credit agreement for a motorbike may be rewound by the finance company (independent report confirms manufacturing default - just waiting for the HP company and dealer to sort out liability)

 

They state that if this happens one option could be to place me in the financial position I was in before I purchased the vehicle, less the value of benefit I've had for the 4000 miles/11 months use,

 

Is there a set calculation for this so I know what is/isn't reasonable?

 

Thanks,

 

Lard

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Hi,

 

No luck finding any information on the web for this calculation - I'm assuming it may be a per mile figure but not sure if it involves all costs when rewinding a contract (such as insurance, servicing e.t.c.) so still interested in peoples opinions of this?

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Only an opinion - but an easy way of calculating it would be the depreciation in the value of the bike - on the theory that you were happy to accept that, so it was obviously worth that to you.

 

I would also say that insurance and servicing would be part of the value to you as well - so you would not get those back. However, you should get any cancellation fees on the insurance back.

 

 

I cannot see any easy way of working out the true "value" of use of a vehicle, certainly not per mile. If I go to town I suppose the value would be the taxi fare, less parking. If I go to London the value might be the train fare - so it is going to be too difficult to calculate the true value of use.

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Hi - appreciate the input - I do have an excess milage rate on the HP agreement that they would have levied to me per mile so think I'll start with this as and see what the response is

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