Best lease car deals available?

[bugsy46]

mohitos said:

About to take my first lease car - a Golf GTD 5 door DSG

Lots of talk about gap insurance - could people comment on why it's so important on a lease car?

Nationwide Vehicle Contracts by any chance??

They had 50 allocated which sold in 24 hours!

Bagged a Metallic Carbon Grey VW Golf GTD with DSG on a 3+23 for £257 per month. Not bad for a £29,500 vehicle!

Edited by bugsy46 on Friday 1st May 16:45

[mohitos]

anonymous said:

[redacted]

OK that makes complete sense. Where's the best place for cheap Gap insurance?!

[andrewparker]

mohitos said:

OK that makes complete sense. Where's the best place for cheap Gap insurance?!

Mine is through www.gapinsurance123.co.uk

[worsy]

andrewparker said:

mohitos said:

OK that makes complete sense. Where's the best place for cheap Gap insurance?!

Mine is through www.gapinsurance123.co.uk

Do read this though

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[harrykul]

bugsy46 said:

Nationwide Vehicle Contracts by any chance??

They had 50 allocated which sold in 24 hours!

Bagged a Metallic Carbon Grey VW Golf GTD with DSG on a 3+23 for £257 per month. Not bad for a £29,500 vehicle!

Edited by bugsy46 on Friday 1st May 16:45

That sounds great, what mileage?

[andrewparker]

worsy said:

andrewparker said:

mohitos said:

OK that makes complete sense. Where's the best place for cheap Gap insurance?!

Mine is through www.gapinsurance123.co.uk

Do read this though

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

Why? The jist seems to be that the OP thinks he can get some of his first payment back. I'm fully aware that that wouldn't be possible and as such minimised my risk by taking a 3+23 contract.

[va1o]

mohitos said:

About to take my first lease car - a Golf GTD 5 door DSG

Lots of talk about gap insurance - could people comment on why it's so important on a lease car?

If you're placing a big deposit down then GAP insurance probably isn't worth it, as its unlikely there will be a 'gap' to cover in any insurance pay outs.

As suggested read this - http://www.pistonheads.com/gassing/topic.asp?h=0&a... and check your insurance companies policy carefully

(Top choice of car BTW )

[zermattbusby]

IanCress said:

greggy50 said:

Focus ST-1 185 Diesel
£166.80pm Inc VAT 6+23 5kpa

I think this seems very cheap!

http://www.rvlleasing.co.uk/personal-lease-cars/fo...

I'd say it's so much cheaper than any other deal I can find on that car, that I don't believe it's real.

I'll literally eat the dog if it's a genuine deal.

Don't see why it shouldn't be genuine tbh

I was quoted similar figures on a Leon 2.0 TDI 184 FR 5dr - 10kpa - 1 + 23

[andrewparker]

va1o said:

mohitos said:

About to take my first lease car - a Golf GTD 5 door DSG

Lots of talk about gap insurance - could people comment on why it's so important on a lease car?

If you're placing a big deposit down then GAP insurance probably isn't worth it, as its unlikely there will be a 'gap' to cover in any insurance pay outs.

As suggested read this - http://www.pistonheads.com/gassing/topic.asp?h=0&a... and check your insurance companies policy carefully

(Top choice of car BTW )

What does GAP insurance have to do with the initial payment?

[va1o]

andrewparker said:

What does GAP insurance have to do with the initial payment?

Nothing but a lot of people on the other thread seem to be under the illusion it would help you get the initial payment back.

My point was that if you're making a big initial payment, then GAP insurance is left somewhat redundant since the cars value is unlikely to drop below the lease companies settlement figure (as they'll take the initial payment into account when calculating that).

[andrewparker]

Well they're under the wrong impression!

The fact is there could be a difference in the settlement figure, that's what GAP covers, nothing more. If my car gets written off and for some reason the insurance company value it at £1k less than the finance company want for it then I'll be please I spent £70 on GAP. What's the point in taking the chance of being even more out of pocket than you already would have been.

[va1o]

andrewparker said:

Well they're under the wrong impression!

The fact is there could be a difference in the settlement figure, that's what GAP covers, nothing more. If my car gets written off and for some reason the insurance company value it at £1k less than the finance company want for it then I'll be please I spent £70 on GAP. What's the point in taking the chance of being even more out of pocket than you already would have been.

Agreed, you're paying that £70 to remove the risk that you could be out of pocket, but I'm just saying with a bigger initial payment there is less chance of that happening (although obviously its still a risk)!

[bugsy46]

harrykul said:

That sounds great, what mileage?

Hiya, mileage is 8000 which is great for us as it's for the wife's commute. We had a manual GTD recently, the amount of kit that comes as standard is fantastic, but I always wished I had gone for the DSG every time I drove it!

[CYMR0]

VW's settlement figure is also completely independent of market value: it is (as shown by the terms in that other thread) calculated as:

Insurance payout (whether £1k under or £1k over market value or a notional settlement makes no difference) PLUS
Remaining lease payments PLUS
The difference between the actual mileage on the car and the prorated mileage allowance used (e.g., if you bin it six months in to a two year/10k p.a. contract, you only get 5k miles).

What that means is that, unless the insurance company offers less than the car's trade value at the end of the lease, they are guaranteed to get more for a car that's written off than if the lease runs its term.

My view is that that is an unenforceable penalty, but as long as I can pay £70-£100 to make it go away with GAP, it doesn't bother me. It does mean that I'd look more closely at a smaller deposit and higher monthly payments next time, however, and if necessary drip feed the difference into my current account as the financing costs saved by going for a larger deposit are minimal.

[dakingz]

if your repayments stop at the month of write off imo you dont need gap insurance. check you finance terms under 'early termination' to see what terms your signing up to.

fully comp insurance with a reputable company will cover you just fine.

Edited by dakingz on Saturday 2nd May 09:38

[andrewparker]

dakingz said:

if your repayments stop at the month of write off imo you dont need gap insurance. check you finance terms under 'early termination' to see what terms your signing up to.

fully comp insurance with a reputable company will cover you just fine.

Edited by dakingz on Saturday 2nd May 09:38

Have you ever had a car written off? Because if you have you might have an idea of what it's like when you have an idea of how much your car is worth and your insurance company have a wildly different idea. Happened to me 8 years ago when my 18-month-old BMW 325Ci was written off. The difference was nearly £2500, thankfully covered because I had GAP insurance. In your opinion would that not matter, or do you not know what you're talking about?

[dakingz]

andrewparker said:

Have you ever had a car written off? Because if you have you might have an idea of what it's like when you have an idea of how much your car is worth and your insurance company have a wildly different idea. Happened to me 8 years ago when my 18-month-old BMW 325Ci was written off. The difference was nearly £2500, thankfully covered because I had GAP insurance. In your opinion would that not matter, or do you not know what you're talking about?

are you taking about a lease car?

Edited by dakingz on Saturday 2nd May 13:10

[andrewparker]

What if the difference was smaller, say £500? Would that £70 spent on GAP insurance still not be worthwhile?

Edited by andrewparker on Saturday 2nd May 13:28

[Truckosaurus]

Depends who got the £500. From the other thread it seems the insurance and lease companies were happy with the payout, it was just the driver that felt he'd got poor value for his lease due to the upfront payment.

[andrewparker]

Truckosaurus said:

Depends who got the £500. From the other thread it seems the insurance and lease companies were happy with the payout, it was just the driver that felt he'd got poor value for his lease due to the upfront payment.

The other thread is irrelevant here, we're debating whether GAP is necessary in the event where there is a shortfall between the insurance payout and the settlement figure. As someone who has experienced it I'd argue it most certainly is.