I-Me Solutions bike finance

[Dicky DQ]

Site calculator seems to be working now, but to the OP it seems like your deposit was ignored when they calculated your premiums. What happend?

 

According to their calculator they are working on just over 9% per annum, that is not too bad.

[Escapee..]

Hi guys any news come from this yet. I am about to finish my 2 years with these guys. And just wanted to know about the deposit and what happened. Also no emails are getting a response.

Thanks

 

Chris that deposit you paid isnt like the R5 deposit you paid for keys to the toilet and then you get the R5 back when you return the key.

[Robbie Stewart]

Rentals are used by BUSINESSES to "rent" equipment over a predefined period where the cost of depreciation is carried by the rental co., and hence, ownership never lies with the renting party. This is done to defer costs on the renting party side, and will usually entail entering into a new contract at the expiry date of the agreement, in order to obtain newer, more modern equipment. This is a model that works well for sales of business equipment such as photocopiers, printers etc., where the initial purchase cost is offset against a monthly rental. This way, the business renting the equipment is assured of current, up to date equipment, and usually claims the expense back as a business expense due to the nature of the asset being off-balance sheet. The whole gimmick of paying 2 months rental at the end of the lease to get ownership is just that, a gimmick. The rental company usually does not want the equipment back, but to ensure repeat business, they will charge a waiver of 2 months additional rental to dissuade people from that course of action. But the onus is on them to "honour" that agreement, which is very dubiously hidden in a ton of legalese and T's & C's. 

 

As for the "deposit"...there is no such thing in a rental. It is applied to offset some of the initial capital cost, but will not be redeemable at the end of the contract. Whatever rental is quoted after applying a deposit will be enforceable according to the contract at the end thereof.

"Buying" a bicycle this way is just foolish to the Nth degree, and should be avoided at all and any cost.

I signed a few of these in my life when I was still in office automation, and they make sense in that environment. Personally one would not likely be able to offset the rental cost as a off-balance sheet expense on your annual tax submission.

 

In short - "Jy gaan hoes, en baie"

[chris30#]

I was asking cause I was interested. I am busy going for my 2nd bike with them now. So I am happy with them