Best lease car deals available?

[Unlight]

Quick GAP Insurance question for those in the know :

For the likes of a 26k car, on a 2 year lease deal, what sort of GAP cover should I be getting?

Putting the figures into ala.co.uk seems to suggest a 15k amount of cover - would this be enough?

[andrewparker]

£10k would be sufficient IMO.

[Birdster]

How do you work that out?

That's not an a aggressive question, but a genuine one. I need to arrange gap insurance for the ST-3.

[andrewparker]

Your GAP insurance has to cover both the remaining rentals should your vehicle be declared a total loss, plus any difference between what the finance company and your insurance company think the car is worth. I'm assuming that the monthly payment on a £26k car is around £250, so if the worst should happen and your car is written off in the first month then you'd be liable (depending on your lease company) of £5750 in remaining payments. £10k cover leaves £4250 to cover any difference in what settlement the finance company want for the car, and the amount your insurance company are prepared to pay out.

[Birdster]

Thanks, they've just quoted me £91 for two years and a £10000 limit.

In other news I've now chased about my car. I can't see how it will arrive for September now. I'll probably need to tax the current car that I'm using.

Or is there enough time still if it arrives at the dealers say today, or tomorrow?

Edited by Birdster on Wednesday 24th September 09:41

[zURG]

For the geezer that was after an E-Class (can't find the comment to Quote, Alex) - E220 CDI AMG Sport 2dr = £279.99 - 6+23 10K

http://www.vehiclesforbusiness.co.uk/business-leas...

[andrewparker]

Birdster said:

Thanks, they've just quoted me £91 for two years and a £10000 limit.

Yep, sounds similar to what I paid, same term and limit.

[Zyp]

So GAP for a £60k car, 3 years, £25k cover sounds about right at £250?
That's what ALA have quoted me.

[andrewparker]

Zyp said:

So GAP for a £60k car, 3 years, £25k cover sounds about right at £250?
That's what ALA have quoted me.

ALA are generally more expensive than gapinsurance123.co.uk whose cover is coming in at £167.

[Sheepshanks]

andrewparker said:

Your GAP insurance has to cover both the remaining rentals should your vehicle be declared a total loss, plus any difference between what the finance company and your insurance company think the car is worth. I'm assuming that the monthly payment on a £26k car is around £250, so if the worst should happen and your car is written off in the first month then you'd be liable (depending on your lease company) of £5750 in remaining payments. £10k cover leaves £4250 to cover any difference in what settlement the finance company want for the car, and the amount your insurance company are prepared to pay out.

Is that really how it works? The lease company gets both all of the outstanding rental payments PLUS the current value of the car?

That's quite a win for them if you write it off early in the contract.

[Zyp]

andrewparker said:

ALA are generally more expensive than gapinsurance123.co.uk whose cover is coming in at £167.

Even better, thanks for that

[ORD]

zURG said:

For the geezer that was after an E-Class (can't find the comment to Quote, Alex) - E220 CDI AMG Sport 2dr = £279.99 - 6+23 10K

http://www.vehiclesforbusiness.co.uk/business-leas...

If you can read the full name of that car without shedding a silent tear, you aren't a PHer.

[Birdster]

Birdster said:

Thanks, they've just quoted me £91 for two years and a £10000 limit.

In other news I've now chased about my car. I can't see how it will arrive for September now. I'll probably need to tax the current car that I'm using.

Or is there enough time still if it arrives at the dealers say today, or tomorrow?

Edited by Birdster on Wednesday 24th September 09:41

After been told it would arrive last week, I've just been told it will arrive this Saturday. Which means to qualify for September delivery it would need to arrive with me on Monday, or Tuesday?

[andrewparker]

Sheepshanks said:

andrewparker said:

Your GAP insurance has to cover both the remaining rentals should your vehicle be declared a total loss, plus any difference between what the finance company and your insurance company think the car is worth. I'm assuming that the monthly payment on a £26k car is around £250, so if the worst should happen and your car is written off in the first month then you'd be liable (depending on your lease company) of £5750 in remaining payments. £10k cover leaves £4250 to cover any difference in what settlement the finance company want for the car, and the amount your insurance company are prepared to pay out.

Is that really how it works? The lease company gets both all of the outstanding rental payments PLUS the current value of the car?

That's quite a win for them if you write it off early in the contract.

Depends on the contract. Mine states quite clearly that the settlement figure comprises of all outstanding rentals, plus the value of the car. However I have read contracts that have stated that in they event of a total loss they will terminate the contract and you will only be liable for payments up to the date of termination, not the entire term.

[andrewparker]

Birdster said:

After been told it would arrive last week, I've just been told it will arrive this Saturday. Which means to qualify for September delivery it would need to arrive with me on Monday, or Tuesday?

If it is only arriving at the dealer on Saturday then I can't see them being able to tax, PDI and register it by Tuesday.

[Birdster]

andrewparker said:

Birdster said:

After been told it would arrive last week, I've just been told it will arrive this Saturday. Which means to qualify for September delivery it would need to arrive with me on Monday, or Tuesday?

If it is only arriving at the dealer on Saturday then I can't see them being able to tax, PDI and register it by Tuesday.

Okay, can I ask a question? Am I entitled to be annoyed with regards to the following? First world problems etc, I know.

Car is advertised at £179.99 per month, I ask for that deal and am told they have said car, but for £189.99 with the style pack for September delivery, I say no thanks I'll go without the style pack and wait a bit longer if need be.

Sorry, to qualify for these terms the car has to be ordered and delivered by September. Non style pack cars are showing as October.

I go and look at a car with these extras and decide that they're okay, but I can live without. However I want the deal, sign the paperwork five weeks ago expecting delivery.

I know full well that I won't get anywhere and thy are covered by the paperwork with regards to change of dates etc. However I now feel that the whole 'terms/September is bs and I could have waited for the exact car that I wanted. Just one of those mornings at work and this has irked me somewhat.

[Sheepshanks]

andrewparker said:

Depends on the contract. Mine states quite clearly that the settlement figure comprises of all outstanding rentals, plus the value of the car.

That surely must refer to the value at the end of the contract, not the current value?

If it does mean the current value then I'd be gobsmacked if that isn't considered to be an Unfair Contract. They can't have both all the outstanding rentals and (more or less) the purchase price of the car refunded to them.

[andrewparker]

Nope, current value. Any value at the end would be pure guess work. I'll dig out my G2L contract when I get a chance.

[MadaCup]

My friend works at Ford and confirmed what I was told by the leasing company, Ford and leasing a lot of vehicles at cost price/a small loss to increase their registrations for September following the new plate.

[Whistle]

I enquired about leasing a Mecedes C300 today as the BIK is quite good.
Anyhow I was informed if I order now I would have a December build and a Feb / March delivery.
That's just mad.