1, How much does a driver need to DEPOSIT before he is giving a vehicle of 1.2M in benin on hire-purchase

2, How much should he balance me on weekly basis

3, How much should he balance me TOTALLY before he can fully own the bus?? I need this answers.

Thank you

OK...

Hi.... I got your mention in the other thread...

1. Usually, for HIRE PURCHASE there isn't any mandatory need for an initial deposit except if so determined by both parties in the contract and in which case the amount will also have to be negotiated and agreed upon by both parties interested contract.

2. Regardless of how much was collected as the initial deposit, weekly remit is mostly dependent on the economic value and activity level of the route being plied by your driver. I don't know about Benin city but I think that on the average 25k - 40k should not be bad for a minibus in any part of Nigeria. Please make your personal findings and then reach an agreement comfortable for you with your driver

3. Usually, the profit percentage desired on any newly purchased vehicle is 50-75%. This means that for a vehicle purchased for 1.2M (which is quite costly in my opinion), you'd be looking at receiving a total sum of 1.8-2.1M.

4. Whatever initial deposit you collect and whatever weekly remit you decide please ensure that the time factor for recovering your investment does not exceed 18months. The reason is that by the end of this period it is expected that the economic value of your commercial vehicle would have depreciated by around 30% thereby making it difficult to sell off profitably if your driver hasn't kept to the terms and agreement adopted.

5. Until he fully owns the bus, you remain the legitimate owner of your vehicle; hence, always supervise your investment. I wish you all the best

YModulosGodSon:
Hi.... I got your mention in the other thread...

1. Usually, for HIRE PURCHASE there isn't any mandatory need for an initial deposit except if so determined by both parties in the contract and in which case the amount will also have to be negotiated and agreed upon by both parties interested contract.

2. Regardless of how much was collected as the initial deposit, weekly remit is mostly dependent on the economic value and activity level of the route being plied by your driver. I don't know about Benin city but I think that on the average 25k - 40k should not be bad for a minibus in any part of Nigeria. Please make your personal findings and then reach an agreement comfortable for you with your driver

3. Usually, the profit percentage desired on any newly purchased vehicle is 50-75%. This means that for a vehicle purchased for 1.2M (which is quite costly in my opinion), you'd be looking at receiving a total sum of 1.8-2.1M.

4. Whatever initial deposit you collect and whatever weekly remit you decide please ensure that the time factor for recovering your investment does not exceed 18months. The reason is that by the end of this period it is expected that the economic value of your commercial vehicle would have depreciated by around 30% thereby making it difficult to sell off profitably if your driver hasn't kept to the terms and agreement adopted.

5. Until he fully owns the bus, you remain the legitimate owner of your vehicle; hence, always supervise your investment. I wish you all the best

Thank you so much. I read this and it blessed with knowledge. Thank you again

bradwilli:
1, How much does a driver need to DEPOSIT before he is giving a vehicle of 1.2M in benin on hire-purchase

2, How much should he balance me on weekly basis

3, How much should he balance me TOTALLY before he can fully own the bus?? I need this answers.

Thank you

Trade directly on the exchange and only use limit orders, there are no charges to use those, and also the standard charge for withdrawals is 200, which I think is very fair

bradwilli:
1, How much does a driver need to DEPOSIT before he is giving a vehicle of 1.2M in benin on hire-purchase

2, How much should he balance me on weekly basis

3, How much should he balance me TOTALLY before he can fully own the bus?? I need this answers.

Thank you

You should be very careful when dealing with whom to give the bus to because I know my Benin people very well. If you are having difficulties in selecting the person to give the bus, then go and register the bus on payride, a ride-hailing company which is located in benin city and they will help you manage the bus and you get paid accordingly.

Best regards

Mannyemmy:

You should be very careful when dealing with whom to give the bus to because I know my Benin people very well. If you are having difficulties in selecting the person to give the bus, then go and register the bus on payride, a ride-hailing company which is located in benin city and they will help you manage the bus and you get paid accordingly.

Best regards

thank you so much. People have been warning me to be careful with benin people

TheEnlightenedO:


Trade directly on the exchange and only use limit orders, there are no charges to use those, and also the standard charge for withdrawals is 200, which I think is very fair

sent you a PM

Dramadiddy:
sent you a PM

i cant even remember the email i use to recieve pms. Will check chief